Hi Newbie65.

Firstly... congratulations on the confirmation of your discharge from the trust deed. It really is no small achievement to complete the process.

I can understand your frustration having been told one thing then learning that the reality will be different.

It sounds like the firm concerned, like pretty much all other trust deed firms that we know of, have now concluded that their regulatory body expects them to investigate the potential for PPI claims to increase the dividends paid to creditors. Maybe they made this decision later than most other firms.

Hi newbie65

I wonder if the paragraph is a standard one. There is a VAT issue with Trust Deeds and Trustee's are not discharging themselves until this has been resolved. It should have no effect on you though as it's your discharge which is important.

Mark

Thanks everyone for your replies. I appreciate the need to investigate PPI claims but I am frustated by the fact that my objection to the PPI claims was logged and I was informed on two or three occasions that no PPI investigation would be done. I just feel if the company I am with were going to carry on with the PPI investigation I should have been told well before now. The last email I have from the company was only a couple of weeks ago which stated that no PPI investigation was being done. I hope as Mark mentions that it may just be a standard paragraph. I have emailed the company for clarification, just waiting on a reply. I apologise if I seem to be ranting...

Now that i have recieved Form 5, informing me that I am discharged, does that mean that I can begin looking at rebuilding my credit history and saving up now? Do I have an obligation to inform the Trustee of any assests/money that I come into as the Trustee remains in office? How will I know when the Trustee is discharged?

Apologies for all the questions too 🙂

Hi Newbie65.

You're done!

With the possible exception of any PPI claim payments (if your trustee has remained in office for this purpose) any windfalls that become due to you will be yours to keep.

You can take steps to work on your credit rating, though there may be some extra challenges if creditors awaiting a dividend from your trust deed choose not to update your credit file as you'd normally expect them to.

We're unclear at this time whether it is acceptable for them to delay this (in fact, thinking about it, I think we'll contact the Information Commissioners Office on that subject this afternoon and let everyone know the outcome).

I'm not sure if your trustee tells you when they discharge themselves. Can one of our experts let us know...

They don't have to tell you they have discharged themselves although I asked if they could so I can start rebuilding,- need a cc for car hire. I've been told everything is finished and that the firm will apply for their discharge and will send me a copy of this from the AIB. Was told this would take two weeks - it will be three weeks tomorrow and still nothing. Frustration!

OK.

For general interest:

We have spoken to the Information Commissioners Office (ICO) this afternoon. They are responsible for data protection law and companies adhering to it.

We asked specifically about a scenario where an individual had been discharged from their trust deed, but their trustee had not. The reason for asking the question is that some members have written that creditors have refused to update their credit record until the trustee is discharged after (normally) they have been paid their dividend.

It's a thorny issue where perhaps you can understand the position of the creditors to some extent. It turns out that they're in the wrong though.

As an individual you are entitled to expect that your creditors (in this instance ex-creditors) accurately portray reality on your credit file.

The reality is that you have been discharged from the debts... they no longer exist. Default notices should be marked as satisfied or part-satisfied, and existing balances showing as owed should be amended to zero.

The fact that the trustee has not been discharged, or that the creditors have not received a dividend, is not relevant in this instance. Your credit file should reflect reality.

You can therefore request that creditors update your credit file as soon as you are discharged from a trust deed.

If they refuse you can complain to them formally, perhaps citing some of the information from the ICO mentioned above.

If they still refuse, or do not respond to the complaint, you can report them to the ICO.

These PPI and VAT issues therefore need not stand in the way of working on your credit rating once YOU have been discharged. You might face some creditor resistance, but it would appear that the tools are available to overcome any such resistance.

All in all... good news!

We'll add a more detailed article or blog on the subject next week.

thanks TDA for seeking and sharing that info. At what point does the above apply to those seeking sequestration? Is personal discharge also expected to bring about updates as outlined for pTD or does the trustee need to be discharged as well in sequestration?

I'd fully expect that the same principle should apply.

Discharge from your debts should be reflected in your credit file entries.

Hi. Thanks for your response yesterday TDA. It's such a relief to know that the PTD is now over with 🙂 With regards to the PPI claims etc I have been told that this was an oversight my case will be closed soon. The advice on here over the past few years has been invaluable to me and I cannot thank everyone enough for all their help 🙂