Hello DontDoDebt.

I'm sorry to hear this news.

When you get to speak to them can I suggest that you ask them what the basis of the objections is? This may help you to understand what might be done to overcome them.

Common reasons include creditors thinking you can afford to pay more, or that the trust deed firm are asking for too much in fees.

We've heard of plenty of occasions where such objections have been withdrawn later.

Hi DontDoDebt

Both HBOS and RBS are dealt with by The Insolvency Exchange. It is almost certain that they have objected due to minimum dividend not being met or fees too high. I would have thought they would have prepared a proposal which would be accepted as The Insolvency Exchange give IP's a criteria for acceptance.

I would hazard a guess if they reduced their fees, it would be accepted, I'm disappointed they had no one who would talk to you though.

Please keep us posted.

Mark

Thanks for your replies guys, much appreciated! I will update you when I have news....

Best of luck DDD.

I very sorry to hear about your bad news DontDoDebt. But please be advised that all is not lost.

On the day on which my TD was to become protected I had objects from 2 creditor (represented by a company called TiX).

They said the reason for their objection was because they though I could afford to pay more. Going through my expenditure they felt a few of my expenses were higher than they thought was acceptable (Sky package, mobile phone tariff, shopping costs).

I agreed to pay an additional £67/month and reduced tariffs / packages above accordingly. They removed their objection and the TD became protected.

Generally the creditors will want the TD to become protected as if you go bankrupt then they are likely to get a lot less. They just want to make sure they get as much as they can out of the PTD.

Keep hope.

PB

Thanks very much, JintyMcSkinty and Poorboy appreciate your replies, it was just a disappointment when I had been hoping to get a positive result on Friday. I will be on the phone again to KPMG Monday morning!

Hi DontDoDebt

As already stated by a few people, it may still work out. KPMG will probably contact the creditors involved to see if they can come to some compromise.You may decide to increase the term of the trust deed, increase payments or apply for sequestration. Unfortunately, if it is down to the Trustee's fees, you have no say in whether he will reduce them or not. If you do decide to apply for sequestration, your assets will treated in exactly the same way as in a trust deed, no additional assets will be 'sold off.' I am sure it has been a very long weekend you, but hopefully you will get it sorted tomorrow.

Oh well Monday morning, I spoke to KPMG again, asking for the current status, I was told yes there are objections. I asked what the nature of the objections are, they couldn't tell me, asked if I could speak to someone, no I can't. I asked when I would know about the outcome - some time over the next 2 weeks... It's not really good enough KPMG is it??
Very disappointing. KPMG were helpful up to the point I sign the documents and then treated as less important afterwards. I suppose I should have expected that as the paperwork does say that they represent the creditors first.....

Hi dontdodebt

That is disappointing as it would take little or no time to provide the information and hopefully solve the problem.

If we get any objections (which is rare), Maria from the office is immediately on the phone and to be honest, these are withdrawn within 5- 10 mins. I think 2 weeks is unacceptable.

Mark

Shona / Mark,

Thank you for your comments. I did speak again to KPMG, the gentleman said these things take time and he looked at paperwork and couldn't see the reason for the objections. He said they would get back to me later, I said today, but he said he wasn't sure...... hmmmmm

Hi dontdodebt

Tell him it's easy to see the reason. Tell him it's stated clearly on the fax which The Insolvency Exchange sent them and you would be obliged if he could read out the fax to you.

Mark

I have to agree with Mark- two weeks in unacceptable, and i cannot work out why it would take this long. It should be resolved the same day as The Insolvency Exchange are quite quick at giving decisions. This leaves you in limbo for 2 weeks, as you Trust Deed is unprotected. What if a creditor were to petition for your Sequestration in that time? Sorry, but that is just not good enough.Keep nagging.

... and so the saga continues......spoke to another person in KPMG today, got a bit further he told me the two objecting creditors did not understand how my Trust Deed was being structured. They were confused because I am paying £300 in year one but £470 in year 2 and year 3. The reason for the increase is because the HP on one of our cars is finished in a year and as I would be paying to that level anyway the Trust Deed is going to step up to reclaim additional money for the creditors in that way.
So, I have to wait until they wrangle back and fore..... doesn't seem to confusing to me but however, I will wait for the next stage!

Hopefully that will be good news DontDoDebt.

It sounds like KPMG have got something to work with.