Hi Molly2004

The trustee will be looking to engather the full amount agreed at the start of the trust deed. Normally if there are arrears, then the missed payments are added on to the end and the trust deed would be extended to collect these.

Mark

Ohh Molly I feel and understand your pain.. See my post on Confused.. Don't get how in Jan 2014 i owed 3400 in arrears.. had 2 missed payments since then added on.. Was told in Jan 2014 Trust deed should finish July 2015 so i figured okay add two missed payments since then should make it Sept 2015.
Just got paperwork today saying that im still 2200 in arrears and finish date is July 2016??? Arrrgh.. Will be definitely phoning as soon as I can.. Bit harder for me as i work 830 to 5.. siggh..

I think you need to phone and speak to your contact at your Trust Deed Co.. Ask for an explanation. x
Hope you get an answer quickly..

Hi Amerififer, thanks for your reply. I really don't understand when they extended my payments to reflect the payment holiday, is this what happened to you? What trust deed company were you with?

Hi Mark, The trustee states that they estimated the costs based on the fact I made my scheduled contributions and now propose a further fee due to the fact I had a payment holiday. Surely the fact that they extended this for another 8 months to cover the shortfall of the payment holiday is sufficient?

Hi Molly

Sorry, can you confirm that all payments have been made. From your last post it reads as though the trustee is taking a fee from creditors as opposed to seeking further payments from you.

Mark

Hi Mark,

Sorry, My last payment is next month - the paragraph states " The trustee's fees was estimated on the basis the debtor made their scheduled contributions on time and any assets available for sale would proceed without any delay or difficulty. In the event that unforeseen events occur such as the trust deed term being extended to allow arrears to be collected and/or additional work being required to deal with difficult asset realisations. I would seek approval for additional fees." Then it goes onto list fees.

But in another paragraph it states the fee and it is due to the change in my circumstances and the trust deed will be extended to allow for these missed contributions to be paid in full!

But I had my trust deed extended to reflect this, not sure how they can do this again. I have called Apex, just waiting on a call back. Just wondering if this was right?

Hi Molly2004.

I suspect that you'll find that your extension will cover only your missed payments (rather than being extended further to cover additional fees).

The additional fees are likely to come from your agreed total contributions; effectively at the expense of your creditors.

I would agree with Trust Deed Assistant - you should find that it is only the payments that you missed that you will be expected to pay. Any additional fees they request will come out of the pot that is available to creditors.

Hey,

We am with Apex also (originally RSM Tenon) and revived last out annual review.

In our case there was two changes in the past 12 months which affected out payments. My wife's PTD was extended for three months to allow for a break due to maternity leave. My payments were reduced due to increased expenses and lower than estimated bonus but the term remained the same.

So when our review letters came through I noticed several things which I was unsure about resutling from the changes. These are increased fees, projected end dates in December and new workings in the listed accounts statment bit.

I spoke to our relationship manager as soon as this came through and got almost instant conformation about what was happening.

In short our payment terms remain the same (42 month for me and 36+3 months for my wife). Most of the working on the review is standard paragraphs for the creditors. With regards tp the fees increase this does not affect us and is between them and the Creditors. The December date is when the creditors can expect their dividend payments and does not affect us.

Hope this helps.

From my point the fact I had my PTD with RSM Tenon all their T&C which were documented still remain in place like their being no interest in the house So I have this added piece of mind.

Colski.

Interesting . I'm a RSM Tenon to Apex too.. I still don't understand how i can go from owing 3400 in Jan 14. with a end date stated to me of July 2015.. and then all of a sudden with only 2 payment holidays added on.. i am still owing 2200 and stated date of discharge is now Aug 2016.. In my calculations the two payments should bring it to Sept 2015.. not Aug 2016.. Hoping to get in touch with my contact person soon.. Tough for me tho as i work 830 to 5.. and can't use the phone for personal business.

Our owed money figures also changed. I'm not sure how this is arrived at which is why I asked.

The main thing from my point now is I have written conformation at my contributions will come to a close based on the payment scheduled which we agreed. My Form 5 is to be issued then.

Have you tried emailed your account manager instead of calling? I prefer this channel as everything is in black and white and documented. Their email format will be firstname.lastname@apexdebtsolutions.co.uk

Whilst I can only go from the information provided, the wording of your letter appears to be from a report to creditors, of which you have received a copy. It appears that the trustee is justifying why his fees were higher than those detailed on the original proposal.

Should this be the case, it is not a request to you for additional contributions but a justification of why extra should be drawn from the pot for fees which would result in a marginally lower dividend to creditors.

As advised, best to contact your trustee for clarification.

It certainly sounds like it's a creditors circular which has been forwarded. It is normal practise to have 'For Information Only' within the reference of the letter to avoid any confusuion. We normally use font 20 Bold just in case!

Mark