Hi Andrew
You have my sympathy as I am going through exactly the same scenario with my TD company. It appears they can extend it whenever and for how long they see fit. It makes a complete farce of the so called legally binding contract that tells you that you will be debt free after 3 years. I am 4 and a half years and counting and the last contact I made with them they told me it could be another 4 or 5 years. So that means that my credit file should be clear as 6 years will have lapsed since I signed the TD but I will still be under the constraints of the TD because of this PPI nonsense.
I have written to ask to be discharged after getting advice on this forum and in fairness they have said they will look into the claims I have made . Should get a reply by 12th April so I will give them the benefit of the doubt till after then. I will not be holding my breath as it seems they can do pretty much anything they like . Hope you get yours sorted out.

Hello andyr5284 and welcome to the forum.

Your trustee has a responsibility to maximise returns for your creditors and increasingly that means making PPI claims as part of a trust deed. Trust deed firms are being advised to do this by the bodies that oversee their work.

However, if you have completed your obligations to the trust deed and signed it after April 2008 they can discharge you now and remain in office themselves to deal with the PPI side of things. You may wish to point that out to them and see if they'll get on with discharging you.

I understand that there is no reason why you cannot be discharged while the Trustee continues to chase up PPI claims. Also, I'm surprised that a Credit Union would turn you down for a loan if you're in a Trust Deed. There's no reason you can't have credit if you're in a Trust Deed and my credit union is very sympathetic to members who are in Trust Deed or Bankrupcy situations. Obviously they are careful not to put people into debt they can't repay but a small loan is often necessary to enable efficient budgeting during a Trust Deed.

The Scottish League of Credit Unions is having their AGM and Spring Conference this weekend - I will be there and I will ask around what other CUs think about lending to those in Trust Deeds. The last time I spoke at the Conference about this, most CUs spoke very positively about helping out anyone in PTDs to manage their budgets and said they would lend to them.

Uncleben.....

Just for info Glasgow Credit Union do not loan to anyone in Trust Deed in matter of fact they carry out very stringent Credit Checks on virtually all loans...

Hi folks,

Firstly, thanks for your replies and advice! I will be contacting Begbies in the morning to clarify the date I signed on. If it's after April 2008, i will be requesting in writing to have the Deed discharged.

Scotland28, i fully sympothise, and hope that you get the answer you want!!

Cheers!

Andrew

I know Porcupine. Unfortunately Glasgow CU is an ABCUL CU not a Scottish League CU. The smaller CUs tend to belong to the Scottish League and mainly still work with a co-operative movement ethos. Sadly, some of the larger ones that belong to ABCUL (the trade bodies for CUs) have become too much like banks and behave like banks with all the negative things that suggests. In my opinion if they don't help those people in their community who really need help, they don't deserve to be called a Credit Union.

Even if your trust deed was signed after 1st April 2008, andyr5284, to my mind it is still unacceptable for you to wait so long to be discharged. I don't understand why it should take this length of time to make a PPI claim and if I were you I would be making as much of a nuisance of myself as possible until they get it sorted.

Thanks Kevin! What would be the difference if i signed before April 2008??

Sorry to confuse things, my post should have read BEFORE 1st April 2008!

Basically the law changed at that point so that trustees in trust deeds signed after 1st April 2008 are able to legally discharge the debtor (ie you) whilst remaining in office to clear up any other matters (eg PPI claims). You shouldn't then be left hanging around waiting on the outcome of such claims.

For cases before 1st April 2008 usually all work has to be finished before the debtor can be discharged - ie PPI claims etc would have to be done first.

However, the point I was trying to make is that even if yours was before that date, they still have an obligation to deal with everything within a reasonable timescale. I don't understand why it should take them over a year to claim for PPI.

hi, I just found your forum and thought i would ask if there is a way to speed up the TD process as i am now 7 years post signing and while i have been gradually improving my credit file, i can not contemplate a mortgage yet. my TD have not signed me off and everytime i call im given a variation of who is holding back and how they are dealing with it. very frustrating!! so just how long after the 3 years can this be drawn out for? and is there another legal way to be signed off as i have tried the harrassment route and im getting nowhere.

Hello kaz297.

What's the reason that your trust deed has been extended thus far?

It cannot be kept open indefinitely for no reason.

well...contacted Begbies who state that I signed Aug 2007. I explained my circumstances and asked if I could be discahrged and for them to follow up the PPI. Their answer...unfortunately NO, but they were sypathetic and realise the inconvience this is causing and will chance up the the 3rd party company who are dealing with the PPI to get an explaination and a speed up!

I still feel cheated!

hi, when i signed, my house was repossessed, they greatly underestimated the equity (me too sadly) and from the sale proceeds the bank took their share and gave the rest to a loan company who took their full amount and have not given any back to the TD.the loan was secured so they have rights but not to the excess. this was the story i was told but this happened just one year after siging and 6 years later the trustee is apparently still chasing this money. incidently, the amount i paid personally and the PPI they recently received is all gathering interest with the TD as no monies have been paid out, even though all the debt is now over six years and no longer liable?!? im just baffled and stuck as i cant move forward and TD are in no obvious hurry to close this file. any advice would be GREATLY appreciated

How far back in time can your IP go to look at PPI? We've never taken PPI out on our loans over the last 10 years I would say. I'm a little worried that my IP might try this in 3 years time. If we tell them there's nothing to claim, will they take our word for it? Or do they only claim PPI on loans that have been included in the PTD?