An expert will be along shortly no doubt to clarify, but my understanding is that as long as the Trust Deed was advertised in the Edinburgh Gazette your creditor has no comeback.....

On one off payment that should be fine but remember to factor in your Trustees fees, although they should be lower due to short time span....

The reason for me going into the Trust Deed was because I split from my partner and all debts plus house etc became too expensive.

I have recently got back with my partner and paying my debts is no longer a problem. How does that affect my situation?

Hi robbiegwa

Sorry, in answer to your 2 points, the creditor advising non receipt is not a problem as it is protected and was advertised ( as porcupine says)

To discharge the Trust Deed, you would need to pay creditors in full, plus interest to date and costs and outlays of Trustee.

Mark

Hi Mark,

Thanks for your reply.

So if my TD debt is at 15000k and I have signed a TD for 48 months. I currently pay £160 pcm to them. Thats only £7680 over the course of the trust deed. I can comfortably repay 350/400 pcm now. rather than the £160 that I signed up for. what effect does this have on the trust deed? as the 15000/48 is £310 give or take a few pounds. Because if i can clear the full amount rather than the original 10p in the pound I would rather do that. I'm moral that way haha!

Kind Regards
Robbiegwa

On another note. Does my TD have any baring on my partner now we are back together?

All the debts are mine and mine alone. Will this have any effect on her credit file?

Hi robbiegwa

It appears you have the option of paying off all debts n costs in full with the help of a third party or try to reach agreement with your trustee that the 3rd party pay off the sum agreed in the trust deed.

Mark

Hi robbiegwa.

In terms of your question about your partner...

A trust deed is an individual thing. So is a credit record.

However, if your finances become linked (joint mortgage or joint current account for example) a link between you is likely to appear on your credit files.

This will not affect the credit file of your partner. However, a lender may choose not to offer credit to your partner in light of the link if reviewing such things was part of their lending decision.

Hi TDA,

Thanks for that, we don't have a joint account and won't be in a position to get a mortgage anytime soon. So by the time that comes around my TD should be discharged.

Reference to my earlier question with regards to the creditor that never recieved notice. I have since discovered the reason for this was that they sent the TD to the wrong company all together. The debt of £4500 was then paid off in full as a gift by a family member. The creditor accepted payment because they had no idea a TD was in place due to it being sent to the wrong company and listed in the Edinburgh Gazzete as another compnay.

Where do I stand with this now?

Kind Regards
Andrew Robertson

Hi robbiegwa.

It might be time to talk to your Trustee about what has happened. It's obviously all a bit of a mess right now.

I'm interested to hear what Shona, Kevin or Mark think about this when they next check in to the forum.

Hi all

I'm unsure how the Trustee could sent notification to the wrong company. Which company was this and who was the original creditor.

The funds came from and was agreed by a third party and therefore I think it would be difficult to have these returned. If you paid these from your income etc, then the Gazette advert would be sufficient for the Trustee to recall the funds.

Mark

when I supplied my creditor letters and bank statements to the trustee in my initial interview in the office, she took note of all the relevant companies.

The trustee then sent out the relevant TD's to my creditors informing them that I'd signed a TD.

The creditor in question was a Credit Union but the Trustee sent it to the CO-OP Credit Union who replied that they had no idea who I was and the account didnt exist. So the actual Credit Union had no idea a TD was in place with regards to the debt. Thus accepting the payment for the debt.

I've spoken with my case manager and she didn't know what to do in this situation so she said she would speak with her superior and get back to me.

Robbiegwa

Hi robbiegwa

My previous answer still remains, although the Trustee should have verified the information. There is also an onus on you to check that the information sent out is correct.

As detailed, if this had not been paid by a third partry, then the reclaiming of the money would be fairly straighforward as the Edinburgh gazette protects youfrom this. As it was from 3rd party funds, i think it may be extremely difficult to reclaim this.

Mark

Hi Mark.

I gave the trustee all relevant paperwork so surely it falls on them. When i spoke with the case manager today she said she was going to contact the bank with the TD. After she spoke with the bank she then called me back.

The said bank said that the TD is of no interest to them as they are no longer a creditor of mine.

I have a bank and trustee talking and I'd just like straight answers from them.

Is my TD still for the 15k debt or now that the bank say I have no debt is it 10k?

The confusion is frying my brain.

Robbiegwa

Hi robbiegwa

The key to this is who paid the funds. If it came from a third party, then I cant see how the Trustee or bank can be held responsible. Even if they had received all the paperwork correctly, any 3rd party is able to pay this debt or any other debt if they wish.

Mark