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Scottish Trust Deed Forum
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Topic starter
27/07/2011 12:55 pm
Hi
I am 18months into my PTD and recently made a PPI claim against Welcome Finance who are currently one of my creditors.
I have been advised that I am due approx £1300 and that this will be taken off my Welcome balance.
Can someone advise if this is correct as I thought the amount would have to go to the person managing my Trust Deed?
Thanks
27/07/2011 1:06 pm
Hi ronald1864
It all really depends on the agreement signed. In the 1st instance, if you were not in a Trust deed then i think this may be a viable option for them as you would have still benefited from the reduction in the loan, however in an insolvency situation ( Trust Deed ) I suspect the Trustee may have 1st call on the funds as he needs to act for all creditors.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
27/07/2011 9:53 pm
Hi ronald1864
I would agree with Mark, if you are in any insolvency the money should go to the Trustee, for the benefit of all creditors. However, I am not surprised by Welcome trying something like this, but I am sure your Trustee will sort them out.
Shona is not currently posting in the Trust-Deed.co.uk forum.
