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Scottish Trust Deed Forum
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Topic starter
09/10/2012 11:51 am
Hi There,
Im hoping someone can explain this for me as its totally bamboozling me! 🙂
Im due to make my last payment to my trustdeed next month, i received a letter a few months ago asking me to complete some paperwork as my trustee was going to claim PPI on some of my old loans and credit cards.
I've had another letter to say that one of the loans i had did have PPI on and that my trustee will be making a claim for this, im just wondering who does the money from this claim go to? will it be paid back to the creditor? or will my trustee keep the money? will i get any of the money? if its going back to my creditor isnt that a waste of time taking money off them just to give it back again? my trustee is Wylie & Bisset.. if anyone can offer some insight it would be greatfully appreciated 🙂
09/10/2012 12:02 pm
Hello KP123.
Any money realised from the PPI claim will go into the general trust deed "pot".
From these funds your trustee will draw their fees and costs, with the remainder being distributed to your creditors.
It's therefore very likely that a PPI payment will result in your creditors receiving back a greater percentage of what is owed to them.
Most people have a variety of creditors. The net effect is that creditors with a bad track record of PPI mis-selling will lose out overall, and creditors that did not mis-sell will benefit overall.
All firms are being asked to look into whether making PPI claims will help increase the overall returns to the creditors from protected trust deeds.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
