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Scottish Trust Deed Forum
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Topic starter
20/06/2009 1:49 pm
hello.my trust deed failed so the company dealing with it have organized for bankruptcy proceedings to begin.this may seem a very cheeky thing to enquire about,but am i entitled to any of the money back i had already paid this company?i made four monthly payments of ?ú150.the first they said was their fee and they will use ?ú100 from it to pay the bankruptcy fee.i really struggled to make these payments to begin with and i know it sounds silly but the whole thing is really on top of me and i can't bring myself to ask them myself.would really appreciate any advice.thank you.
22/06/2009 9:39 am
Hello scar2208,
Did the trust deed fail because you were not able to maintain the agreed payments?
If that's the case I'm afraid it's very unlikely you'd receive any refund; the money paid over will be going towards the fees for the work your trust deed firm has done on your case so far.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/06/2009 9:58 am
thank you very much for replying.i did maintain the payments up until the company informed me that there had been an objection and told me to cancel the standing order with them.they were a bit slow in coming forward with me,if you know what i mean.they did talk about their fees at the start of it all,saying they would collect them at the end of the three years,from the trust deed account,providing it was protected.thank you again for your help.much appreciated and this is a great site.
22/06/2009 11:10 am
I think in that case it would be interesting to know when the objection was received (by the company handling the trust deed) and when you were informed that this was the case.
Do you have any information on that?
Glad to hear you have found the site useful.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
22/06/2009 4:22 pm
thank you again for your assistance.i phoned the company,begbies traynor,approx 7 weeks after i had signed the trust deed,if thats the right term,they said if i had not heard back from them by the middle of that week[it was buy wed/thur 2 weeks ago]that the trust deed had been protected ect.i didn't hear back from them but the following tuesday i got a lettter saying there had been an objection and they included the bankruptcy forms.i thought everything had gone through because they hadn't called.i know i'm really pushing what little luck i have thinking i might get some money back from them!what you said about their fees in your first reply made sense.thank you again.
22/06/2009 6:50 pm
I think they'll have done quite a bit of work preparing the trust deed so charging for their fees from the money contributed does seem fair (as you have acknowledged in your post).
What a shame that a single creditor chose not to support your trust deed; I'm sure that it will not have improved their position and probably has made it much worse.
Best wishes to you for the future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
24/06/2009 5:23 pm
Hi Scar
I'm not too sure how 4 payments could have been made as the time which passed was approx 7-8 weeks (2 months)before being advised to cancel the standing order.
The IP carries out the majority of the work in the early period and with the sequestration has outlays of approx ?ú200 - ?ú250 excluding any fee.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
