Hi Sebbie, if your trustee hasn't been discharged themselves yet, this money will go towards the TD for the benefit of the creditors.

ally

Welcome to the forum Sebbie1001.

Ally is correct.

If your trustee is discharged you'll likely get the money.

If they're not it should go via your trustee to your creditors.

Thanks TDA. I have been discharged for 2 years! When I signed the TD I didn't realise that I would still be having to deal with my Trustee 5 1/2 years later.

My trustee account was moved after I had been discharged and I feel this company are deliberating extending there interest to charge more fees.

I just want it to end! Is this a normal situation? Is there anything I can do. I really thought once I'd received my discharge letter I wouldn't have this hanging over me.

Thanx

There's nothing really hanging over you Sebbie1001 given that you've been discharged.

When you signed your trust deed your assets vested in your trustee. They're duty bound to use those assets to help pay back your creditors. One such asset was your potential to reclaim PPI.

Luckily you can be discharged while your trustee carries on with this work (assuming that's what they're doing). The alternative would be to refuse to discharge you until that was finished - something I assume nobody would want.

Thanks again TDA. I just can't understand why it has taken 2 years to claim the PPI back. Before I entered my trust deed I claimed some back and it was a very quick/straightforward process. I have had to spend 3 hours of my time taking 4 calls from the bank to answer a whole number of questions. Can I reclaim part of any redress for my time? They have charged annual fees for the last 2 years and I'm struggling to see what they have done in this time. The more fees I pay to them for all the delays the less will go to my creditors.

Hi Sebbie1001,

I don't think you could claim back any money unfortunately for the work that you have had to carry out recently. Also, try not to focus on the return to creditors as this isn't something that will have any impact on you in the future.

The whole issue of PPI is causing both individuals who have entered and completed their Trust Deed and also Trustees a bit of a headache.

I would echo what TDA has said, if you have received your discharge then you are now completely debt free.

At the time you entered your Trust Deed I don't think there was a great deal of focus on missold PPI. If the PPI issue hadn't come around and the requirement for the Trustee to investigate this then your Trustee would have already been discharged and the case completely closed off with payments made to creditors.

Unfortunately because of the massive PPI issue and the billions of pounds being refunded all Trustees are required to investigate this as it could increase the return to creditors.

In isolation 1 person investigating their own PPI can normally do this within a relatively quick period of time. For a Trustee to investigate this it can be far more time consuming as they need to look at all of their cases and then within that case there could be 5, 10, 15 or even 20+ individual accounts to review for PPI. As far as I'm aware most Trustees will pass this work out to a company with experience in looking into PPI and also because the Trustee may not have the level of staff and capacity to investigate this themselves and also administer the Trust Deed/Sequestration.

To give you an example, I would say that we have around 5,000 active clients in either a Sequestration or a Trust Deed. If we say that on average each of those clients has 10 creditors then we need to investigate a possible 50,000 individual claims. This can require letters going back and forward between the Trustee, the PPI company, the individual and the creditor. Throw into the mix Financial Ombudsman and this can really delay the investigation process.

I do understand your frustration though. I think all advisors across Insolvency would love PPI to be brought to a close and I welcome the day that it's completely finished.

Hi Sebbie1001.

To add to David's comments, frankly some banks have done everything they possibly can to delay and frustrate people (and claims firms) that are making claims.

Add to that the time it has taken the Financial Ombudsman to deal with the aftermath of the appalling behaviour of some banks (because they're deluged due to the scale of this behaviour) and delays of months or years aren't uncommon.

Frustrating I'm sure, but not necessarily the fault of your trustee.

I too have been discharged for almost 2 years and now for the first time am receiving a letter about my trustee claiming PPI. Surely this should have been raised at some point during the last 5 years.

As sebbie1001 said, I too just want this over as I am hoping to get my credit score back on track and move house, which at the moment seems to be an absolute no go area as getting a mortgage before I have been discharged for more than 3 years is unlikely.

Is there any mortgage company's out there that will even give me the time of day.

Thanks

Welcome to the forum Macca77.

It is over if you've been discharged (as far as you're concerned) and your trustee has met their responsibility to you.

The lack of trustee discharge should be having no impact on your ability to get a mortgage. Do you think that it is?

Regarding mortgage lenders, we'd suggest that you consult with a mortgage broker. They're best placed to find out whether the mortgage you want is available to you within the current mortgage market.