I will have plenty left after paying all the above mentioned. All in I can proudly say I will have at least played my part in getting our economy back on its feet 😀

I just looked out my old letters. My last payment was made in June 2010. I thought it was this year but it turns out it was last year. Waiting over a year to be discharged is that allowed?

Hi faithfully,

It seems like a very very long time, although in some cases there can be good reasons for discharge to be delayed.

Have you asked the company concerned why your trust deed has not yet been brought to an end?

It might be worth checking the exact terms of your trust deed if you have a copy, faithfully. It may specify exactly the period in which such windfalls (or acquirenda) have to be paid across. If it mentions 3 years then you have an arguable case that this period has expired.

Dear faithfully,

I was concerned to read your post. If you fulfilled the terms of your Trust Deed in June 2010 then I would have expected that you would have been discharged by now. But making the final payment is not always the same as fulfilling all the terms of the TD. Please do get in touch with me so that we can look into this as a matter of urgency for you.

I am sorry to hear that you lost your sister. Generally speaking whether any inheritance needs to be paid into the TD depends on the date of your loss, not the date you actually receive the money. If a death occurs during the life of the TD then the Trustee will have a claim on all (or part) of the inheritance to put towards your debts. If the date of death is after the end of the TD (even if the discharge has not been issued) then the Trustee will have no claim on the inheritance.

As I said please do get in touch and we will resolve this as soon as we can.

Barry

Barry thank you for your post above. My sister passed away in August this year. Does the life of the TD mean during the payments period?

Hi faithfully.

I think you need to speak with your trust deed firm about the reasons your discharge hasn't come through, and your position regarding the inheritance.

A lot depends on the detail of your particular trust deed and circumstances.

Reading Barry's post, there might be some encouragement there for you depending upon the precise circumstances and order of events.

Hi faithfully

Trust Deed Assistant is correct. It was good to see Barry's stance on this, however this should certainly be checked with the Trustee should it arise.

On the basis that the trust deed follows the rules of sequestration, then any windfall or inheritance will form part of your estate if it occurs between the date of commencement of the Trust Deed and before the date of discharge. Hence the reason why I think a quick closure is essential.

Mark

I would contend that a trust deed does not always follow the rules of sequestration, rather it is based on the terms of the deed itself, ie the legally binding contract. Certainly the Trust Deed templates provided previously by ICAS and used by many insolvency practitioners at that time stated the following is conveyed by the debtor upon its signing:

"my whole estate (apart from such of my estate which would not, under Section 33(1) of the Bankruptcy (Scotland) Act 1985 (the ÔÇ£ActÔÇØ) or any other provision of the Act or other enactment, vest in a trustee of a sequestrated estate) which is now owned by me or which shall be owned by me during the period of three years starting on the date I execute this Trust Deed (hereafter referred to as my ÔÇ£EstateÔÇØ) for the purposes and on the terms set out in the Regulations."

So the three-year period is clearly defined. The only question is, was the trust deed that faithfully signed similar to this or not?

faithfully,

I am afraid I can't answer your question directly without knowing your personal circumstances and reviewing the terms of your TD. It really will depend, Trust Deeds can extend beyond the payment period if there are other terms that haven't been fulfilled.

Please do give me or one of my colleagues a call: once we have had a chance to review the details of your circumstances we can understand why there appears to have been a delay in your discharge and, I hope, put your mind at rest on the exact status of your inheritance.

Barry

Just got a letter in today. It details that the letter recently sent to me regarding PPI claims is not applicable to me. The last letter was sent in error 🙂 They also want to reassure me that my Trust deed has been fully discharged. They have apologised for any inconvenience caused. So its a big massive sigh of relief 😀

Fantastic news faithfully; great to hear that you can now put all of this behind you.

Its great news. I'm so desperate for a good holiday and to celebrate what I think is a major turning point in my life. The trust deed has saved me from falling deeper and has become a saviour in a financial sense.

Just got my schedule of adjudications through and TSB have claimed £500 odd for an overdraft that had been paid off (by accident). Dont think its worth rocking the boat and it doesnt affect dividends by a significant amount so will I bother phoning my IP?

Paul

Hi plasticdaft.

In terms of your other creditors... I guess it would be the right thing to do?