Hi debs

I can see your point, but I don't see this ever going to court.

You should ask the questions and ask for specific answers as to why

1. Creditors were given false information when you now have statements from the trustee stating they knew about the property.

2. Why the trust deed was proposed when, taking account of the equity, you were not insolvent.

3. Was any commission paid to the initial advisor and what were the qualifications of the initial advisor.

I would love to guess the firm, but suspect I know who they are!

Mark

I will do Mark . It's difficult as the trustee I have now is really good but the one that caused all the mess still works there. To be fair my trustee now is as equally confused. My solicitor seems to think we can see a sheriff and could get a discharge at the end of the 36 months as that was the original agreement and now with all the new paperwork we have which they have messed up, or made up , he thinks there's a very good chance of getting a discharge.
The original company I signed with have been taken over by a well known company who to be fair have been good. This mess was created with the original company..

Does your solicitor specialise in insolvency law, debs? It is quite a specialist area so you need to be careful I'd say and maybe seek a second opinion. Regardless of the incompetence of the original trustee the sheriff still has to apply the law and I'd hate to see you rack up legal costs and not win.

No he has done insolvency but not his speciality. He was going to bring someone in who does. What you have said is also what I'm thinking, . Is it worth the risk. To be honest the information and documents I have are quite damming and the last document I got the other day has information on it that's not even possible.
I would really like to take it further as I was obviously misled and should never of had a trust deed and and they put my parents home at risk, but I have three payments to go and a payment of 3'000 and that's me.
My trustee and his manager accepted the offer from the third party extremely fast within 20 minuits, I thought it had to go to creditors but he said most the time there's no objections and he thought there was a chance of getting nothing of me, so there accepting it.
That's my situation at the moment . Wanted to say thanks for all the help all of you have given me .

Hi debs,

I've followed this with keen interest and have been disappointed to read some of the things that appear to have happened in your Trust Deed.

As Kevin said, you want to ensure that if you do decide to take things further in a legal avenue, that your solicitor has good knowledge and experience in Insolvency work.

This could potentially be a time consuming and costly process for you so I'd suggest taking a step back and balance out the costs and effort involved with legal action against the closure of your case. If your Trustee is happy to accept the offer of £3,000, ensure that you receive confirmation of this in writing. You want to ensure that this £3,000 is in full and final settlement of all sums outstanding in your Trust Deed and that upon payment of this, your Trust Deed will be closed off and you will receive your discharge.

Thanks David. He has already put in writing that will be the full and final payment and will be discharged November.
This comes down to getting a signature at all costs even when I should of never had a trust deed,to be honest I will just be glad to get rid of it even having to pay an extra three thousand they were still debts that had to be paid . I think I'm just going to look forward to having a lot more extra cash and no stress. Thanks so much for all your help and thank goodness this company doesn't operate anymore. To anybody taking a trust deed DONT sign till the equity is sorted, from reading your forum I wasn't the only one this happened to. Many thanks.

Hi just a quick update looks like I'm going for a meeting with the trust deed company . Will keep you posted.

Good luck with the meeting debs.

I hope that a fair way forwards can be found so that everyone can move on.

Best of luck debs

Hi went to the meeting with trustees, the manager and the trustee I have now we're there. The original trustee was on leave. The manager said the house was left out so I was insolvent as the property made me solvent.This was after saying it could of been an admin error!!!!!! He said the statement of affairs sent to the creditors did not include the property and he was going to check when they were made aware of it .Turns out they were told a year later just before the new company took over Basically he couldn't answer many of my questions but did on three occasions encourage me to make a complaint against the original trustee with two different departments saying that he could be fined.!!!
He did say he still wanted payment for the creditors even with the house not being included to which I have made a lower offer . He is going to speak to his superior and my original trustee next week. I'm going to wait and see what he comes back with. Thanks

Hi debs

On the basis that the new trustee is still seeking payment of the equity, I would pursue to original trustee and advise him that you will be seeking legal advice against his indemnity.

This stinks of a case being pushed through at all costs irrespective of the consequences to you. If this was an error it was an error of monumental proportions and certainly I've never seen or heard anything like it.

Mark

Thanks Mark. The manager said my original trustee and trust deed and equity are two separate issues. He said he expects 4'200 for the creditors 25p in the pound even though an offer of three was accepted subject to creditors approval. In the end I offered 1'500 and told him that was all I would be offering and I will not be extending my trust deed. Do I wait and see what he comes back with before doing anything else. I'm so angry with all the lies . Luckily I have all the paperwork to back it up.

Hi Debs

The Trustee, Trust Deed and equity as as far as being separate as you'll get.

It stinks and you should stick to your guns and not budge.

Mark

Thanks Mark I will. I'm just worried that they will want nearer 4 thousand and if I say no can they say my trust deed has failed even though I've nearly finished with three payments to go.
I told him to go and ask my old trustee to pay it and he said he would put it to him. He was actually serious ,my dad and myself we're completely dumbfounded.

Hi debs

I think they know exactly what has went on.

All IP's have indemnity insurance and if the new trustee does not agree to your offer, you should threaten an action against the old trustee to recover your loss as a result of his actions. Whatever way it goes, neither will be shown in a good light.

Mark