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Scottish Trust Deed Forum
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Topic starter
07/02/2015 2:55 pm
Hi
I recently completed and closed a trust deed last year, during the trust deed the trustees applied for PPI claims if any were available. At that point there were no PPI's available for refunding and that was that. I have now had a letter from my Bank changing there decision and offering me a PPI amount, I called and they said it was to be made payable to trustees. I have informed them I have paperwork proving I am now no longer in a trust deed and everything has been paid and settled. I am now currently waiting on the bank getting back to me. Am I entitled to these funds now i am no longer in a trust deed ?
Many Thanks
07/02/2015 3:40 pm
Welcome to the forum Henry C.
As well as you being discharged from your trust deed, your trustee needs to discharge themselves (after you).
If they're not discharged the money will go to them to distribute to your creditors.
If they're discharged the money may be directed to you, but there are also financial institutions that have taken the position that they'll keep the money to set it off against money you owed to them and which was included in your trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/02/2015 8:05 am
Hi Henry C,
You can check the Register of Insolvencies which can be found on the Accountant in Bankruptcy website for details of your Trust Deed. This should show the date of your discharge and also your Trustees.
The important part is your Trustees discharge. If they have been discharged then as long as the bank doesn't decide to keep the funds you may well receive it. Some forum users have received large PPI payouts after their Trust Deed so it's worth while following it up.
Let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
08/02/2015 10:07 am
Hi Henry C
The position with PPI comes up regularly on the forum and the key point is when the trustee is discharged.
After 2008 an individual can be discharged from their trust deed, however the trustee can remain to complete the trust deed. Any PPI payment made before the trustees discharge will then go to them for the benefit of creditors. As TDA says, some creditors ( mostly RBS) will offset the payment against their debt though.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
