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Scottish Trust Deed Forum
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Topic starter
02/09/2011 6:40 pm
Hi
I met with someone representing my Trustee about 6 months into my TD being signed/protected. He asked if I'd PPI taken out with the various loans etc that I had, as it was in a creditors interest for them to claim any necessary money back. I signed the forms etc..knowing I wasn't personally entitled to any of this cash. A few of the creditors that I could prove I'd PPI have paid out - and dealt directly with me - although no cash has been sent to me - I'm aware that about £7000 may been returned. More may have been as they asked the loan companies etc to deal with the Trustee, I got the odd letter too.
My question is, where does this actual money go? Towards my overall total due? I signed at about £100,000 and give about £650 a month (along with equity at the end).
Do I have a right to know how much exactly has been returned or is it irrelvant as I've basically signed away any rights to it?
I'm curious to know this as I MAY be at risk of redundancy with quite a substantial payment and need to weigh up what I've currently 'contributed'.
Thanks.
02/09/2011 9:54 pm
my understanding it that all but what is statutary may have to be paid into the td. do you think you may be paying more than the 100k? I think you total liabilty fot the td is your full debts+fees+ 8% interest for each year past
SkintAlly
02/09/2011 11:14 pm
Hi leeper1974.
If cash is raised from the PPI claims it go towards paying back a higher proportion of your debts than otherwise would have been expected.
The same might be the case with a redundancy payment; though as SkintAlly correctly points out we've generally heard that people are allowed to keep the "statutory" element of any redundancy payout to help them manage while they find new work.
You're perfectly entitled to know how your contributions are allocated in terms of trust deed fees and costs and creditor dividends once it's all worked out at the end.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/09/2011 1:19 pm
Thanks everyone - I'm aware of the redundancy payment side of things. I was more concerned about the PPI stuff.
04/09/2011 10:04 pm
You have a right to know how much has been gathered in from such claims to be paid towards your debts, leeper1974. Just ask your trustee/case manager.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
05/09/2011 9:56 pm
As you already know, you will not receive any of the PPI money, but that does not mean you cannot ask how much was refunded. Just as your Trustee.
Shona is not currently posting in the Trust-Deed.co.uk forum.
