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Scottish Trust Deed Forum
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Topic starter
28/06/2013 1:52 pm
Hello, I have been following this forum for some time and find it very helpful. My TD has a year left to run and they are now following up PPI claims. I had a lovely letter from one of the creditors offering me a full refund plus interest. My questions are:
1. Does this money go to offset the debt I have with that creditor?(this is what the creditor is saying in the letter).
2. OR..Does it go into the whole trust deed to be shared amongst all the creditors?
3. If this is the case and I receive quite a substantial sum..(one third of the total I owe), will this reduce my payments or reduce the term of my trust deeds..or will I carry on for the year and it just means I pay them more back than originally agreed?
28/06/2013 2:04 pm
Hi etots, thanks for posting.
One or two creditors are offsetting against their own debt I believe, but the majority pay the refund to the trustee to be shared amongst all creditors.
I'm afraid it won't reduce your payments or the term, your creditors will just get a bit more back than originally proposed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
07/07/2013 8:07 pm
Thanks Kevin, just as I thought.
08/07/2013 10:08 am
Hi etots
Its a fairly common question. Unfortunately ppi and any other assets are regarded as completely separate from the contribution, so will have no effect on this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/07/2013 12:19 pm
So far my TD has managed to secure one PPI claim towards the pot and thats fine. What if a refund is given that isnt included in the original TD?
08/07/2013 1:24 pm
Hi Mollykins10.
I think you mean if there's a PPI payment related to a debt that wasn't included in your protected trust deed?
If so, the money will almost certainly still have to be paid over to help repay your creditors.
If such a payment is forthcoming you'll be obligated to inform your trustee so that they can instruct you about what needs to happen from there.
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