Also having read through some of the other posts on here. We had no choice but to renew our car at a cost of £4000. Paid for by family members. This was on July 2013 again this was not disclosed for the same reasons. I.e. Lack of trust in trustee

Time to come clean with your trustee.

Paul

Welcome to the forum sherrit.

No matter how much faith you do or don't have in your trustee it doesn't change your obligation to notify them of major changes. I suspect you're probably already aware of that.

Did you get a redundancy payment?

There is no reason at all that being made redundant would have resulted in your immediate bankruptcy.

Are you the owner of that vehicle? Or is it still owned by the family that purchased it?

Hi. The car is owned by us as in its our name on the v5. And yes I got £4000 in redundancy which I think is classed as statutory.

What can the trustee do now though? the money is not there anymore.

Hi sherrit.

If the redundancy payment was only statutory then you may well have been allowed to retain it. That's something only your trustee can confirm however and you should do so with them.

Where a sum due to a trust deed gets spent the trust deed could be extended to recover the sum or, in more extreme circumstances, it might result in the failure of the trust deed and possibly also bankruptcy.

If you've acquired a £4000 car your trustee will probably have an interest in it. If your family still own the car but are letting you use it your trustee will not have an interest. The V5 being in your name does not signify that you're necessarily the owner (it makes you the keeper - which is different).

What does have an interest in it actually mean? Without it we are snookered and we'd have been as well giving up all together.

Hi sherrit.

Having an interest means you might have to pay over some of the value into your trust deed. This might be via an extension.

You might want to read the last paragraph in my last reply to you again.

Hi

Thanks for your replies.

I really appreciate it.

I had a third party monies paid over to the amount of £500 to release their interest in my vehicle and house so would this still be the case?

I just need to know what to expect when I inform them off these changes. As an aside I don't even know who to talk to at kpmg as my "adviser" changes every time.

Thanks.

Hello sherrit.

The £500 will have applied to assets that you owned at the start of the trust deed. It will not have any effect on newly acquired assets.

We cannot tell you what will happen when you notify KPMG. I guess in this forum we can provide general information and background that is hopefully helpful to you, but the decisions actually made will come down to your agreement with your trustee/creditors and the way that your trustee interprets the circumstances involved here.

Hi sherrit,

Sounds like you've had a really tough time of it recently with the loss of the job and the worry regarding your Trust Deed.

I always tell my clients that one of the most important thing is communication when it comes to a Trust Deed. I realise that you may have lost faith in KPMG but as TDA has advised you really need to speak with them. The worst thing you can do is stop paying your Trust Deed and not speak with your Trustee.

If your redundancy money was all your statutory entitlement then I don't see your Trustee having a problem as you require this to pay your ongoing expenditure whilst unemployed.

If family members purchased a vehicle for you both to use then it could be argued that they still own the vehicle and you are simply using this.

A lot of the time people can worry about something which can be really straight forward to resolve but it's the fear and worry of not knowing so I can understand your reluctance to phone your Trustee. I would like to think that your Relationship Manager will ideally want to help you as much as they can. When I put someone into a Trust Deed I want to see is succeed and for the client to come out at the end debt free having successfully completed the Trust Deed.

It's only your Trustee that can clarify things for you. Let us know how you get on.

Hi.

I contacted kpmg yesterday who were indeed actually helpful this time.

With regard to the statutory redundancy they have said they would have requested 50% of it. I said that that at the time would have left us high and dry. They have said that they would need to consider whether or not to pursue the monies or write it off as my td ends in February this year. My mistrust extends from income and expenditure sheets being ignored and them requesting unaffordable amounts. After this I felt they were not listening to me or my wife.

I'm glad to hear their approach was helpful sherrit.

Hopefully this will progress in a fair and balanced way from here.

Sherrit

I am not sure who you spoke to but I would suggest if it was one of the assistants you may not have got the correct information regarding your statutory redundancy the 50% with them is generally any additional income. I used to get letters from them with nonsense figures but a quick call and request in writing for correct figures fixed the problem

When I have contacted them by email and specifically requested a response their process required a IP (or manager) review before it is sent to you, hence the delays. I had communication problems with them myself before however, over the last year I found that calling them they have been a lot better.

With regards to the car you are using that is owned by your family who bought it for you to use. Make sure you tell them that you do not own the car (assuming they even ask, why would they if they don't know you are using it thanks to the kindness of your family, i have family like that too!), you are just the registered keeper. If they want proof ask a family member to give you a letter. Having your name on the V5 does not prove you own it, it actually says that on the cover of the V5.