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Topic starter
12/03/2017 12:00 pm
Hi, I just joined and see this is already a 'hot' topic on this forum!
I claimed PPI a few weeks ago with RBS and received an offer letter yesterday for £5.6k. In the wording of the letter though, I strongly suspect they will keep it. Says if you have, or ever had, a Protected Trust Deed, IVA, Bankcrupty etc. they can retain the money to go towards the debt. In my simplistic mind, there is no debt, it was written off 9 years ago when I was discharged from my TD. I wish it was that simple!
I've sent the offer letter back and will let you all know how it goes. From the paperwork though, doesn't look like anything has changed since the update in January posted on the main page.
If they do keep it, presumably there is nothing I can do? Is it worth contacting the financial ombudsman? Or is it a case of sitting tight and seeing what happens with the courts/appeals etc?
Saw on other threads that they might re-open the TD to distribute funds. I'd be gutted if they re-open my TD ....I'm about to apply for a mortgage - would this show up in any searches as being active, rather than closed 9 years ago?
Thanks.
13/03/2017 8:59 am
Welcome to the forum AnnieP.
The issue with RBS claims after trust deeds is that they've refused to pay anyone, the claimant or their former trustee. So there hasn't been an issue here with trust deeds being re-opened.
The issue has been that RBS took the position that they could retain these funds to set them off against debts that were included in the insolvency and which were not fully repaid.
As explained in the article below, the Appeal Court recently ruled against RBS on this matter but further appeals remain possible so the position isn't necessarily settled:
https://www.trust-deed.co.uk/rbs-and-ppi-claims-after-trust-deeds.html
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
19/03/2017 6:10 pm
Just a wee update from me. In the last week, I have received another 5 PPI offers from RBS so I am actually owed over 17k from RBS for missold PPI. To say I am gutted they will keep this is an understatement! Planning to buy a house in the next few months and this would be a tidy deposit! I did look out my TD paperwork (discharged 8 years ago) and I was really shocked to see that I had paid in just short of 9k into my TD but after Trustee fees, only £500 was left to pay my creditors (sadly there were quite a few...makes me gasp when I see how much debt I managed to get myself into!). Makes me wonder why creditors agree to TD if this is what ends up in the pot. RBS was my main creditor and I owed them about £22k so I can see why they would want to keep it .... that being said I'm still gutted and hope they lose their appeal and I'm not too old to remember to hound them if I do. Get the impression this could go on a long time.
