Welcome to the forum lmneeson.

I'm very sorry to hear that you're unhappy with this situation. I would however suggest that you're careful about the language you use here about a firm that you've named. I've edited your post slightly for your own protection.

I'm also sorry that some of my reply will probably not be what you want to hear. There are things that you can do to address the situation though.

It's not possible to finish a trust deed in less than 4 years. This is legislation rather than a decision by a particular firm. The only exception is if you repay your debts in full, plus interest, plus your trustee's fees. It sounds like the figure you've been provided with is to meet this requirement for early settlement.

I expect that your trust deed isn't going to be voided. The trust deed proceeding was a legal event that cannot usually be reversed.

The first step of dealing with your concerns is a direct complaint to your trustee. It sounds like you've taken that step already.

If you don't get a response to your complaint, or your disagree with the response, you can then take the matter to your trustee's regulator.

You might also choose to raise the matter with the Accountant in Bankruptcy which oversees the trust deed process in Scotland.

None of this is meant to undermine your understandable concerns.

while I appreciate you deleting the word (edited), it does not change the fact that I ve been (edited) this trust deed through incoreect
advice and (edited), and quite frankly if the company want to see me in court id be more than happy with that as that is exactly where I
want this case to go.
I have already looked at the Accountant in Bankruptcy website but could not see anywhere to lodge/ make a direct complaint about a Trust deed company.
I also acknowlage that a trust deed does help some people out, they are usually in a lot more debt and have not directly asked about the option of paying the debt off early.
can you provide a link for reporting a trust deed company to the ccountant in Bankruptcy?

You may be happy to see them in court, but I'll hope you'll understand that we have an editorial policy in scenarios like this. I'm politely asking you not to use that word, but you're more than welcome to explain why you are unhappy.

There's no specific AIB link that I'm aware of. There's contact details available via their website though.

The gateway for IP complaints is here https://www.gov.uk/complain-about-insolvency-practitioner. They'd usually expect a trustee to have been given a reasonable period of time to respond to a complaint before they become involved.

ok, thanks for your help, they where actually very interested in the case as appaerntly I am not alone in thinking what i do.
also to note for people like myself a trust deed can be dissolved if there is a case for the company to answer.

Of course you can be missold a Trust Deed.

Were the potential alternatives to a TD explained to you? Were you made aware of fees, interest, how assets are dealt with? Were you told that you could get completely free advice elsewhere?

If not I’d say you have a case for potential misselling.

Nothing in the above comment was mentioned, all was said I would be debt free in 4 years, what the payments would be and when the where to start and finish, I asked about early payment as I felt 4 years was too long for such a small sum and the company’s representative said that would be no problem (still failed to mention additional fees and interest)

I believe tis also happened to me. I didn't know you could free advice and protect my home. The charges we paid were terrible but we've came out the other side and have been discharged for nearly 4years.

it's mental to think about how everything is sold to you(probably not in all companies cases)but certainly in my case, i couldnt believe the figures the other day when they where quoted

It's so disappointing to hear stories like these.

My view is that much of the sector is diligent and focused upon delivering good outcomes for well-informed customers.

There's no doubt however that pockets of poor practice remain in place. A sales-led approach telling people what they want to hear and avoiding mentioning what they might not.

Hi imneeson,

I’m sorry to hear that you are experiencing problems with your Trust Deed and feel things were not properly explained to you at the outset of the Trust Deed. Since 2013 the legislation has been clear in that the only way to end a Trust Deed earlier than the 48 month period is to repay full debts plus costs and interest.

When it comes to explaining everything all the pros and cons should be discussed. I know it doesn’t help you at the moment but for other people following this it’s vital that time is taken to look at all options and to never feel rushed into signing anything as entering into a Trust Deed is a big step.

I think you have two options on how you can proceed, 1 complain to the Trustee and if you are not happy with their response you can then complain to their authorising body. You could look to challenge the advice that you were given and look at the mis-selling of the Trust Deed but I can’t say how successful you would be or what the outcome of this would be.

The alternative could be to still complain and highlight your concerns and look to continue with your remaining payments to receive your discharge as quickly as possible if it is having an impact on your life. You could then be free of the Trust Deed and if you wanted to continue with your complaint you could.

In my eyes it’s plain and simple (edited), complaints have already been lodged with the company and AIB

quote:

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Originally posted by lmneeson
[br]while I appreciate you deleting the word (edited), it does not change the fact that I ve been (edited) this trust deed through incoreect
advice and (edited), and quite frankly if the company want to see me in court id be more than happy with that as that is exactly where I
want this case to go.
I have already looked at the Accountant in Bankruptcy website but could not see anywhere to lodge/ make a direct complaint about a Trust deed company.
I also acknowlage that a trust deed does help some people out, they are usually in a lot more debt and have not directly asked about the option of paying the debt off early.
can you provide a link for reporting a trust deed company to the ccountant in Bankruptcy?

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Hi Amy can I ask why you have edited out the words sold and (edited) after the first edit of the word you requested me not to use?
Surly as part of a forum I am allowed to state a FACT that I had been (edited) to?

quote:

---

Originally posted by TDA (Debt Adviser)
[br]You may be happy to see them in court, but I'll hope you'll understand that we have an editorial policy in scenarios like this. I'm politely asking you not to use that word, but you're more than welcome to explain why you are unhappy.

There's no specific AIB link that I'm aware of. There's contact details available via their website though.

The gateway for IP complaints is here https://www.gov.uk/complain-about-insolvency-practitioner. They'd usually expect a trustee to have been given a reasonable period of time to respond to a complaint before they become involved.

---

Hi Imneeson

It is NOT FACT that you were (edited) to. It is merely your opinion without the company in question being able to state their view.

Your credit file was already probably tarnished if you were having to resort to entering a trust deed but if not would you think that not paying back fully what you owe would have no impact?

i can't see what you would think a company would administer your trust deed for no fees.

Unfortunately it looks like you did not take the time to read through your contract before signing and now bitterly regret that. I'm not saying that there might not have been some pushing for a sale but it was your responsibility to ensure you understood all the implications of signing.

In my opinion there is really little hope/none of having the agreement voided as your complaint is hearsay unfortunately and it is legally binding.

in hindsight perhaps you rushed into signing without speaking to some of the debt charities or CAB first.

You should try to let go of the anger you feel and wait for the closure of the trust deed in due course and put it behind you. You will continue to feel stressed about this if you don't and life is too short.

Good Luck