I sometimes think we make a rod for our own backs. Surely you must have known you were not making the full payments if the amount was not deducted from your wife's account. If you don't pay what you agree to then there will obviously be arrears. Trust deeds are there to help us get out of a dreadful situation but can only work if you stick to your original agreement. If circumstances change the trust deed companies can help if you tell them at the time instead of waiting for problems to multiply. Your TD can be extended which may not be ideal but is better than bankruptcy.

any ppi reclaims will go into the pot to increase the amount going to all your creditors and cannot be used to repay arrears.

Paul

Hello Iain.

I'm afraid you cannot readily change firms.

It's usually best to try to works things out with the firm that you are with.

Paul is right about the PPI. This is effectively a bonus for your creditors and separate from your monthly payments.

Hi thanks for advice but strongly feel that this company misrepresented there-self from the beginning gave me the impression that they were 100 percent with me but i now know that they are actually just working for my creditors and are only interested in squeezing every penny that they possibly can from me there is now no difference to when i was trying to sort out this myself back to sleepless nights worried house is going to be repossessed after this i would not recommend a trust deed to anyone

And the reason that i did not claim for ppi was that i was fully aware that i was paying it and was not mis sold it buy going behind my back i feel that they are fraudulently trying to claim this money as there is no benefit to me i think i will have to contact the credit card company and the others that they are dealing with and inform them of this sour grapes i know but if they are going to make me bankrupt what difference does it make i take it they will will make sure there fees are removed before anybody else sees any money will they and as to me not knowing that they were not taking the full amount when you are in debt you get into the habit of not checking your bank account you it just becomes a bonus when you go to cash line and your not told there is insufficient funds to remove money the whole point of the td is that i don't handle money very well i should have been contacted buy them to tell me that we were short of the agreed amount instead of me actually telling them when i realised

Hi Iain.

We can only really direct you towards addressing your concerns with your trustee directly.

In particular I would advise you not to directly contact your creditors on the PPI issue without going through everything with your trustee first.

You are correct in a sense, any trustee has a responsibility to creditors to ensure that you pay what you can reasonably afford until such time that you complete your responsibilities under the trust deed you signed. They have duties to creditors, but also a responsibility to treat you fairly.

If you become bankrupt the clock will start again. A trustee will require you to pay what you can afford for three years. This is one of the reasons why trying to work through problems is generally the best starting point.

So just say I was in a trust deed for 2 years now...And i was made bankrupt for whatever reason. I would have to start all over again and pay back over 3 years?

That's correct.

Bankruptcy is a separate procedure and contributions are required for three years (where judged to be affordable).

Hi, I have been in a trust deed for four years now, I have been paying back the equity, Iam now being persued for ppi, which I don't have a problem with the problem I do have is that one of the ppi claims was finished before I started the trust deed. Will I have to hand the money over.

Welcome to the forum kag.

I'm afraid you almost certainly will. The date of the particular account upon which PPI was sold isn't relevant. What's relevant is that this money will assist in repaying your creditors more of what is owed to them.

Sorry it isn't better news.

Thank you for your reply, I thought that would be the case.

I had asked a similar question some months ago but received a different response on the forum. I had a PPI claim awarded about a year before I entered a trust deed. Aware that the PPI issue will raise its head when I approach the end of my trust deed, I asked if money awarded to me prior to a trust deed starting would be sought but was told it wouldn't. Is there a clear rule on this issue?

Hi upstream.

I think we may have interpretated the scenario differently.

I was thinking this was an old account being claimed now.

You'll be correct if the payout were previous to the trust deed beginning.

Phew!!