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Scottish Trust Deed Forum
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Topic starter
15/12/2016 11:06 am
Hi i was in a trust deed in 2013 and took out a payday loan.
I can see that a lot of people are being refunded interest due to affordability checks not being carried out by payday loan firms.
My trust deed finished in 2014. Will this be an issue with my trust deed if i get interest refunded on my pay day loan.
Thanks
15/12/2016 11:19 am
Can you confirm the payday loan was taken out after the date you signed the Trust Deed which your post seems to suggest?
Can you advise how the Trust Deed closed after a single year? Were you discharged from your debts?
Should it be the case that the loan was taken out after signing then there would be no issue whatsoever as the potential claim arose after the conveyance of any assets or claims.
I presume you are asking as a result of the efforts of some Trustees to re-open cases where there has been a PPI payout? This would appear to be a very different situation but the concern is understandable given the legal action surrounding the re-opening of Trust Deeds.
Topic starter
15/12/2016 11:22 am
Hi my trust deed started in 2011 and i took out payday loan in 2013. Yes I thought this may be similar to PPI case
15/12/2016 11:26 am
I see. Apologies for the confusion. It is the right to claim that is the important point with regards to such things and as the loan was taken out after the Trust Deed date there should not be a problem.
Furthermore, whilst the interest on payday loans is invariable very high, due to the nature of the lending it tends to be on small balances, as such any refund would likely be insufficient for a trustee to look to argue the point commercially even if it were possible.
