Hello Jabber,

What was the reason given for the delay of the closure? It does seem like a long period to wait.

I'm not sure that difficulties surrounding default dates etc are necessarily the fault of the Trust Deed company. I'm interested to hear the views of our experts about how or whether they have any influence over this.

Hello Jabber

IÔÇÖm sorry to hear that it took so long for your Trust Deed to be brought to a conclusion.

TDA is right however in that your trustee has no influence, whatsoever, over what is recorded on your credit file.

Julie

They used quite a lot of excuses they were persuing a course of action/legality of some of the creditors. However when I eventually did get through to people in the know it seems I was just forgotten about!
The credit file I agree has nothing to do with Invocas, however I am just shocked that so many of the defaults are showing different dates. I have contacted or will be contacting the creditors to get the files amended, however I'm not to confident of this, as my wife was put through something similar with American Express 2 years ago and they still haven't sorted her file out yet.

Hi There, I had a telephone interview with Invocas yesterday. A couple of things worried me - as in ?ú500 to discharge the trustee's interest in my house and also, if at the end of my term our car is worth more than ?ú2K then we will have to repay this. When talking about this it was mentioned that we should be asking family/friends for this money - i'm sorry but I don't get this? Is this what is really expected of someone in a PTD? To discharge interest by getting into more debt with friends and family? As it is we have no one we could/would ask for money anyway so now I'm at a loss as to what we're going to do. We already have debts with friends/family which can't be taken into account by Invocas as it's not debt in our name. I'm really fed up and feel like i'm slowly drowning in this mess.

Hi gillymac25

Some firms ask for ?ú500 to discharge the Trustee's interest in property where there is no equity. This relates back to old historical issues with bankruptcy to allow the trustee to formally discharge his interest in property. It is something my own firm and a number of other firms don't do, as there is little work involved in discharging interest.

Re the car, the normal course would be to continue the payments after the 3 years to pick up any value in the car.

On another note, I see from your profile that you stay in Paisley and am disappointed tht Invocas didn't do a face to face meeting to run through these matters fac to face and answer all the points.

Mark

Hi gillymac25,

As Mark says there is nothing unusual about being asked for ?ú500 to discharge the interest in the property.

However there is no need to pay it. Mark's firm along with several others do not choose to charge it. This of course would remove any potential reliance upon friends or family (if it were possible anyway).

I'm really sorry to hear that you are feeling down at the moment. Perhaps speaking with one or two other firms, maybe in person, might help you to directly address the concerns that you have further.

Hi TDA,
My Trustee has asked for this ?ú500 which I have to raise in the first year of my Trust Deed, it will be paid as I thought this was a must to protect my property but after what has been said that does not seem to be the case. Could I just refuse to pay my Trustee this? My house is currently valued ?ú20,000 less than my mortgage so I cannot see it being more than my mortgage in 3 years so I will have no asset in it anyway.

The ?ú500 3rd party payment is a convention that many insolvency firms have used for a long time if there is a property involved with little or no equity. As Mark says, it is something that has crossed over from the guidance given to trustees in sequestrations and many insolvency practitioners apply the same protocol in trust deeds too. There is nothing sinister at work here, it is a very common practice.

I'd be wary of refusing to pay it, perston , if this was what was agreed at the point of signing the trust deed. This could be viewed as refusing to cooperate, which can potentially cause you problems.

Thanks Kevin,
No I will be paying it anyway, anything above board must be done. I also told my trustee today about PPI, I got a letter from Northern Rock on Saturday and they are giving me ?ú4,000 PPI which I have paid, unfortunately or fortunately which ever way you want to look at this, I have to give the lot to my trustee, which I think is fair to be honest, will all of it go back to my creditors do you think?

It should all go back to your creditors, perston - it's not like your trustee has incurred any extra costs to gather these funds in.

Hi Mark & TDA, thanks for your replies. We called Easy to Clear today and said we didn't want to go any further - they wanted to charge us a ?ú350 set up fee but it was sold to us as in '?ú350 is all you will have to pay this month'. I also wasn't happy about the ?ú500 discharge fee either so I'm glad we got out of it. I've just opened a basic bank account with Nationwide online so that's good too as our ac is with Alliance & Leicester and we have debt with Santander.
Thanks for all your advice, G.

Hi gilly

no probs. Glad you didn't part with any money, just to be put in touch with an IP firm.

Regards

Mark

Hiya, just to let you all know that my Husband had a very heated tel call today with the person from Easy to Clear that came to our house last week. She said that ALL IP's will charge the ?ú500 to discharge interest in a property and if we aren't being told about it upfront it wil be hidden and taken anyway.
We are also finding it hard to locate our paperwork that the person from Easy to clear took from us which consisted of both of our passports, bank statements etc etc. We were told that Invocas now have this paperwork which is strange as we were told at the home visit that our paperwork would be taken straight into the Easy to Clear offices, copied and returned to us by recorded delivery - that was almost 2 weeks ago now!!!!!!!!!!!!!!!!
I really feel sorry for people who are in a mess like we are and get sucked in by these disgusting companies. They should be ashamed of themselves and it shouldn't be allowed.
Thankfully I trust Mark McFadyen, the other TD Experts and TD assistants on here, I just wish we'd found this site before we got roped into a home visit from Easy to Clear. At least it's not too late for us now. As long as we can get our passports etc back :0(
G.

Hi Gillian

This sounds like the usual response from these middle men. In all cases, the individual is copied into all circulars etc on an ongoing basis, so I don't think anything will be hidden from you.

My advice would be to speak with the company and advise that you have clearly stated you no longer wish to proceed and they are holding your paperwork which is stopping you dealing with your financial affairs. If this is not located and returned, you will report both Easy to Clear and Invocas for retaining the paperwork.

Mark