Hello bigyin,

It should only take a few weeks unless there are complications such as dealing with an asset connected to your case.

Your Trustee should be able to tell you when this will be completed for you.

quote:

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Originally posted by bigyin

Hi finished paying my PTD april 2010 how long does it
normally take for it to finalise

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Hi Bigyin, my TD finished in Feb2009 and it still not finalised. So don't hold your breath. There are complications, being my Trustee's firm were bought over and he is indispute with the new firm , so we are the ones who suffer while this goes on. It would be interesting to see if it does take a few weeks in your case, keep us all posted.

Hi all

With no complications, I would expect something around the 6-8 weeks mark after completion.

Mark

quote:

---

Originally posted by bigyin

Hi finished paying my PTD april 2010 how long does it
normally take for it to finalise

---

quote:

---

Originally posted by bigyin

Hi finished paying my PTD april 2010 how long does it
normally take for it to finalise

---

hi phoned my ptd company they told me they were waiting to hear
back from one of the companies all the others had replied they told me not to worry and they would contact me to finalise my trust deed
but another month has gone by still not heard anything is this common
with trust deeds

Hi bigyin

Waiting to hear back about what?

They should prepare a scheme of division (calculated payments to creditors) and pay cheques to each creditor, then close the Trust Deed.

Mark

Originally posted by Mark McFadyen

Hi bigyin

Waiting to hear back about what?

They should prepare a scheme of division (calculated payments to creditors) and pay cheques to each creditor, then close the Trust Deed.

Mark
(quote)hi mark
they told me that they had notified all the companies i had completed my trust deed and that all of them except one had replied
and as they were my second largest debt they wouldn't start finalising my TD till they heard from them i don't know if they need to agree to the amount they are offered or not

Hi bigyin

Sorry to be the bearer of bad news, but they are talking nonsense.

If the Trust Deed was protected at the start, then it makes no difference on size, amount, % debt or type of creditor. The process does not require their agreement.

The guidance on this is:

9. Where the trustee under a protected trust deed has made the final
distribution of the estate among the creditors, he shall, not more than 28 days after the final distribution, send to the Accountant in Bankruptcy for registration in the register of insolvenciesÔÇö
(a) a statement in the prescribed form indicating how the estate was realised and distributed; and
(b) a certificate to the effect that the distribution was in accordance with the trust deed.
10. Where the trustee under a protected trust deed has obtained a discharge from the creditors who have acceded to the trust deed he shall forthwith give notice of the discharge-
(a) by sending the notice by recorded delivery to every creditor known to him who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c)above or who has notified the trustee of his objection to the trust deed as mentioned in paragraph 5(1)(d) above; and
(b) by sending the notice to the Accountant in Bankruptcy who shall register the fact of the discharge in the register of insolvencies,
and, except where the court makes an order under paragraph 12 below, the
sending of such notice to a creditor [who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c) above] or who has notified the trustee of his objection to the trust deed as mentioned in paragraph 5(1)(d) above shall be effective to make the discharge binding upon that creditor.

Sorry, not exactly night time reading.

Mark

quote:

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Originally posted by Mark McFadyen

Hi bigyin

Sorry to be the bearer of bad news, but they are talking nonsense.

If the Trust Deed was protected at the start, then it makes no difference on size, amount, % debt or type of creditor. The process does not require their agreement.

The guidance on this is:

9. Where the trustee under a protected trust deed has made the final
distribution of the estate among the creditors, he shall, not more than 28 days after the final distribution, send to the Accountant in Bankruptcy for registration in the register of insolvenciesÔÇö
(a) a statement in the prescribed form indicating how the estate was realised and distributed; and
(b) a certificate to the effect that the distribution was in accordance with the trust deed.
10. Where the trustee under a protected trust deed has obtained a discharge from the creditors who have acceded to the trust deed he shall forthwith give notice of the discharge-
(a) by sending the notice by recorded delivery to every creditor known to him who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c)above or who has notified the trustee of his objection to the trust deed as mentioned in paragraph 5(1)(d) above; and
(b) by sending the notice to the Accountant in Bankruptcy who shall register the fact of the discharge in the register of insolvencies,
and, except where the court makes an order under paragraph 12 below, the
sending of such notice to a creditor [who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c) above] or who has notified the trustee of his objection to the trust deed as mentioned in paragraph 5(1)(d) above shall be effective to make the discharge binding upon that creditor.

Sorry, not exactly night time reading.

Mark

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hi mark
thanks for the info i'm really annoyed these TD companies seem to be
stringing people along i was in a terrible state when my debts got out of control and just want to put this part of my life away but what can i do what is my next step

Hi bigyin

If it was me, I would do a recorded delivery letter asking exactly what the hold up is chapter and verse and advise that if a full explanation is not provied, you will make a report to their governing body.

Mark

I wonder if the trustee is looking for proof of a debt in order to admit a claim before adjudication (working out how much is to be paid out to each creditor) and is allowing the creditor a little time to come back with this.

I must admit, I don't deal with this end of the process much myself so am not sure of the legislative requirements, however I'd have thought there should be a time limit so that the process doesn't drag on unnecessarily.

quote:

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Originally posted by Kevin Mapstone

I wonder if the trustee is looking for proof of a debt in order to admit a claim before adjudication (working out how much is to be paid out to each creditor) and is allowing the creditor a little time to come back with this.

I must admit, I don't deal with this end of the process much myself so am not sure of the legislative requirements, however I'd have thought there should be a time limit so that the process doesn't drag on unnecessarily.

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hi kevin
i phoned my adviser today and she said they must be seen to give the creditor every chance to submit a claim and she had contacted them on 5th july and they had 14 working days to contact them which is the 22nd then my TD would be handed over to the closure team is this right

Hi Bigyin

'give the creditor every chance to submit a claim' I guess they mean like in the last 3 years? Did anyone at the IP's office chase the claim in that time?

Mark