Hello longhornstx and welcome to the forum.

Once you're discharged there should be no issue.

Should your trustee be aware that there is a lump sum on the horizon they may wish to delay discharging you.

Thanks for the info TDA.

With regards to getting discharged - is the discharge when you receive a letter from your Trustee? - or is it when the TD on my credit record is marked as 'satisfied'?

Your trustee has to discharge you.

Your credit file is irrelevant to this longhornstx.

OK thats great TDA. Thanks for your help with this.

Hi longhornstx

Your discharge will come via a Form 5 if you signed after April 2008. There are a number of threads on the issue with Trustee's failing to dicharge individuals, however you should push for this when the last payment is made as it is a very straighforward process.

Mark

Hi Mark,

My trustee advised that my discharge should take about a month or two after my last payment. I will be pushing for this ASAP 🙂

Just to clarify, am I officially discharged and 'free' once I get the form 5 ... or is it when my trustee is discharged?

Thanks

Hi longhornstx

No, your discharge happens when you receive Form 5. A copy is sent to the AIB's office to record your discharge. The Trustee can remain in office to 'tidy' up matters and then seeks his own discharge from the creditors via Form 6 and then issues ( guess what number Form?) to the AIB. They will then register the discharge of the Trustee. There have been delays in Trustees seeking their dicharge due to VAT issues etc

A month or 2 after final payment is pretty good for your discharge, but best keep on top of it.

Mark

PS The answer was Form 7

Hi Mark,

Always good to have a quiz in a forum post!!

Here's a wee one for the experts.

Trust Deed case where the individuals long term circumstances change dramatically and they can't make payment of contribution. In terms of AIB guidance, the Trustee should sequestrate in these circumstances.

The Trustee lodges a petition and sequestration is awarded. The award discharges the Trustee automatically. However the AIB in all cases require Form 7 to be completed irrespective of the Sequestration to conclude the Trust Deed. But the Trustee cannot complete Form 7 as he is no longer Trustee and cannot complete this anyway as it requires the date the creditors agreed to the Trustee's discharged ( which they didn't do) and requires the signature of the Trustee which he no longer is.

If you try it the other way, you can't complete Form 7 unless you seek your discharge from the creditors. If you do this, you can't petition for sequestration as you are discharged and no longer Trustee, so unable to petition.

In summary, there appears no real way a Trustee can petition for sequestration.

Mark

So you're asking why you're required to provide a Form 7 in these circumstances Mark?

Hi TDA

Yes, I spoke with the AIB and its required because it just is! Otherwise they can't close of their TD file.

I did mention that the signing of the form 7, post sequestration would result in an IP signing a document and making a statement which they were not entitled legally to sign or make. But it appears the system can't deal with these legal inconveniences!

Ho hum!

Mark

Hi Mark,

I wonder if our members and visitors will be reassured or concerned that you, like them sometimes, also face some uncertainties about how these processes should work?

Thanks for the further information folks - much appreciated 🙂

One last question I have thought of. If I started a claim and was paid BEFORE I was discharged I know that the trustee must be informed.

Would the insurance company do this - as an industry standard process? - when paying out any compensation, or do they not get involved and it is solely my responsibility?

Thanks

Hello longhornstx.

I suppose they might do, but its perhaps more likely to come down to you.