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Scottish Trust Deed Forum
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Topic starter
18/05/2015 5:24 pm
Just recently completed my Trust Deed and received Form 5 today. I'm happy and relieved that it will all hopefully soon be over and I can get on with my life.
The firm who have handled my Trust Deed stated at the outset that I should claim for PPI which could help to offset some of the debt owed. The adviser who visited us at home to sign us up for the Trust Deed said that his firm had an associated PPI claims company under the same group. He could refer us to them to handle the claims. I agreed to this (stupidly!)
I have actually had a few claims for PPI upheld which has resulted in fairly substantial reimbursement. The thing that is really bothering me though, hence the user name, is the amount of fees being taken by the PPI claims firm.
Unfortunately, the firm acting on my behalf are taking 40% of the PPI monies received in fees, the rest being handed over to the Trustee.
The level of fee seems somewhat excessive.
The questions I have, if anyone could advise me, are
1. Am I being ripped off on the level of fees?
2. Have I been "mis-sold" with regard to agreeing to this firm acting on my behalf, given that I don't feel I was given proper advice re the options available to me at the time and the fact that the level of fee that would be levied on any successful PPI claim was not fully explained to me?
3. Have I any grounds for complaint and if so, what should I do?
18/05/2015 5:31 pm
Hi Cheesed off.
I am unsure what your main concern is. Would the difference in payment have meant that all Trust Deed monies, plus Trustee Fees, plus interest have been paid and would there have been any excess that you may have hoped would have been returned to you?
Otherwise, does it matter who got what percentage, if it is going to your Trust Deed anyway?
Was your previous PPI reimbursed to you personally? or to your trust deed? If it was prior to your trust deed, it would be a different situation to that claimed while in your Trust Deed.
Perhaps I am mis-reading your post? I know when my Trustee claimed for me through an approved person, none of the money would have come to me and while it would have been good to have a larger amount paid into the Trust Deed for my creditors, it was out of my hands and it did not affect my Trust Deed.
18/05/2015 5:32 pm
Welcome to the forum Cheesed Off.
I guess that the fees are being charged to the expense of your creditors rather than you?
40% seems fairly high, but I think a lot of firms charge 30% plus even without the additional complication of a personal insolvency being thrown into the equation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
18/05/2015 5:59 pm
Hi Firewalker.
No PPI monies were paid to me. It has all gone to the company handling the claims on my behalf.
The amount of reimbursements received for mis-sold PPI would have cleared my debts entirely with some money left over, had I handled the matter myself. If the level of fees had been lower, I would have been able to pay a lot more into the fund.
My options for reclaiming PPI were not fully explained to me at the outset and I felt I had to pursue any PPI claim with this firm.
If it's the case that I've made my bed, then fair enough, but the reason for posting was to find out if anyone else has had a similar experience and if so, how did things transpire for them?
18/05/2015 6:36 pm
I don't think it has probably cost you anything Cheesed Off.
Technically you could have probably used another firm, but any benefit from a reduced fee might have been fairly marginal I'd have thought.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
