Go on to your former trustee website find out who regulates them. In my case icas take it they advise trustees correct me. If I am wrong ? Obv my trustee has taken icas advise and are paying out

Yes Gleith…its possible that this could happen, but we don't know if anybody will try.

The reason for this is that the Supreme Court only rules on what was asked of them , in this case whether a trust deed had ended upon final distribution.

The new arguement is whether or not the final distribution had been issued in error.

Thanks wildchild will do that

here is a copy of the email I was sent from my ex trustees

Dear Gail,

Thank you for your recent email in relation to your PPI. With regards the ruling at the supreme court on the 31 October 2018 and after further counsel from our solicitors it is noted that under the judgment it contains a postscript which suggests that a creditor might consider making an application to reduce the Trustee's decision to be discharged, thereby acting as a reinstatement that way and allow the funds to be recovered and distributed.

I have now spoken to your former trustee and he has decided to offer you the following proposal regarding your PPI. His proposal to you that after nearly 3 years awaiting a decision on how the funds are to be dealt with instead of instructing my solicitors to contact your former creditors to pursue this route of seeking their approval of reinstatement. He would offer you a lump sum payment back from your PPI less legal fees and his outlays.

I trust this to be in order and will await your reply to this proposal.

I dont know what to do now as I dont know if they can do this or not - I have e mailed them back so will see what happens

so if i trustee got a reduction will you be liable for your debt and need to sign a new trust deed this is confusing

Only you can decide what to do, Gleith, and I would totally understand if you preferred to "play it safe" and take the deal on offer (though they will obviously need to give more information as to the sums involved first, otherwise you have no idea what you are agreeing to!).

I think Candlewick's point on this the other day was very perceptive. If the trustee is so concerned about creditors' interests why is he offering to do a deal to effectively cut them out of it? The truth is that the trustee seems to be seeking simply to cover their own outlays and is using the "reduction" threat to try and achieve this.

It is basically about the trustee prioritising his own interests over both creditors and yourself, which to me is profoundly unethical. I'd be very interested to know what their professional body would make of this "offer"...

Also, to top it off I don't see how the trustee can actually give you any assurances that a creditor will not seek to have the discharge reduced anyway, regardless of any deal he has done with you. That decision is for your creditors to make, not him.

Seems I think the end is in sight creditors must know they would hardly recover much money.

Hi Kevin.

There should be a “like” button on this forum for your post.

So if I creditor gets a trust deed reduced how will it affect the debtor will the trust deed be reopened

quote:

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Originally posted by TDA (Debt Adviser)
[br]Hi Kevin.

There should be a “like” button on this forum for your post.

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<<<Like>>>

[:)]

And one for Kevin too [:)]

<<<Like>>>

The problem with a creditor getting the reduction, would as the supreme court said. No one could believe what is in the register how would anyone know in the future if some asset where to result in a trust deed get reopened. If they do it for a ppi someone else will get it for something else and so on.

Well done wildchild I getting your money I hope it's the first of many ebjoy

I meant enjoy

Thanks.