Hi EdM

Trustee's are now being advised to look at PPI. I would assume that if you told your trustee the above, then they would most likely not pursue it.

I think it's slightly unfair to brand all firms under the enhanced fee umbrella, my firm works to a set fee and irrespective of ppi pulling in £50k, all that would change is an increased dividend to creditors which is the point in us doing trust deeds in the first place.

Mark

i dont understand why firms wait until people have made all their payments to the trust deed, then turn around and say they need to look at PPI, and they wont discharge you till its done. they have had 3 years to do it. someone must be making money out of it somewhere??

Hi andy.

The problem is that the guidance is relatively recent. Firms are trying to catch up but I'd hope that they are working to start this much earlier in the process for newer clients. I can only agree that it doesn't seem appropriate to wait to the very last minute, though many firms (not all) are mitigating this by discharging their client while remaining in office to deal with the PPI.

Who is making money out of it? The claims companies seem to be making a fortune, a captive market such as clients in trust deeds that are required to investigate the possibility of making claims must be their idea of heaven. Trust deed firms presumably have some influence over the level of fees that these claims management companies charge though.

One of our experts recently wrote that while meeting with claims firms they were offered a "cut" of the claims company fees on a couple of occasions. I'm not sure which firms, if any, will have accepted that type of offer. I'm also not sure what view their regulatory bodies would take of this if they did.

Mostly though it will be the creditors that benefit (at least, those creditors that themselves did not mis-sell PPI).

No, not all firms Mark. Sorry if I didn't make that clear. It's just a frustrating nonsense of a thing. I'm waiting on them contacting me...then I'll let them know it is pointless pursuing this. Hopefully then they will do the decent thing and stop this, give the creditors their dividends and discharge themselves. When asked why I wanted my discharge, I said that it was so I could try to build up my credit to obtain a cc to hire a car in Italy next year,(for a family wedding) as that seems to be the how it's done. There was no mention of this then, and obviously since the creditors haven't been paid yet, I am in limbo. What is the point in discharging me? What does it actually mean if the trustee isn't discharged?

Hi EdM.

We have heard from a fair few people that they have quite easily obtained a high-interest low-limit credit card (like Vanquis) almost immediately after they can demonstrate that they have been discharged from their trust deed.

I doubt that a trustee remaining in office will stand in the way of this, and by the sound of things any PPI investigation related to your circumstances isn't going to take too long anyway.

Cashplus accounts provide a prepaid mastercard which is accepted by car hire companies before during and after poor credit file.