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Scottish Trust Deed Forum
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Topic starter
28/10/2013 9:07 pm
Hi
At present I am not making contributions to my TD as I was made redundant last year and my new job is on a greatly reduced salary. I have always kept my account manager up to date with everything. Last week there was an opportunity to earn some extra Xmas money at work. Do a certain amount of projects for a one of payment of £300, on an all complete or nothing basis. This would require a considerable amount of work to be done over and above normal hours as it was stipulated it had to be done as overtime.
Obviously the thought of a little extra for Christmas was appealing, so I contacted my account manager and said if I took up the option I would expect to receive an extra £220-£230 after tax and NI. I wanted to know if I would have to pay this to my TD as I had no intention of working 40-50 hours extra for this cash only to have to hand it all over. I didn't receive a reply all of that day or the next. When I got home from work I sent another email. Said there was no need to reply as the deadline to accept the offer had passed. Normally I would get an almost immediate response or an out of office, so I was a bit puzzled by the lack of response but thought she was A very busy, or B was sick/on holiday.
Today I got an email from a person unknown to me, with an attached letter from a company I have never heard of. The letter was written from my Trustee, informing me that he had left the company I was with but he was still my Trustee at the new company. With regards to the overtime payment (not applicable now) he would not seek any payment from it.
I did not personally choose the trustee that I have, I personally chose the company. So my questions are ...
1 - The letter (from my trustee) refers to the email I sent to my account manager of Baker Tilly(formerly RSM Tenon) Does this mean she has left RSM Tenon and now works for Baker Tilly or have RSM been taken over by another company? When my former account manager was going on maternity leave I at least got a letter letting me know this and who my new account manager was to be.
2 - The letter goes on to state my trustee is now with a new company (neither of the above). Why is it allowed to move me from a reputable company I chose and trust to one that I have never heard of without my knowledge or even my permission?
3 - Where exactly does this leave me? I asked the person who wrote the email if he was now my new point of contact. As I was at work my response was very brief, but obviously I have questions regarding this.
Advice from the experts would be greatly received as I am now very confused by this, and more than a little flustered
Thank you in advance
Saabrina
28/10/2013 10:49 pm
Rsm tenons parent company went into administration and baker tilly bought over some trust deed cases. It happens pretty regularly and shouldnt change much regarding your trust deed.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
28/10/2013 10:52 pm
Hi saabrina.
A trust deed is a personal appointment of the trustee himself or herself so the contact you've had doesn't seem entirely unusual.
RSM Tenon was taken over by Baker Tilly recently. It may be that the trustee that you appointed at RSM Tenon has decided not to become part of the Baker Tilly team (I'm speculating rather than saying that this is the case).
All being well hopefully there will be little or no disturbance to you by any such changes.
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Topic starter
28/10/2013 10:53 pm
Hi Paul
Takeovers and mergers I understand. What I don't understand is an employee of a company leaving to go to another company and taking my trust deed with him. The company I got the letter from was neither RSM Tenon nor Baker Tilly. I sent an email in good faith to a company and it has been passed on to a third party company for response, if I hadn't had a question to ask I would be none the wiser of this situation. How do I even know it's real?
Saabrina
Topic starter
28/10/2013 11:06 pm
Hi TDA
Thanks for your response too. That being case shouldn't that be made clear at the start of a trust deed that the contract is with an individual rather than the company? I was never made aware of that. Surely in these times the sensitive information held about us, it shouldn't be transferred from company to company without consent. I know that BT couldn't transfer all my information to another telecommunications company without my permission, if at all. That would be a serious breach of the Date Protection Act, is this not the same? Or by signing a trust deed did I sign away all my rights? Unlike most people on here I never had the privilege of a home visit (due to location) to discuss and agree everything. I had a phonecall with a third party company and then another short phonecall to agree the trust deed. Unfortunately I was unaware of this site and the valuable advice it gives back then. I didn't even get a copy of the proposal to my creditors until I asked to see it 3 months down the line ... that was when I first saw the fees that were being charged.
Still confused.com
Saabrina
29/10/2013 10:03 am
Hi Saabrina,
I'm not surprised that you are struggling to get your head around this - it is a rather confusing situation.
When you grant a trust deed you are placing your financial affairs in the hands of an individual trustee, a licensed insolvency practitioner - it is not the company that he works for that you are contracting with. The trustee then has a legal obligation to look after the interest of your creditors, as well as having a duty of care to you too, regardless of whether he goes to work elsewhere or not. This does not change unless the trustee formally assigns his duties under the trust deed to another named trustee.
RSM Tenon's trading operations were bought by Baker Tilly after their parent company went into administration. However, your trustee chose not to transfer over to Baker Tilly, as his his right under employment law, and instead has set up another company. The main thing from your point of view is that your trust deed carries on as normal and your trustee still has his legal obligations to you and to your creditors.
There is an arrangement in place so that any messages/queries are being passed on to your trustee in order that they can be dealt with and answered, therefore minimising any disruption caused to you and others in the same situation.
It is perfectly understandable that you may feel a little unsettled by this, Saabrina, but I am sure you will find that everything will continue to run smoothly despite the changes.
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