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25/08/2011 10:42 am
I made my final Trust Deed contrubution in June. When I last spoke with my Trustee (around a month ago) and asked for a status update, they confirmed that they were at the stage of issuing cheques to creditors, and that I should receive my Form 5 within the next 4 to 5 weeks (so I'm expecting it any time now).
During that telephone conversation, I also asked them whether they were satisfied that I had met all of my obligations towards the Trust Deed, and they confirmed that they were.
Ever the pessimist however, I still have a niggling concern that my Trustee may come back asking me to make a further contribution. The main reason for this is that I hold a number of shares in the company that employs me - my trustee is aware of that but so far they have never asked me to realise any value from them.
On one of the bits of documentation I received shortly after making my final monthly contribution, it said that "the debtor holds shares with XXXXX - we are investigating whether there is any value to be gained from these".
To be honest, the shares aren't worth much and in the grand scheme of things the amount I could potentially raise is a drop in the ocean compared to what I have paid into the Trust Deed over the past 3 years. When divided among all creditors and fees deducted, it's not really going to provide any material benefit. Having said that though, the amount of money is very significant from my own point of view!
The question therefore, is this..... Given that my Trustee was issuing cheques some weeks ago and I have heard absolutely nothing from them regarding the shares - is it reasonably safe to assume that they have already ingathered all of the value they require?
I've just got married and could really be doing with the money from the shares, but obviously I would loathe to go and spend it if there's still a chance that my Trustee is going to ask for it!
25/08/2011 10:55 am
Hi imcville.
My impression from the information you have provided is that closure of your trust deed is imminent.
However I'd hold onto the shares just for now just in case. Hopefully it will only be a concern for you for the next week or two at most anyway.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
16/09/2011 11:31 am
Alas, my Trustee contacted me this morning and is seeking to ingather the current value of my shares.
It would have been nice to be able to hold onto them, but never mind....once this last bit of pain is dealt with, I'm free.
16/09/2011 11:41 am
That's a shame imcville, but maybe not entirely surprising as the Trustee does have duties in this respect if the return to creditors can be enhanced.
I am glad to hear that everything seems to be getting finalised though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
16/09/2011 3:37 pm
Absolutely - it's a wee bit annoying to have been told initially that I'd met all my obligations, and then later to be asked to make a further contribution, but apparently my shares are something that had been looked into, and then put to one side and forgotten about. I know through experience in my own job though, that these things can and do happen!
In fairness, I couldn't challenge this even if I wanted to, as I wrote to my trustee at the outset, advising them that I held a number of shares and was willing to surrender their value towards the Trust Deed if necessary.
I take comfort in knowing that this is the final hurdle, and that once the final contribution goes through I will be discharged shortly afterwards. My Trust Deed has been a long and sometimes painful experience, but it has also been a very valuable one.
