It does make you wonder if you'd been able to reclaim ppi to go towards debts would you have needed a trust deed in the 1st place?

Paul

It sure does. I'm absolutely deflated.

If anyone had to ever ask me about a PTD I'd say run for the hills. It's been nothing but stress!

Hi Slayervixen.

I'm sorry to hear that you're still feeling down about the process while the PPI process carries on.

Paul and yourself make an interesting point. I wonder for either of you would the amount of PPI that turned out to be due have rendered your debts affordable if it had been repaid before you signed a trust deed?

I'm sure we have some members for whom that will be the case. If that's true, a refund of the money by the banks doesn't seem to be a sufficient restitution for the individual affected or to reflect the damage that the actions of the PPI seller inflicted.

Slayervixen,

I'm really sorry to hear that you have had a stressful experience. Everyone is different some people are quite comfortable to sign on that dotted line as it symbolises a fresh start, where everything from the past is dealt with by experts. However, many others are not so comfortable with this and can not accept that they have had to go down this route, and feel they have a morale obligation to have paid back their creditors.

If there is any friendly advice we can offer regarding how to deal with your PPi, or anything else we are more than happy to assist.

Hi TDA

In my experience in literally hundreds of cases, I've never came across a situation where the total payouts have been sufficient or anywhere near sufficient to clear the combined debt.

I think the biggest problem at present seems to be firms delaying the PPI to an extent where someone can be discharged for almost a year before they begin looking at it which is a scandal.

Mark

If I had been given the option of PPI before entering the PTD it may not have cleared the debt but it would have certainly cleared the initial issues that caused the snowball effect.

Money is such a funny thing I know it doesn't mean everything but just to have my head above water without any stress would be wonderful. I feel like I've literally been drowning in a sea of paperwork and promises since this whole process begun many years ago.

Hey Slayervixen... First things first.... keep your chin up...!

You have reached a stage which I am still three years away from getting to. That's a good thing. It may have been a slog to get to this point but it is the end of it.... And now you can move on...!

My thoughts towards PPI are simple... Even if i was to get the PPI money back I would still have been no better off as I could not service the debt regardless... Any PPI reclaim would have just been used to pay the creditors. Now I am in a PTD if I have any PPI which is reclaimed (which I don't believe I do) I have no issue with it going towards my debt.

When I reach the stage you are at I will class that as a another Line drawn in the sand... A mile stone for myself and my family. A stage to move on from till I reach the next line which is when my credit file is rebuilt and the PTD drops off all records.

My lines:
*Accepting I need a TD, entering into it and paying it off
*Going through my reviews quickly and painlessly
*Completing the PTD and getting my form 5
*Building my credit file again
*The PTD dropping off my credit file and being able to get a new mortgage again.

Realistically this is going to take me 6 years from now at best to do... but once it is done I will be free and will have learned my lesson...

So please do not focus on the bad if you can. You have your form 5, you are debt free now. All you have ahead of you is 3'ish years in which you can rebuild your credit file and move on. That is a good place to be...!

I feel for you Slayervixen, the PPI reclaim from ONE of my creditors totals approx £25K, my trust deed is for a debt of £24K. Add another £15K of my own contributions on top, and I'll have paid in around £40K into my Trust Deed, when it comes to an end in a couple of months time.

Still come Xmas, I'll have a few extra £££ that will be mine, rather than heading to the Trustee. It will be the end of a seven year journey through debt management(four years in a debt management plan, followed by three years in a trust deed).

Blootuner, surely you must be entitled to money back, that simply doesn't add up at all. I think questions should be asked if your debt was only 24,000!!!

Hi prenticebaby

I see your point, however for money to come back the trustee would need to repay the debts in full plus interest & 8% which is approx £6300 and the costs and outlays for 3 years.

Mark

My trust deed costs are currently around £10k and as Mark points out the 8% interest on £24k is around £6300.
My situation is slightly different as I was originally in a debt management plan for about four years before I went into a trust deed. During my time in my DMP, I had repaid circa £40k out of a debt of £64k, when a change in circumstances led to me entering a trust deed, hence why my trust deed was for £24k.
When you add everything up, over the past seven years I'll have paid over £80k towards a debt of £64k. There have been many twists and turns through my journey of debt management and I'm tempted to write about my experiences when I'm finally discharged, if only to raise awareness to others in a similar situation.

Blootooner, you're situation rings bells with me also. I have now been dicharged after six & a half years of what i would call a bad experience. I had £58,000 of debts and paid in £74,000 but the creditors only recieved just under 93 pence in the pound as the trustee took a whopping £20,000 plus in fees for five creditors including £4,000 plus for discharging me. Also, half way through the process, my trustee retired and handed it over to another company, same staff, different trustee and she took £1,700 just for looking over the file.
There seems to be no recourse for anyone in this situation to challenge their fees and no government legislation to cap their ludicrous hourly rates. No doubt the forum administrators will mention the AIB, but i found them to soft and get the impression that the accountancy business is one big happy family.

Hi ianr100

The subject of fees has came up a few times and I totally accept your point. Personally, in 20+ years I have never seen a fee anywhere like £10k never mind £20k for a Trust Deed.

I note your comments on the AIB, however every fee charged requires to be approved by creditors.

The current changes coming into force in November will cap a Trustee's fees in a Trust Deed and will no longer be charged on an hourly basis.

Mark

I'm not joking Mark, actually the fees were £20k plus. I went to see another company for advice half way through the TD and the person was dumbfounded with the fees to date.
Is there any body i can make a complaint too about their fees?