Hi Simon

It's unlikely as the Trustee will have costs and outlays to deduct from that, however where payments and PPI etc exceed the actual debt itself then the Trustee is likely to add an element of interest to the debts.

Sorry it's not better news, although you could always ask your trustee if there is a balance he was willing to pay over and see what they say.

Mark

Thanks Mark but you can understand my frustration, 3yrs of hardship which greatly affected my family and then to hear this. Makes me wonder why I even tried to do the right thing and pay back my debit and then some. I rang my Trustee after opening the letter to see what happens when that much money is recouped but got an uneasy silence as if I wasn't supposed to get the letter from the Bank so I can't imagine they will want to pay any balance. What would happen if I had won, say £100,000 would the trustee be allowed to add on over the odds interest or is there a limit?

Simon

Hi Simon M.

Your trustee doesn't benefit from the interest. It goes to your creditors as, when you entered into the credit agreements with them, both parties expected for interest to be paid and the credit was provided on this basis.

Interest doesn't normally become a factor in trust deeds other than when circumstances take an unexpected turn for the better.

The creditors might get interest in line with the credit agreements you entered, or statutory interest at 8% per annum.

If you'd won £100,000 you expect to receive the full balance back after:
1 - Your original debt totals (start of the trust deed) were covered.
2 - Interest on the debts was covered.
3 - The fees and costs of your trustee were covered.