If you took the Loan out after you signed your Trust Deed then it will not be covered by the Protected Trust Deed and you are liable to pay the loan back.......

But I think you should pursue a complaint against the Company for harrassing you at work for payment.....

Also you should contact them to try and come to some sort of affordable arrangement to repay the loan.....

Just my thoughts........

Welcome to the trust deed forum Dez1983.

There are rules in connection to data protection and debt collection activities. From what you have described they may be in breach of these rules. Your option there is to complain formally to the company concerned and then go to the Financial Ombudsman and/or the Information Commissioner's Office if you're unhappy with the response you receive.

Neither you nor they did anything wrong when the loan was granted and taken out. They're permitted to lend and you're permitted to borrow despite a protected trust deed being in place.
As such I do think they're entitled to use fair and reasonable collection procedures, including legal action, if you have been unable to repay the loan.

thanks for the advice guys. I'm going to phone them and make an official complaint regarding the possible data protection act breach, and harassment at work and see what their response is , and if not happy will certainly be contacting the financial ombudsman. As i do work in banking and i need to know alot regarding the D.P.A I certainly think they are in breach. I will try to arrange a sort of ' holdoff' period before arranging any type of repayment until my complaint has been resolved regarding the harassment calls and them naming the company to an advisor before starting any sort of repayment with them.

Thanks again for the response guys, much appreciated.

Dez1983 just to let you know...watch with these payday advance companys, if they ask you for your debit card details so you can make a token payment of say £1 try not to give them as they might take the full balance from that card

Thanks for that adding that thought tommybhoy and welcome.

Have you had that experience?

Any help will be appreciated

I was in a trust-deed but it stopped due to non payment as I was made redundant but was told not to declare myself bankrupt and hold of till you get a job, I never got a job and the trust-deed was terminated and they told me that there was not enough money in the POT? To make me bankrupt as all the money I had paid to them was used for setting up the trust-deed and maintaining it? I paid nearly £4k and only had just over a year left

Anyone any info?

quote:

---

Originally posted by Trust Deed Assistant

Thanks for that adding that thought tommybhoy and welcome.

Have you had that experience?

---

I used to work for a well known PDA and loan company and thats the way they dealt with payments for people who fell behind

Hi tommybhoy.

I think the advice given here previously by the experts is that where circumstances change for reasons out of your control, and the trust deed is no longer appropriate for that reason, bankruptcy should normally be dealt with by the trust deed provider themselves.

Hopefully Julie, Kevin or Mark will be able to confirm this.

That's right Trust Deed Assistant, according to the Accountant in Bankruptcy's guidelines it is not appropriate to refuse to discharge someone who has merely had a change of circumstances beyond their control. However, it seems that many insolvency practitioners out there are ignoring this guidance.

Hi I have contacted them to ask a few questions....i had just over a year left and had paid nearly £4k and had agreed to pay back £7k but to be told there was not enough money in my pot to make bankrupt is strange and how if there was no money left how were they going to pay my creditors this £7k

Hi tommybhoy.

I think what they're saying is that their fees/outlays and the VAT came to £4000. This isn't an unusual amount.

The surplus over and above these amounts is the amount that is normally returned to creditors.

Because a lot of the work that a Trustee does is at the start of the trust deed much of the initial payments can be consumed by the fees and other costs.