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Topic starter
25/01/2012 7:34 am
Advice Sought... I entered a trust deed in Oct 2010, with outstanding debts totalling 34k, I agreed to repay an amount of 14k over 36 months,the deed is protected and alls well and good until Jan 2012 when I was medically retired, I was duty bound to commute at this time, and settled on a figure of 75k, leaving the balance to be paid in occupational pension. I declared my lump sum to be told it was a good news/bad news situation in that the repayment could be racked up to the 34k = int and costs...Here I became confused because reading other scenarios and sections of the Bankrupcy Act Sect 32(6). I am unsure what to offer as a proposal,or am I bound by the Trustees to hand over the full amount of 34k, as I am still in my 40,s the 75k was to last a fair while so to be giving back 35k immediately in addition to contributions already made is not something I would choose to do...
25/01/2012 8:22 am
Hi Ristretto1
S32(6) is acquirenda and im not entirely sure this would fall under acquirenda (being a new asset obtained before the date of discharge)
In my opinion it would more likely be treated an S.32(1) Income 'of whatever nature' and although automatically vesting in you, your trustee would be able to look to calculate a suitable payment from it.
Not sure if this helps
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
26/01/2012 8:51 pm
Im obliged for the speedy reply, suitable payment is what is worrying me though!......
26/01/2012 9:11 pm
I think you will probably find that a compromise will be possible and your trustee will accept a portion of the lump sum and leave you with the rest. Keep us updated, ristretto1
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
07/02/2012 5:55 pm
Msg from trustees today stating 26,500 would be acceptable to them giving a return of 75p in the pound...negotiation!..they also counter this with a final paragraph warning that they have to show the creditors this offer and may yet insist on the full whack, posturing do you think or covering their own back?
07/02/2012 8:02 pm
Hi Ristretto1
I suspect the figures will be accurate and they are just covering themselves that the creditors approval is required.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/02/2012 1:11 pm
Trustees will normally seek creditor approval on matters of negotiation such as this. Did you make an offer to them Ristretto1, or is this something that the trustee has come up with?
You should seek legal opinion if you are unhappy with their proposal, or it may be possible to negotiate this figure down further.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
08/02/2012 8:20 pm
I think I would probably try and get this figure down a bit. As Kevin said, you can seek advise if you are not happy with their offer.
Shona is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
29/02/2012 1:26 pm
29th Feb, Still awaiting confirmation of the offer being acceptable.
29/02/2012 1:39 pm
I do hope you hear back from them soon Ristretto1.
There's no harm in chasing an update from your trust deed provider if you haven't already.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
16/04/2012 9:45 am
Deal done, 26.5k agreed with trustees....well worth pursuing, thanks for your guidance...
16/04/2012 9:57 am
That's great Ristretto1.
That seems like a good and fair result for everybody involved.
Best wishes for the future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
16/04/2012 11:07 am
Thanks for the update Ristretto1 - always useful to hear how these more unusual situations pan out. All the best
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
