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Life Assurance Issues

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Mark McFadyen
(@mark-mcfadyen)
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Joined: 17 years ago
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Cheers Kevin

We dealt with a couple of cases similar where the person died following the signing of the trust deed to get clarification on the guidance as these stated the Trustee must give consideration where there has been a policy which paid out as a result and was advised that this should follow S.51 as opposed to where no policy paid out, as the trustee has no obligation.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@jeans)
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Joined: 11 years ago
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Topic starter  

Thanks both I have taken legal assistance based on your advise and requested a copy of the policy.

I will let you know the outcome of these matters.

Kindest regards.


   
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Mark McFadyen
(@mark-mcfadyen)
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No problem.

I hope it works out for you.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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Kevin Mapstone
(@kevin-mapstone)
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Joined: 17 years ago
Posts: 4253
 

That's interesting, Mark.

Makes you wonder why the Accountant in Bankruptcy doesn't just say that in the published Guidance though, rather than what it does say which contradicts that.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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Mark McFadyen
(@mark-mcfadyen)
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Hi Kevin

I think that was always going to be a problem when something is guidance as opposed to actual legislation, although both seem to be open to interpretation I suppose. No doubt life would be boring if everything was all done the one way.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@jeans)
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Joined: 11 years ago
Posts: 10
Topic starter  

Hi Mark, Kevin,

Just a quick update throughout the week I got offered £5k for funeral "no questions asked", £7k with funeral receipts and on Friday afternoon the Trustee advised he was letting the Creditors get back to them by 11th November and previous 2 offers were renaged???????

Absolutely dismayed at their disregard for these matters. I am still awaiting details of the policy, I assume this is not normal practice for trustees?

Only time will tell now!

Thanks

Jean


   
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Mark McFadyen
(@mark-mcfadyen)
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Hi Jean

A Funeral Parlour that made the £5k offer on the basis that no receipts would be provided is probably as low as I've heard.

I assume if the Trustee has advised that he is awaiting the response by 11 November, then the creditors were circularised last Tuesday (28th November) as they normally seek 14 days approval.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@jeans)
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Joined: 11 years ago
Posts: 10
Topic starter  

Hi Mark,

Apologies this was my trustee which offered the settlements?

Thanks

Jean


   
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Kevin Mapstone
(@kevin-mapstone)
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Joined: 17 years ago
Posts: 4253
 

Were they saying that they would have released £5k as a reasonable sum for funeral costs but that if you needed £7k they would need to see receipts first?

Did you not get a copy of the letter that was sent to your creditors?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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Mark McFadyen
(@mark-mcfadyen)
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It's certainly an intersting one, as the Trustee would need to demonstrate why he considered £5k 'reasonable' bu the higher amount was not.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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