Hi Bowershall

Just so I get this right. You wish to settle early, so the Trustee is seeking payment of all required contributions in a lump sum PLUS £1000 for no apparent reason and they will not reduce their fee, even though they will do about 2 years less work. Oh! And they're seeking payment up front!

I never cease to be amazed.

Mark

Hi Mark
Yes you summed that up perfectly.
However they are "your debt experts".

What I find hard to understand is why they feel the need to offer more money to the creditors now. I assume they believed it was a satisfactory amount before agreeing to administer the trust deed.

I think I may write to ask the following;

Why they can't offer a partial refund on their fees. This would increase the re payment to the creditors.

Why they need the money in their bank, before they offer the proposal to the creditors. Particularly as they do not seem to know what to do if some of the creditors object and others approve.

On the other hand, I feel that I can't afford to risk losing this opportunity.
I am not sure how to progress this.

I think it is worth raising these questions with them and pushing for some clearer answers. At the end of the day though your trustee has no obligation to discharge you early so you might need to concede to some or all of their terms I'm afraid.

Hi Kevin
Thanks for the reply. I'm sure you are right.
Do you know iif there are any guidelines or precedents regarding proposals of this type?
Particularly, do all the creditors have to accept the proposal? Or does some other measure apply? Such as percentage of debt owed.

Thanks in advance.

Hi Bowershall

There is no guidance as such, however I would use that in your favour.

If it were me, the key points would be:

1. Why the additional £1,000
2. Why isd there no reduction in the fee, despite the massive reduction in time. Ask if their fee is agreed on a time in line basis.
3. Under what guidance/legislation will they be putting this to creditors and exactly what percentage agreement will be required.

Mark

I am no clearer from my discussions with my trust deed manager. He keeps referring to the senior partners before answering my questions. However, I feel, as much as it pains me, I want them to support my offer of early settlement by third party.

Hi Bowershall.

I do hope that this works out for you.

I think it's probably quite natural that these matters are being raised with senior members of the team at your trust deed firm. Hopefully in time you'll be able to come to an agreement with them that works for everyone.

Hi
Just an update.
I have talked with my trustee, he is in the process of making an offer of early payment to my creditors.
He informed me that the offer will be put in writing to my creditors. If there are no objections, within 14 days, they will proceed to pay the creditors. The funds have been paid by a third party and are held in a trust bank account for now. I have written confirmation of receipt of funds.
If this all goes through, I have been informed that I will be subsequently discharged from my PTD.
The amount being offered is the total of the remaining payments plus £1000.
Waiting and hoping.

That sounds like a lot of progress Bowershall.

Fingers crossed for you.

I am awaiting the trustee to pay the creditors and discharge me. The period to raise objections ended on the 18th of July. The trustee told me that they will now pay the creditors and discharge me from the PTD.
There is a further period of 14 days before the trustee is discharged. I am told this is to allow the creditors to dispute closing fees etc from the trustee.

Maybe I need to do a search or start another thread to ask for views and advise on what to do post PTD.

Thanks again for all the help and support on here.

That really is excellent Bowershall.

Credit to you for making this happen, and credit to your trustee also for making it possible.

Hi all

Just an update. I have received my letter of discharge. I have a letter confirming my trustee's intention to discharge on the 29th of this month. This is subject to them receiving no objection to their fees from the creditors.

I can't begin to tell you all how much visiting this forum has helped me. It is great to have friendly help and support. I hope to visit the forum from time to time to see if I can help others in this way.

A heartfelt thanks to all.