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Scottish Trust Deed Forum
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Topic starter
12/10/2011 5:57 pm
I have a Scottish Trust Deed and recently won my PPI claim from a Secured loan that is not part of the trust deed. The cheques are in my name and I need to cash them and pay the claims company their fee which is 30% of the refunded amount. I thought I would need to pay the trustee 50% of the balance I had left after paying the claims company their money leaving me with approx £900. But they are saying I should give them the full amount of the £1800. I was led to believe all bonuses etc we had to pay the trustee 50% back, do you know why they are looking for the full amount?
12/10/2011 6:25 pm
Welcome to the trust deed forum poppy100.
I suspect your trust deed firm is seeing the PPI payment as being a different kind of thing to an earned bonus.
Often a trust deed firm will allow their client to keep a percentage of any extra income they earn, for example from a bonus or overtime. This creates an incentive for their client to earn extra money which also benefits the creditors as well.
A "windfall" is a different thing. This is a sum of money (or another type of asset) that becomes your after a trust deed starts. It could be a lottery win, an inheritance or a PPI claim for example. Windfalls like this "vest" in your Trustee and I'm afraid I'm not surprised that they expect the full sum to be paid over.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
12/10/2011 6:42 pm
Thanks for your fast response. We did realise we would have to pay our trustee back the money, we just didnt think we would have to pay the full amount back and unfortuntely borrowed from family to get by until we got the cheque through! Another tough lesson learned!
12/10/2011 6:53 pm
I'm sorry to hear of that confusion poppy100.
Hopefully you can put this behind you quickly; best wishes for the remainder of your Scottish trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
