Hi Fizzy

Sorry to add my tuppence worth, but I have to agree with the posts above.

In a normal Trust Deed, the proposal is likely to be sent to the Insolvency Exchange or possibly another representative who acts for the creditors. In my experience they will fax through an acceptance/rejection before the end of the 5 week protection period. To be a year into the Trust Deed and still awaiting claims I find incredible.

We have a department who deal with our claims and 98% are received and agreed/rejected/adjusted within 3 months of signing the Trust Deed. Even if we did not have this and if it was my firm, I would have Maria or Jaimie in the office drop everything and chase the claims, adjudicate on them and have the matters finalised, including your Form 5 discharge by 5pm today. There is absolutely no reason why you are being fobbed off to this extent.

You also need to bear in mind that the claims accrue interest on a daily basis, so the delay is not only frustrating ( putting it mildly) it is decreasing any return you will receive every day.

Mark

quote:

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Originally posted by Mark McFadyen

You also need to bear in mind that the claims accrue interest on a daily basis, so the delay is not only frustrating ( putting it mildly) it is decreasing any return you will receive every day.

Mark

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Mark, I agree with everything you have said.

I've highlighted the above point because it could be pertinent to a lot of cases, but is often overlooked.

Fizzy, I am so sorry to hear about your daughter. I can't even begin to imagine what you have been through, and are going through right now.

I hope that your trustee/trustee organisation realises that they could actually sort out their side quite quickly, and do so. Rather than adding to your distress.

Hi all thank you for your responses, I requested a call from the supervisor & she called me on Monday. The supervisor was very helpful, asked her to draft me out a letter outlining timescales, which she says she will do. The supervisor was very professional in her approach. She says I will receive my discharge & remaining payment in the middle of October, here's hoping. I think my problem with the whole thing is that they should have sent out a letter outlining timescales way back in April, then I would'nt have to keep calling them, every time they drip fed me info on their procedures. I will keep u posted on my progress.

The saga continues.......they sent me there fees omg , I think a loan shark would have been cheaper . I sent them a letter by recorded delivery querying their fees I still await a response. They have a note of what I am due to my debtors, why cant they just settle them up whilst I query their fees. They know that I am accruing interest on a daily basis, therefore they know I am eager to settle up & get this finished with, so they don't send out monies to my debtors until I agree their fees. they are nothing short of shambolic .

How can kpmg treat people like this, they must be held accountable "

Hi fizzy.

I'm sorry to hear that you're not getting the progress that you'd hoped for.

In terms of the complexities of creditor payments, interest and discharge I hope that one of our experts can add some further advice for you.

I'm not sure whether it's possible to dispute the fees without potentially exposing yourself to further interest costs.

Thank you u TDA

I wish I could add some further advice, trust deed assistant, but I can't see any reason why the creditors cannot be paid straightaway if there is sufficient to do so in full. Or are the trustee's fees preventing this?

yes Kevin, although they have a cheque for £24k , all monies owed has been agreed, but they will not pay out until I accept there astronomical fees, so I can't win, if I except their fees which I have queried, im out nearly £7.5 k in their fees or if I query I pay daily interest, why can't they settle my debtors, there is more than enought to cover all my debts and there fees, but I feel it's sort of blackmail.

Just want to let u all know that i emailed a couple of people at kpmg
direct , i even emailed Blair Nimmo himself ! and i got a very prompt response from Blair Nimmo and the supervisor at the Glasgow office. All my grievences were answered. I queried their asronomical fees and I was thinking of taking it the whole road, i took advice as well from the A.I.B, and i weighted up the pros and cons of sending it to the A.I.B. but kpmg shaved £1k off of their fee, and i was egar to get this mess wrapped up b4 xmas. So i have been paid out and have now been settled. I am still not happy about paying £6200 odd in fees , but felt i just wanted to put this whole episode behind me, thanks for all ur advice guys 🙂

A pleasure fizzy.

It's great that you can put all of this behind you now and that you won a concession on the fees.

Congratulations to you.

£6200 is less than the fee they are charging me! Their fees do seem much higher than the fees quoted by the firms on here

FC walker, when i orginally took out my td it was estimated at £5900 for 3 year period, my td only lasted a year, so i thought it would be substancially cheaper as it didnt run its course. I am told that the most work is setting up & closing ur trust deed, but as you are only estimated , bascially they can charge what the hell they like. You can query the cost with them & if you are not happy ask for it to be sent to the Accountancy in Bankrupty (A.I.B) but that will cost time & money all the while u are clocking up interest on a daily basis, but they can ask your trustee to justify their fees. I queried mine and they said that the estimated fee had gone up because it ended sooner than expected.

If you need advice from the (AIB) here is their number (which is also available from their webpage 0300-200-2600.

Bearing in mind you will need to complain to your Trustee first, but if not happy with the response, call the above number .