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Scottish Trust Deed Forum
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Topic starter
23/02/2017 12:31 pm
I have completed a trust deed which was for 3 years and received my discharge letter last February 2016.
My trust deed has over exceeded the amount owed due to PPI wind falls. The company I used took their payment out in the first year which I believe is normal practice however this company wrote a letter to me to say that they needed more time to close case off which has now been a year. Today I received a letter seeking my approval for another 1730.00 which they are claiming they are due which in turn now means that the pot is now at 0.00 for any remuneration to myself.
My question is are they legally entitled to do this?
23/02/2017 1:40 pm
Yes, though their fees have to be justifiable and sanctioned by creditors. If you wish you can request that the Trustee's accounts for your Trust Deed are audited by the Accountant in Bankruptcy.
How much extra did the trustee end up gathering in over and above the level of your debts, Trish64?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
23/02/2017 4:39 pm
Hi Kevin
When I intially took trust deed out I made contributions of 280.00 per month over 3 years which totalled 10080.00 They gathered in 14231.34. Their costs of administration and outlays would be 5037.00 now they have got back to me and that has changed to 7208.75 with creditors receiving 7589.73. I just feel that the difference in their costs are extremely high but don't want to make a fuss if this is just normal practice. Appreciate your help
Thanks
24/02/2017 10:41 am
How much were your debts?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
24/02/2017 12:22 pm
Hi Trish64,
Don't worry about making a fuss. If your not happy about things or have some questions then ask for clarification. As Kevin said you can also ask for the fees to be audited.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
28/02/2017 10:26 am
quote:
Originally posted by Trish64
[br]Hi Kevin
When I intially took trust deed out I made contributions of 280.00 per month over 3 years which totalled 10080.00 They gathered in 14231.34. Their costs of administration and outlays would be 5037.00 now they have got back to me and that has changed to 7208.75 with creditors receiving 7589.73. I just feel that the difference in their costs are extremely high but don't want to make a fuss if this is just normal practice. Appreciate your help
Thanks
Topic starter
28/02/2017 10:28 am
My debts were 12000.00 in total
01/03/2017 10:06 am
In that case it is your creditors that are disadvantaged by the increase in the Trustee's fee, not yourself.
You will probably find that the letter you received was your copy of what was sent to your creditors seeking their approval for the fees.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
