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Scottish Trust Deed Forum
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Topic starter
30/04/2018 10:57 pm
Hi, I was in a trust deed about 8 years ago. Last year I claimed 12k in PPI, which I thought was mine. I have spent it all, and now I read about old trust deeds being opened up again.
I'm worried.
What should I do, can I get taken to court for the money?
Will I need to pay it back?
01/05/2018 9:11 am
Welcome to the forum paisleypanda.
As it stands, trust deeds aren't being re-opened to gather in PPI claims.
This is slightly up in the air because there is a pending legal action on this subject. We don't know what the eventual settled position will become.
We can't give you any definitive answer, but given the situation you've explained I'm really not sure that you should be particularly worried.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
01/05/2018 9:52 am
Seems like you have spent the money in good faith at a time when he law is on your side, so I can't see that you will have anything to worry about, paisleypanda.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
01/05/2018 10:51 pm
Thanks...thats a relief 🙂
Topic starter
02/05/2018 1:07 pm
just an additional thought...
If worst came to worst and TD was reopened, would I have to give bank statements to my old trustee????
I have an account where I am holding house deposit money for son (so he cant spend it), and I wouldnt want it to appear I have an asset that isnt mine.
02/05/2018 1:54 pm
Hi paisleypanda.
When trust deeds have been re-opened, they've effectively only been re-opened for the trustee.
The previous client (as far as we're aware) has remained discharged at all times.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
07/05/2018 9:33 am
I've been trying to get my head around the whole ppi thing for months, and I still don't have a clue what is going on!
Could this scenario happen...
Trust deed is reopened
Trustee goes after bank to recover cash already paid out
Bank comes after debtor to recover Ppi cash they already paid?
07/05/2018 11:19 am
Paisleypanda - I don't think you have anything to worry about. It appears the funds have been spent in good faith.
Amorphous - depending on the wording of the trust deed, it is possible although not conclusive that a trust deed could be reopened. There is currently a court case this will issue further guidance on this matter. Until a decision has been made, it is not possible to provide a definitive answer.
In terms of this scenario, the trust deed was concluded sometime ago and the individual has spent the money in good faith. It is therefore not cost effective to reopen the trust deed as it would no longer benefit creditors. It is unlikely a trustee would be successful in pursing the bank.
Sarah is no longer posting in the Trust-Deed.co.uk forum.
