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Scottish Trust Deed Forum
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01/09/2015 12:03 pm
I entered into my trust deed in March 2013 agreeing to pay £150 per month for three years against debts of £10,027. I have already paid approx £4,000 so far and have now had a PPI refund of £8,000. So in total my trustees have collected £12,000. I appreciate there are fees but I don't understand why I still have to make payments and why some of my debts won't be settled. It's really frustrating because if I'd had the PPI refund in the first place I wouldn't have needed a trust deed! Has anyone had a case like this? Is there anything I can do? Any help would be appreciated.
01/09/2015 12:16 pm
Hello Lilly_70 and welcome.
I can appreciate your frustration, but it doesn't sound like anything untoward is happening.
If your financial circumstances improve sufficiently (including by receipt of a lump sum) the most that you will be asked to pay in total will be the total of:
1 - Your original debt total.
2 - Your trustee's fees and costs.
3 - Some interest on the debts.
The reason you are still being asked to make payments, I assume, is that you have not yet reached the total mentioned above.
Presumably you didn't know there was a potential PPI claim of this size when you chose to enter a trust deed?
Do you know how much you and your creditors agreed to your trustee charging for their services? This figure will be on your original paperwork usually.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
