You need to get in touch with your trustee about it. You can't continue to pay anything towards it as that would be giving preference to one creditor over another. That creditor will then have to submit a claim to your trustee to get a share of your payments once the TD is complete.

Hi Mummyof4.

This advice from upstream is spot-on.

Let your trustee know as soon as possible.

Ok thank you,
Would this change our trust deed with the possibility of it not being protected anymore?

That would be unlikely presuming it is a relatively small debt, which is assumed as you had forgotten about it.

It's actually an interesting point if the debt was sufficient to have stopped it becoming protected, however I don't think i can recall a PTD becoming unprotected.

Mark

Ok thank you

The only way for a trust deed to become unprotected again would be on the instigation of your trustee due to non-cooperation. I am sure that this wouldn't fall into that category, unless the trustee thought that you had deliberately withheld that creditors details when asked at the start.

It is quite common for people to overlook debts accidentally and as others have said, they are included in the trust deed regardless.

thank you everyone I've got the letters ready to post off to trustee so fingers crossed it stays protected.

Hi Mummyof4

Don't worry too much, the new regulations state that a creditor, notified or not, has no higher right to recover their debt. It goes on a bit about their rights and stuff, but in my experience, they will submit a claim and become party to the Trust Deed.

Mark

Thanks mark, but would they not have already noticed and done this since it already protected?

Hi Mummyof4

If they had been notified of the trust deed, they receive a claim form to complete. If not, the the trustee should be able to contact them and send a copy of the circular and claim form.

Creditors would not automatically know of the trust deed or it's protection unless they checked the ROI.

Mark