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Scottish Trust Deed Forum
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Topic starter
17/09/2013 9:43 pm
I am a very happy post trust deed person and have a question about PPI.
My trust deed was active from may 2007 and discharged July 2010
This month i decided to look at PPI i had from a Northern Rock mortgage+loan in 2003/2005 and then after sale of house; even bigger loan 2005/2007.
I then wrote to ask for compensation and the reply letter from NR administrators says they will respond within 8 weeks with any offer but with an additional comment: "if the PPI was sold before the signing of TD then i need to refer the handling of this claim to the official receiver or trustee of the bankruptcy estate".
Is this standard bank talk that i can ignore and just hang on for any compensation and not tell the TD?
Should i dispute what they are saying as TD was closed more than 3 years ago?
17/09/2013 10:21 pm
Welcome to the forum jorg.
You don't need to contact your ex-trustee but the seller of the PPI policy might.
Some creditors have taken the view that they can set-off PPI repayments against debts that weren't fully repaid and formed part of a trust deed.
I guess you'll need to wait to see how this develops.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/09/2013 10:23 pm
Thanks TDA, i will keep you and other readers posted of the outcome.
18/09/2013 9:13 am
That would be good if you could jorg.
It all helps to build up a body of knowledge in the forum that will be useful to other people in the future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
27/02/2014 9:38 pm
GOOD EVENING TDA
good news so far on my PPI, northern rock have taken an age sending several letters saying they need more time but finally made a direct payment £3400 first week February.
their first letter warns that they will inform the company that they sold my dept to, this must be after they didn't object to my trust deed getting signed. i haven't heard from that company i think because they would have written that off as i was by then in trust deed.
Topic starter
27/02/2014 9:42 pm
Small point......their letter says they will inform that debt company that they may be refunding PPI payments, this is of course a pork pie and wrong language to use, PPI compensation may be based on the PPI payments plus interest but it is compensation.
27/02/2014 10:23 pm
Good for you jorg.
What will you do with the payment?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
28/02/2014 9:17 am
i have added this to my savings for mortgage deposit which is nearly there. cheers
28/02/2014 10:01 am
Brilliant.
Best of luck with buying the home when the time comes.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
28/02/2014 10:39 am
Hi jorg,
Sounds like a really positive outcome and especially receiving £3,400. Well done chasing NR up!
David is not currently posting in the Trust-Deed.co.uk forum
