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Scottish Trust Deed Forum
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Topic starter
27/12/2015 6:27 pm
Hi,
I made my last TD payment in January 2015, I've had continued correspondence from Trustee and the latest letter states the period of the Trust Deed has been extended to allow the finalisation of the Trust Deed administration in accordance with the Trust Deed and schedule 5 of the Bankruptcy (Scotland) Act 1985 (as amended)
Can someone please help me with what this means exactly in terms of discharge and any further money I may have to pay? Is this standard for this to happen?
Also I paid a lump sum at the start of the TD, I understood this to mean my property was protected and creditors were taking no interest in the property-has anyone else had this experience? I'm worried as I've just sold my property to move in with someone else and now read on the insolvency register that under exclusion of family home it says False.
The insolvency register also states the debtor discharge date is 18/02/2015 but no date next to trustee discharge date, again any explaination of this would be much appreciated.
Sorry for all the questions but thanks for any help
LAE
27/12/2015 7:25 pm
Welcome to the forum LAE.
There are two discharges. The first and most important is your discharge - you've completed your obligations and you're finished.
The second is your trustee's discharge, which primarily concerns just them and your former creditors. You're getting copied in on correspondence related to this now.
If your trustee had a further interest in your home I cannot see how they would have discharged you. Part of discharging you is releasing their hold on your property.
All in all, I'm pleased to say, I don't think you have anything to be concerned about.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
27/12/2015 9:06 pm
Thank you TDA for the quick and reassuring response, it's much appreciated. Thank you!
27/12/2015 9:55 pm
A pleasure LAE.
Always nice to be able to deliver good news! How was your post trust deed Christmas?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
28/12/2015 10:30 am
It's been a weight off my mind this Christmas and even more so with the advice you've given above. Reading through the other forum posts I really wish everyone all the best with paying their TD and moving forward free from debt. This forum is an excellent support.
Topic starter
29/12/2015 10:13 am
quote:
Originally posted by LAE
[br]Thank you TDA for the quick and reassuring response, it's much appreciated. Thank you!
Hi TDA another query has arisen for me, I was refunded PPI (although I did not currently actively seek this, the company were reviewing a selection of people previously refused PPI) to my surprise I received a letter stating I would be refunded £1900, they initially stated they were paying me this directly if I was satisfied with the amount, I have since received a letter stating they have paid it directly to my TD. I was discharged in February of this year, can they still take these assets? My Trustee has not yet been discharged.
Thanks again for any help offered.
LAE
29/12/2015 11:28 am
Hi LAE.
I'm afraid your trustee will retain these funds to help pay back more to your creditors.
Even if they had been discharged there's some chance they might have applied to the court to be reappointed in order to "capture" the funds for your creditors.
The potential to claim back PPI was an asset that you effectively signed over to your trustee at the start of your trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
05/01/2016 1:59 pm
Hi TDA,
Thank you for clarifying this and I guess it is understandable. Upon the sale of my property my trustee will not "capture" these funds now I am discharged? Thanks for all your help!
05/01/2016 3:41 pm
From everything you've written LAE it seems like the sale of the property is a very different issue and will not cause you a problem.
However, if you want total reassurance, the only way to truly get it will be to confirm the situation with your trustee directly.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
