Hi Tonyd

There is no timescale as such as they have no right of appeal.

Mark

So its basically a case of how long they want to stretch it out for.

Have sent them an email to ask for an update.

Tony

Hi tonyd

I think you are doing the right thing by keeping on their back.

Mark

Still waiting

I received a reply to my e mail on the 8th January stating that my trustee had taken legal advice with regard to appealing the a in b determination and was now considering the position.

I really feel like I am being messed about for no real reason now. The trustee knows there is a reversion back to me but just seems to be holding everything up as long as possible.

The a in b has " fixed " the trustee fees.

According to the dictionary fixed means fastened securely in position or predetermined and not able to be changed.
Looks pretty clear to me.

Rant over.

Tony

Hi all.

Sorry about my rant on my last post, just getting frustrated.

I sent an email to my trustee contact last Wednesday 22 January asking for a further update on my trust deed. I also stated that personally I thought that enough time had passed for this matter to have been resolved. However up to now I have received no reply.

Am I correct in thinking that a trustee's first responsibility is to the creditors? If so I can't see mine being happy with this situation. All available funds have been gathered in and last august they agreed to an offer of composition to accept 100p in the £ and no interest. However up to now neither they or myself have received anything.

I think my next email will have to be an official complaint to them as I just don't seem to be able to get any movement from them. Unless anyone has any other suggestions.

Tony

No need to apologise tonyd.

A trustee does have a major responsibility to the creditors, though they also have legal/regulatory responsibilities, plus a duty to treat their clients fairly as well.

You could consider complaining to your trustee.

You could also consider complaining to the AIB that their determination doesn't appear to have resulted in any movement as yet.

Or both.

Hi all

Well my trustee believes that he has the right to appeal the A in B determination..
Having sent another email today telling them I was considering making an official complaint within half an hour I received a reply stating that my trustee was starting the appeal process and while doing so no payments to either creditors or myself could happen.

I now wonder how long this is going to take. Also wonder how much more will be added on for their continuing fees!!!!

Tonyd

I have now been in contact with the A in B who have informed me that yes my trustee has stated that he will be taking steps to start the appeal process, however, like Mark they cannot see where my trustee has got the information that he can appeal the determination.

They also have said that they will be speaking legal advice on this matter and also on the matter of my trustee saying that both my creditors and myself had 14 days to appeal the A in B determination from the day it was issued.

This seems to be getting very messy.

Tony

Hi tonyd

I totally understand where you are coming from.

If you look at this logically ( there's that word again! ) they have reviewed the files and ajdusted the Trustee's fee. I think the vast majority of trustees would accept this and proceed to close.

As it stands, legal fees will be incurred in addition to the ongoing interest being added and the net result will be a reduction of any sums due back to you. Personally, if the Trustee proceeds with this and it is found that there is no grounds for appeal, then I think he/she should be held personally liable for the loss due to the delays. How realistic is this? Don't know.

Mark

I see what you are saying mark. As I understand it though the ongoing interest should not be an issue as my creditors have accepted an offer of composition where they will receive 100p/£ but no interest.

I am concerned though about any additional legal fees. Would my trustee "pot" have these taken from it though in this case. Surly the trustee is taking this action against the A in B not myself or the creditors. Surly if he is taking the action he or his company should fund it?

Tony

Hi tonyd

At least you remain an optimist! I would hazard a guess that any legal fees will be looked on as an outlay of the Trust Deed.

It may well be an idea to drop them a recorded delivery letter advising of your concerns and state that you have concerns that the funds will be further depleated by an action for which you have sought advice and been advised there are no grounds for appeal and state that should the action proceed, it will be a cost borne by the Trustee and not you personally.

Mark

Hi Mark

Do you mean a note to the trustee or the A in B or both?

Tony

Hi tonyd

Probably both, with the AIB being copied into the letter. These things are better when there's a hard copy as it avoids the he said/she said stuff.

Mark

Thank you Mark

I shall draft the letter later tonight.

Why do some trustees just seem to see this as nothing more than a money making excersise.

I have just realised. Its over 8 years since I signed my deed. Feeling like a cash cow at the minute!

Tony

Hi tonyd

I always say that we all work under the same legislation, regulation and guidance, however the variation in how matters are processed or dealt with is incredible.

Fortunately the new November 2013 regulations have tightened up matters and give the AIB the power to make decisions on matters.

Mark