Hello andyr5284.

It's good to hear that your trust deed provider is going to chase this up. PPI claims are moving much quicker than they used to so hopefully things won't take too long.

Hi kaz297.

So your trust deed provider consider a secured lender was paid more than they were due from the sale of your ex home and they want to recover the additional sum for the benefit of your unsecured creditors?

Have you asked what has actually been done to try to make this happen? Has there been any legal activity for example?

Hi pammy1969.

A trust deed firm is checking whether any missold PPI has the potential to improve returns for the creditors. It isn't relevant whether the PPI relates to an account in the trust deed or not, just whether funds can be raised.

If they'll want to look into PPI why not ask them to start the work now?

hi , yes i ask each time and most recently they informed me it was being passed to a solicitor and they were waiting on a reply 🙁

Hi kaz297.

I can only really advise you to stay in touch with your trustee so that you can be kept updated on progress with this.

It sounds like a frustrating situation for you and a potentially tricky situation for your trust deed provider. I'm sure they wouldn't be spending time and money instructing solicitors unless they had good reason to believe that it's the right and proper thing to do in the circumstances.

can i ask then, while i'm not discharged from the TD and 7 years post signing, am i able to take on a new mortgage? or will this be considered a new asset for the trustee?

Hi kaz297.

Realistically it may be difficult to get a mortgage while you're in a trust deed, though I suppose it may well no longer show up on your credit file.

Owning a property doesn't mean you have an asset, that would only be the case if there were equity in the home.

In the circumstances I would be very careful about this without having some kind of written confirmation from your trust deed firm that they wouldn't consider a home to be an asset if equity developed. They may not feel able to do this, but there is no harm in asking.

also, just how long is an acceptable time to wait before i should go down the road of complaining?
Today i received a letter from a debt collection agency re council tax debt that was included in my PTD. is it not the case if they have agreed to a protected TD payout they can no longer chase the debtor? in fairness, my trustee has told me they will communicate with the company in future but im left wondering, as no monies have been paid out yet, what if others decide to contact me? and what happens to the funds if the debts are written off (which i have been told happens after 6 years anyway!) do the trustee pay out more to those creditors still in the running? or keep the remainder to pay off the legal fees they have had to incur chasing the debt??? frustrating situation?? im utterly lost!!!

thanks for your advice on the mortgage situation, ill have to look into this further as i am seriously considering this as my next move and have already been agreed one in principal.

Hi Karen.

The six year thing is a red herring given that you're in a trust deed (in fact, if it did apply, it's five years in Scotland and is known as "prescription").

Just refer any creditor contact to your trust deed firm, they cannot do anything to you.

All of your creditors will get a fair share of any surplus funds available to repay them.

You can choose to complain if and when you decide it's appropriate. I guess you need to weigh up whether the delay is out of the control of your trustee given this very unique dispute with the secured lender.