Can I be nosy and ask how old you are, ghost..?

I am 43

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Originally posted by Kevin Mapstone

Can I be nosy and ask how old you are, ghost..?

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I am 43

Can anyone also confirm the following,

At the time of signing my PTD in February 2010 I was advised that it would last for 3 years and thereafter could only be extended for 2 years .... i.e a maximum of 5 YEARS ?

I read on this forum of many people still involved in Trust Deeds that have been extended far longer than 5 years ?

Can anyone clarify this for me ?

Thanks

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Originally posted by ghostofricco69

A DAS was never raised as an option by my company (KPMG). I did voice concern about the equity aspect but was assured it would not be too much of an issue to release same.

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Says them! I'm with KPMG myself and must confess I question their advice at times. I wish I'd spent a bit more time on this forum doing research and got a couple of "quotes" first. Hindsight eh?

I'm afraid I don't have any advice for you Ghost - just lots of indignation and sympathy! [:(!][;)]

If it's any consolation, a friend of mine is a creditor of someone in a PTD with KPMG and the creditors receive the same poor level of communication and service as yourselves. They're impossible to get hold of, take weeks if not months to respond to queries, lose paperwork and charge rather a lot of money to do so.

You'd think such a well established and reputable company would do better. And they're not open at weekends which makes my life difficult if I ever need advice.

KPMG if you have read my post you will know exactly how I feel about them ! It beggars belief how they are allowed to treat people in a TD. I too wish I had found this forum before I had the misfortune of signing with them. Just waiting to see if they think that they can ignore legislation . Anyone with KPMG has my complete sympathy!

There is no guidance on the period of extensions and this would be at the expense of the Trustee.

I see no reason why a period beyond 2 years should be an issue or, depending if there has been any reduction in value, the figure renegotiated with creditors as the ultimately will have the final say. It's all about balance. Working together to get a solution which is acceptable and appropriate for everyone.

Mark

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Originally posted by Mark McFadyen

There is no guidance on the period of extensions and this would be at the expense of the Trustee.

I see no reason why a period beyond 2 years should be an issue or, depending if there has been any reduction in value, the figure renegotiated with creditors as the ultimately will have the final say. It's all about balance. Working together to get a solution which is acceptable and appropriate for everyone.

Mark

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THANKS MARK ! THAT MAKES ME FEEL A BIT BETTER.
WOULD YOU ADVISE ME WRITING OR PHONING THEM NOW TO TRY AND GET THIS PUT IN PLACE OR WAIT UNTIL NEARER FEB 2013 WHEN THE 3 YEARS COME TO AN END ?
REGARDS
MARK

I am 44 years old

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Originally posted by Kevin Mapstone

Can I be nosy and ask how old you are, ghost..?

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I think it's always safer to do these things earlier.

As stated above, there is no legislation or even guidance as such which determine the extension period as this will be a matter for the trustee. It's all about balance and if you are maintaining payments of £434, plus what's already in the pot, the I don't see why the trustee can't pay creditors an interim dividend payment, followed by ongoing payments. Personally we pay ongoing dividends and it takes little to no time. That way at least the creditors are getting paid through the extension.

Mark

Why are the figures quoted here different to those in your other post?

Hi pingpong

I'm not sure what figures you are referring to or what post. The figure I quoted was the contribution of £284 plus the equity payment of £150.

Mark

The OP poster another topic same scenario different figures