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Topic starter
11/06/2015 4:52 pm
The other day I got a letter from one of my ex credit card providers saying that their PPI repayment was the best part of £20,000 and that this would be sent to my trustee.
Fair do's and I just sighed as you often do when in a trust deed.
However, it did set me thinking that if these credit card sharks hadn't been overcharging us such huge amounts in the first place, some people might have been able to avoid getting into a trust deed.
Could they be held liable for the mess of some people's situation based on the fact they have been proven to have helped themselves unlawfully to thousands and thousands of their customers' hard-earned cash.
Just a point for discussion.
11/06/2015 6:09 pm
Well... we cannot really say whether they'd be "liable" in some legal sense because we're not legally trained.
The Financial Ombudsman generally expects that people are put back in the position they were before this type of misconduct happened.
The problem with trust deeds is they are a legal event, an insolvency, which cannot be reversed. It's therefore impossible to unwind the trust deed and the concept mentioned above becomes tricky.
Let's say the Ombudsman did agree that you'd been damaged (by being forced into a trust deed) and made an award to you. If you're in a trust deed still, this award is going to end up going to your trustee then back to your creditors (like a PPI payment).
I'm not sure I've explained this very clearly, but hopefully you can see that it might be impossible practically to put someone who'd entered a trust deed back into the position they were in before they'd been the victim of PPI misconduct.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
11/06/2015 6:11 pm
I hope you're well by the way?
It's been a while!
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
