Thanks again I didn't know that. Will let you know as soon as I hear anything from them. I won't give a decision on anything they say until I have spoken to my solicitor and yourselves. I'm so glad I found this sight.

Hi just a quick question if the trustee made me insolvent on the day I signed the trust deed, knowing about the property. Then makes me solvent after signing without telling the creditors and then writes a letter to me saying he wasn't aware of the property till later.!!! Even though he wrote about my share of the property before the trust deed which is on a document. He then said he was aware of the property at the beginning and did not exclude it . Even though there's no sign of it in my trust deed . Would this of been illegal. Are they then entitled to money as they said they couldn't realise anything from the property . Sorry that ended up quite long. Thanks

Im not entirely following this but from what Im picking up it sounds like someone has made a godalmight "error" and you should stick to your guns and make them pay. None of this was your fault and the mess you are in is someone elses doing whether deliberate or not you should not be made to pay for it. Good luck, hope it gets sorted.

Hi debs

Your question poses a number of issues which could get fairly complex.

If you were solvent, the trust deed should never have been signed. From the information provided the trustee had 3 options as I see it. Firstly advise you were solvent and look at DAS or another alternative. Secondly try to exclude the property within the trust deed following the correct process which would go against all guidance and logic and finally advise you to sign the trust deed and provide an incorrect statement to your creditors in full knowledge of the real position.

He chose the latter.

Mark

Hi thanks for both replys.I asked the manager at the meeting about Das and he said that was not a good option for me as I was insolvent . I disagreed obviously saying it wouldn't of put the property at risk so he changed the subject. Is there an option to get to the end in October and cancel direct debit tell them there getting nothing else as I have completed trust deed . Or will they say I have failed my trust deed and put me right back where I started.
Or say there getting nothing else until the complaint is sorted. Or is it whatever happens I still have to pay some equity.

Hi debs

If it was me and you still had the original Trustee in place, I'd be in court by now.

The thing that slightly complicates matters is the new trustee as he can follow the party line saying he was not aware or involved at the start and has to act in the best interests of the creditors.

Personally I would make the final payment and that would be the end of it and if the try to do anything in respect of the property, tell them you'll see them in court as this will open the whole thing up to the public. If this example represents the handling of an insolvency case by the trustee, I have no doubt there are countless others in the same boat.

Mark

Wow thanks Mark that's exactly what my Solicitor said.Will keep you posted when I hear from them. Thanks again this forum is so needed.[:)]

Best to stick to the advice of your solicitor debs.

This forum can offer pointers and information but its not the same as detailed one-to-one advice.

Hi received a letter today from trustee which said in his opinion the house is an assert and they won't accept 1'500 for the creditors but will accept 3'000 and that will be me done . This is the old trustee who did my trust deed.He also sent a complaints procedure so he obviously thinks he hadn't done anything wrong. Spoke to the local advice centre who have been helping and they don't think I should pay anything the same as My solicitor. Not sure what the next step is as they both talked about court which could be expensive.

Hi debs

I think you should refer matters over to the Trustee's governing body with all supporting documentation.

You could also ask how they arrived at the £3k figure.

Mark

Also just found out I don't have a new trustee I still have the one from start. The person I thought was a trustee is a case administrator.

Hi debs.

Mark makes an interesting suggestion if you want to take your trustee on here.

I do wonder if there are some risks to you if you take this course though.

Let us know how you get on.

Yes I will take it through the complaints procedure. The figure of three thousand was an offer from third party as they wanted 6'400. This was accepted by the manager and was told they were happy to accept within 20 minutes as they they thought they might get nothing. The offer of 1'500 was made at the meeting after it was obvious my trust deed should never of happened and that after another 3 payments according to my trust deed it would be completed.
How can they ask for money for equity when it was never factored into the trust deed even though he knew about it. I Was told today the creditors were told about the property a year after signing. I'm so fed up with the lies and deceit.

Back from solisitors having sent an email back to trustee. I have again said I will give them 1'500 and that's it or I will pay my last three payments of my trust deed and nothing more. I have also said if they were to start litigation we may finally get to the bottom of it and they will have to answer to all the questions they still won't answer.
Do you think there's a chance they would start litigation or try and extend my trust deed . I hope they accept the offer but having already refused it I'm not sure they will.
We are also starting to do a letter to go through the complaints procedure.

Hi debs

It's difficult to say, however I think if you lodge a formal complaint, then this will hinder any potential legal action pending the outcome and at the very least uncover exactly what has been going on.

Mark