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PPI vs Discharge

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(@sparky1)
Reputable Member
Joined: 12 years ago
Posts: 277
Topic starter  

Hi all, I've contacted my IPand the good news is all my PPI claims have been seen to and closed. However, a few creditor claims remain to come in. Is this when I creditor claims part of the money that my IP has collected? What sort of time scale could this take to sort out and will it delay my discharge in three months time.?


   
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Chris Wardle
(@chris-wardle)
Estimable Member
Joined: 13 years ago
Posts: 249
 

Hi Sparky1

Good news about the PPI, your one of the lucky ones.

Creditors submit a claim in your Trust Deed for what the feel they are owed and the Trustee adjudicates on these and then at the conclusion will make a distribution to creditors from the funds you have paid in.

Keep on top of your Trustee to chase those creditors who have not submitted a claim. Normally creditors claims should have been ingathered before this point but not uncommon for this to be left till the end of a case.

Creditors claims that are outstanding can normally be chased and collection within a couple of days at a push by a good case manager/closure department.

Chris is not currently posting in the Trust-Deed.co.uk forum.


   
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(@sparky1)
Reputable Member
Joined: 12 years ago
Posts: 277
Topic starter  

Thanks for your reply Chris. My IP has been really good so far sorting everything out so hopefully it will be a good ending, will keep you posted.


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi sparky

Your Trust Deed is now 3 years old and the trustee has not received all claims?

Like Chris says, you should be on your trustee's back daily until this is resolved. Any delay in discharging you is entirely the Trustee's fault and the creditor position should have been checked well before the 1st anniversary never mind the 3rd.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

It is important to get claims in from creditors at an early stage as they can be a bit of a nightmare to get claims from sometimes. I don't know why it is - you'd think they'd be better organised when it comes to claiming money that they are owed!

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@sparky1)
Reputable Member
Joined: 12 years ago
Posts: 277
Topic starter  

Hi, thanks for you replies. My IP stated that creditor claims would be chased up upon my final payment. But, I emailed my IP again to ask if they would consider doing this earlier, awaiting a reply.


   
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(@plasticdaft)
Noble Member
Joined: 16 years ago
Posts: 1594
 

Can the trustee put a time limit on claims??

Paul

Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.


   
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Rob Hardie
(@rob-hardie)
Estimable Member
Joined: 12 years ago
Posts: 196
 

It's all circumstantial. If there are sufficient funds to permit a dividend of 100p in the ยฃ then there is some merit in spending that extra time chasing claims. However, generally the creditors have been prompted to submit a claim throughout the case. The Trustee may ultimately send a final letter giving creditors 14 days to submit claims prior to carrying out a final adjudication of claims and issuing dividends. Creditors claims that have been submitted and agreed will receive a dividend. Those that don't miss out.

Rob is not currently posting in the Trust-Deed.co.uk forum.


   
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