Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
2
Users
0
Reactions
1,258
Views
Topic starter
12/09/2011 12:03 pm
Hi
I took out a secured loan in 2001 with First Plus and was told that the insurance that came with it operated like a "cashback policy" and that I would get all my premiums back after 5 years. I was also not told that the total amount of PPI would be spread over the term of the loan (10 years). I settled this secured loan in 2007 and then, due to circumstances, signed a Trust Deed recently. My question is, do I have to declare it to my Trustee if I successfully make a PPI claim - as this was settled pre Trust Deed. Also, my Trust Deed says absolutely nothing about acquirenda - I have checked and re-checked. Or am I best to wait until I am discharged to pursue?
12/09/2011 12:25 pm
Hi smoothoperator and welcome to the trust deed forum.
I'm almost certain that any lump-sum you receive during your trust deed would need to be paid over to help repay your creditors. One of the experts will correct me if I'm wrong, but I think this is connected to the law concerning trust deeds as well as the wording of individual trust deed agreements.
I'm curious as to why, if you were to get all your premiums back after five years, this sum wasn't paid out in 2006?
You may have an issue after your trust deed has completed that the PPI claim is too old to pursue.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
12/09/2011 12:33 pm
Thanks TDA
It was only premiums already paid that I received in 2006, however I still paid interest on the PPI premium itself for the whole period of the loan and this was included in the ridiculously high early settlement figure. I believe that as long as the loan was still active in the last 6 years, you can still pursue.
However, hopefully when I inform my Trust Deed Provider about the amount, if and when it is successful, they will take a favourable view of honesty. I will keep you informed.
12/09/2011 12:58 pm
Hi smoothoperator.
There is no doubt that your honesty will be looked upon favourably, that's something that a number of our members who have reached the final stages of their trust deeds (or completed them) have written about in the forum.
Whether the trust deed firm considers that they have any latitude to not seek that the full payment be paid over may be a different question, it will be really interesting to hear from you what transpires.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
