Hi jamie12

The discretion is with the Trustee I'm afraid, although there is nothing to stop you receiving your discharge via Form 5 if they accepted the payment.

I can't really see any reason for not closing unless there are matters still to be dealt with in the administration of the case, however this should have no effect on you if you receive your discharge.

Mark

Hi jamie12.

We do hear of cases where the discharge follows soon after the receipt of an agreed lump sum.

We do also hear of cases where the client isn't discharged until they expected term is completed. I'd imagine this is to avoid disadvantage to creditors in the event that the client were to receive a windfall during the intervening period.

As Mark says, it's at the discretion of the trustee. We'd therefore suggest that anyone looking to do this tries to get a prompt discharge agreed in advance (and in writing) with the trustee. They will not all agree to it, but there's nothing to be lost by trying.

Hi Folks.
Two weeks to go and I will make my final TD payment ! Roll on !
But three years of coming on here and I still get confused about certain things.
For instance, what is the difference between receiving the form five when I am discharged, and the trustee himself being discharged ?
I know I am repeating myself here, but am I right in saying that once I receive, sign and return the form five is that it finally over for me and I can win the pools or lottery ? Far fetched I know, but you know what I mean ! And how does the time period after this when the trustee is awaiting discharge affect me if at all ?
I have also seen mentioned on here a form six. Should that be of any interest to me ?
Thanks

Hi A.D.

You're discharged when you get your Form 5. You don't need to do anything with that Form 5.

Your trustee may remain in office to deal with pre-existing assets, most commonly PPI. If you were subsequently to receive a new asset, a windfall, that would usually be yours to do as you wish with.

Just like you, your trustee gains obligations from a trust deed. The Form 6 is their discharge from their obligations, it's really about them rather than you.

TDA, just a further query on Form 5. Once we have received that, does that mean that the dividend has been paid to creditors or can that occur some time after Form 5 is sent?

The dividends will be paid before the trustee can be discharged CIF.

It needn't hold up the Form 5 (client discharge).

So dividends may well not have been paid when you get your Form 5.

Thanks TDA.
Just experiencing a bit of the "nervous 90's" !
Re possible windfall after discharge, well as you may recall, I have mentioned before about possibly retiring early sometime after discharge which obviously involves taking a lump sum, so thanks for clearing that up though bit concerned about the word "usually" when saying any windfall would "usually" be mine to do what I want with ! Or am I just being paranoid ??

Not just you being paranoid A.D.!

We can set out principles in this forum, but there's always an exception to the rule due to the precise circumstances of a case of which we're not aware.

That's why we repeatedly encourage people to directly raise questions like this with their trustee, get a clear answer in writing and proceed accordingly.

So I can be pretty sure you'll be fine, but the consequences will be yours so it's worth getting confirmation from your trustee so you have comfort when you make that decision.