Failed Trust Deed, ...
 
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Failed Trust Deed, what next?

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(@kmcgurn)
New Member
Joined: 15 years ago
Posts: 2
Topic starter  

After contributing to a debt management plan for a year my partner was recommended to change to a Trust Deed. This appeared a better option because the monthly contribution was less than what he was paying and over a shorter period. Unfortunately, my partner became unemployed for nine months and the Trustee moved for bankruptcy. Of the ?รบ1800 paid in contributions the Trustee claimed the total in fees paying nothing to my creditors. Can they do this? They have now asked him to claim payment protection compensation from his loan or credit card companies too, is he obliged to co-operate? Lastly, we have now taken steps to contact his creditors to make some arrangement for repayment, do you think this is the correct course of action? Any advice would be most helpful.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi kmcgurn and welcome to the trust deed forum.

I'm sorry to hear that the trust deed was disrupted by the period of unemployment.

Could you let us know whether the bankruptcy has now happened?

The answer to that question will inform the answers to your other questions.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 17 years ago
Posts: 4798
 

Hi kmcgurn

I'm a wee bit confused as I don't think the Trustee could or would look at PPI after bankruptcy.

You also mention this as being your partners trust deed/bankruptcy but state that nothing was paid to your creditors?

If you provide more information, I'm sure we can assist.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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