Hi sam21.

Assuming the payouts came after the trust deed started, i think the likelihood is that you'll still need to pay the claims money over, perhaps via an extension to the trust deed. Hopefully that will be enough to close the matter.

Thanks TDA,
Thanks for your reply, the majority of the payments were under £500.00 so I did not declare them as instructed by my Trustee, however there are 3 others, £1250.00, £660.00 and £2300.00, these are all in my name but my wife has no claims but has a separate trust deed. I will extend the trust deed to pay this back, is my property safe as it is in joint names and my wife has no PPI claims.

Hi sam21.

You're going to need to reach out to your trust deed company on this as they have some discretion about how to deal with it. You seem to be acknowledging that you knew some of the money claimed and then spent should have been handed over. Hopefully they'll take a sympathetic view.

There is a chance they may feel that you have flouted the terms of your trust deed to a large enough extent that you should be sequestrated instead, sam21. How long would it take you to pay off the PPI amount by instalments at the end of the trust deed?

I spoke to my trustee today and they were very good with me and said that there has been many people who has had trust deeds and claimed this and never told them until they got found out. I was very upfront and honest with them as in the initial meeting they knew that I was claiming these back through another company and they were fine with this, other people who had not told their trustee this were told to pay the lot back. I will come to an agreement to pay more towards my monthly payments and extend my trust deed for probably 6 months. This should cover these payments. Its something that I overlooked and I have held my hands up and my trustee has understood what has been done.

Good to hear that your actions in coming clean on this have been respected by your Trustee sam21.