If you can't afford what they are asking for then you need to make this known to them. It may well be that you would be better off in a sequestration, but this might depend on whether you have any assets and how you see things panning out job-wise.

Did you get a copy of the proposals made to your creditors, fcwalker? I can't see how they could have gotten a trust deed agreed at this sort of payment level, which suggests that they have proposed that you will pay money that you don't actually have but were hoping to get if you found a job. Sounds like a very strange course of action to me.

When do you expect to be discharged? Will they be keeping this trust deed going until you have paid as much as was originally offered? I imagine that could be a long time unless your cirumstances change.

The proposals made to creditors were made on the basis that I would pay £10,000 (proceeds from sale of house)into my trust deed. However when I asked my contact at KPMG about paying the £10,000 into the Trust Deed, I was informed that somebody would contact me about this, which never happened. I was not given bank details or a name to make cheque payable to. As I was not working I had no income, and my situation was complicated by have made PPI refund claims through a company (bad move!) and whilst I won my claims, the refunds were simply offset against the debts, leaving me with huge fees to pay to claims firm. By the time KPMG actually contacted me about paying the £10,000 into my trust deed (5 months after my signing it) it had almost all gone.

Hi fcwalker.

At what point during the trust deed process did you receive this £10000?

The proposals made to my creditors also mentioned my 25% share in my parents business as an asset worth £10,000, despite me telling KPMG that I could not sell these shares without permission of the other shareholders (my mother, father and brother) and that none of them were in a position to buy me out.

I sold my house before the trust deed was set up. After selling my house I spoke to CCS (who I had a dmp with) and they put me in touch with KPMG, advising that a trust deedwas the best option

Hi again,

So... to confirm my understanding a trust deed proposal was agreed between KPMG and yourself, signed, and proposed to the creditors who consented to it becoming a protected trust deed. It was partly based upon £10000 cash that you had available in an account at the time.

KPMG didn't initially demand that the money be paid over, and prior to them asking for it you had spent almost all of it.

Am I understanding correctly fcwalker?

Yes

Thanks fcwalker.

It seems that this might place both you and your trustee in a pretty tricky position.

Have you talked it all through with them?

No, the only communications recently has been letters. Somebody from KPMG did phone a couple of weeks ago and left message on my voicemail. I phoned back the next day and got an answering machine. I left a message but nobody has got back to me.

I know I should not have spent the money, but I had no income and was still being hassled by creditors, who said they had not been informed of trust deed so was having to make token payments to keep them off my back, as well as paying PPI claims company and living expenses

It is all a bit of a mess really. I am struggling to see how the trust deed can continue if you no longer have the lump sum and cannot afford much of a contribution. Which probably means that either your trustee terminates the trust deed without discharging you, or petitions for your sequestration.

Yes, thats what I thought. Over the last 6 months, I keep getting letters asking for the £10K. I keep writing back saying I dont have it. I'm selling my car whick should give me about £2.5K to pay in.

Reading this forum has really helped. I never even spoke to my trustee prior to signing the trust deed. I never had a face to face meeting with anybody from the firm, apart from the person they sent to witness my signing and was not given anything in writing other than the standard trust deed guidance.

Hi fcwalker.

I think perhaps it's time to try to organise a meeting with them now.

There's an impasse with the £10000 that is due and the fact that you can no longer pay it over. I think that it would be best to bring all of this out into the open so that decisions can be made.

Thanks. Will do. I wish I'd found this forum a year ago!

Hi FCWalker
Sorry to hear of your problems with KPMG.
Unfortunately They do not seem a company that is interested in straight dealing.
I am still waiting for my discharge (now in the 8th Month of waiting)
Still not heard nothing , so I am taking it to the end of this month and if no discharge then I am going to complain to the IAB.
TDA any advice on this would be appreciated?
I hope you get summit sorted FCWalker, but with this lot I would not hold yer breath!

Hi angiepal.

A very different scenario really. With respect to fcwalker, a sum pledged to make a trust deed work has been spent. No easy solutions here for anyone involved.

In terms of your own situation, I think you're referring to the AIB? That's possible, but in general terms a complaint about a trustee is usually best put to them directly initially, and then their regulatory body if you do not later consider the complaint to be resolved.