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Not over after 36 Months

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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi funkylady

A number of firms, mine included, do not charge this as it related to an old historical charge in sequestration for registering and deregistering title to a property which is not required in Trust Deeds.

If you decide to pay this,please ensure you have this all confirmed in writing before doing anything.

I assume you have met with KPMG who have went through the process and provided you with a note of the meeting and the points discussed.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum funkylady.

Would you mind telling us how much your debts amount to?

The reason that I ask is that it will give the experts a pretty good idea of the fees that the company you have been speaking to are expected to be.

Trust Deed companies charge varying levels of fees. In your case finding a company with a lower fee structure might in some circumstances result in a Trust Deed that runs for less time than the five years currently proposed.

I think that between the issue of the ?ú500 (which there is no need to pay), and the potential fee reduction that could take a significant amount of time off the Trust Deed, it's well worth checking all of your options right now.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@rbd421)
Active Member
Joined: 15 years ago
Posts: 13
Topic starter  

Well I have finally received a letter - to be honest not a very nice one either from my Trustee basically telling me I am due this money and I have to inform them in writing how I intend to pay it back. They have not accepted my offer of a lower lump sum payment(which was 11.3% of the amount they way). Basically the letter tells it was always going to be the case that I would be paying this equity in the car right from the start of my trust deed. He makes no acknowledgement to my point that I was never told.

Folks, I would advise anyone thinking about going into a TD to make sure they know all the information at the start! Gutted! [:(][:(!]


   
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Julie Heaton
(@julie-heaton)
Estimable Member
Joined: 16 years ago
Posts: 246
 

Hi RBD421

IÔÇÖm sorry to hear about the problems with your car.

Was the car re-valued at the end of the Trust Deed? Do you know how your Trustee obtained the valuation and if so was it an online valuation? You could take your car to a local garage, and ask them what they would be prepared to give you for it. Ask them to put it in writing on headed paper. The value will possibly be lower than what your Trustee is looking for. At that point you could use this as a bargaining tool. In addition I would ask your Trustee to provide you with a copy of the Statement of Affairs that was sent out to your creditors when you signed the Trust Deed. This document should show what the position was with the car.

Julie

Julie is not currently posting in the Trust-Deed.co.uk forum.


   
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(@rbd421)
Active Member
Joined: 15 years ago
Posts: 13
Topic starter  

This was a current valuation of the car. I cant remember what the initial value was but it appears that I do have to pay this so there is no use in crying about it. I just need to plod on but least I know the TD will be finished by April 2012!

I just want to warn people now to make sure they wont have extra to pay at the end of the 36 months like I am now having to. What makes it worse is that they have already told me before the car value came into it, that my creditors wont be getting anything. Their fees have taken up all the money I have paid into the TD. So I know based on what I have paid in over the 36 months that they will be adding this money to their kitty and it wont be paid out to anyone else! I so wish I had contacted the CCCS instead and even though I would still be paying my creditors, at least they would be getting paid! 🙁


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

You make a fantastic point RBD421.

One of the mjor themes that comes out on this forum is the frustration of posters who were not fully informed about how their assets would be treated before they went ahead and signed a trust deed.

The message from the three trust deed companies that post on this site is clearly that no-one should sign a trust deed until they have full confirmation, in writing, about how their assets will be handled if relevant to their case.

Each of these three companies (those of Mark, Kevin and Julie) will set all of this out in writing in advance, as will other good trust deed companies. It would be good to see the whole industry acting in the same way.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@rbd421)
Active Member
Joined: 15 years ago
Posts: 13
Topic starter  

Now that I have re-read the letter received yesterday (to be honest it isn't worded as strongly as I thought lol), I have replied to them asking for a copy of the original statement of affairs issued to my creditors, including the car valuation. I am sure there was never a proper valuation done on my car at the onset.

I have also asked them whether or not any further monies I pay in will actually be paid out to my creditors, as I was told previously their fees had eaten up all the money I had paid in previously. Surely the fact they are wanting more means that their admin fees will swallow this up too. Their fees I am sure had always been higher than what I had paid in previously too. Starting to think they are lining their own pockets only and saying that they are acting for the best interests of my creditors. How can they be when they wont get anything?? Surely this cant be legal?


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

A trust deed should always pay a dividend to creditors, unless there has been a change of circumstances somewhere along the way which has meant that less was paid in than expected.
I know the Accountant in Bankruptcy has been paying close attention recently to any firms that are regularly paying out less to creditors than originally proposed.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Good to hear from you Kevin.

I suspect you may have been a little busy recently?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Hi there Amy

Yeah - sorry I've not had much chance to get on the site lately. I am happy to report that my wife had (another) beautiful baby boy on 15th Sept. Both doing very well.

Getting closer to my five-a-side team!

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@rbd421)
Active Member
Joined: 15 years ago
Posts: 13
Topic starter  

Hi folks the Trustee has came back to me and accepted ?ú500 in full and final settlement for the equity in the car. I dont know if this was helped with me asking them how the money would be distributed amongst my creditors or would it be swallowed up with their fees. I also asked for a copy of the original paperwork showing the value of my car (I'm sure they put down ?ú4,000 but cant confirm this as I must have flung out my paperwork) and the debts listed.

The good thing is too, they are letting me pay this up. So I shall it paid by the end of the year and hopefully my discharge will be complete early in 2011. Only eight months later than I thought it would be but at least it almost finally over.

Many thanks for all your help and advice. [:)]


   
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(@rbd421)
Active Member
Joined: 15 years ago
Posts: 13
Topic starter  

Congratulations Kevin to you and your wife.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

That's wonderful news all around!!

To Kevin - congratulations to you and your family on the wonderful news of your new addition. Thank you so much for taking the time to visit the forum when you must be very very busy at home.

To RBD421 - I'm really pleased to hear that this has all been resolved in a way that you appear to be relatively comfortable with. Well done to you for negotiating this and well done also to your trust deed company for taking a realistic view on the situation to help bring it to an end.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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