Hi Suzie

the standard Trust Deed states 3 years, but this can be extended or even reduced.

There is no set time for petitioning for bankruptcy and the Trustees job is to engather the money agreed at the outset.

Hope this helps

Mark

Hello Suzie,

The Trustee does have a legal responsibility to recover funds that may be used to help to repay the creditors.

Are you concerned that it might be difficult to maintain a set payment every month?

hi again thanks for getting back to me , just wonder one of our friends is in a scottish trust deed and he has told us that the firm he went with was great for two years and his payments were to change after this time , but the bank debit was signed to change but when he found that the firm has not set up with his bank the funds change , he called there office to find that the company had sold out and was told they would be intouch and now there phone no is dead and its now coming up to five year since he started his trust deed we would be concerned if this happen with a company that we had signed up with , how does he stand with his deed

suzie

Hi Suzie

any idea which company he was with. The Trust Deed would continue with a replacement Trustee and any funds paid would remain in the Trust account.

Mark

hi mark thanks for getting back he said the firm was in aberdeen i think he feels so down because of the way things have been done , i know he did try and get them to tell him what was happening but i think he is at his wits end now , he did say that when he seen a statement after the two years the company had taken a good part of the money he had paid in and that made him sick he thought he was paying more off , he is a very nice person and i think he does not want us to go through this , and thats the only way he has told us , to be wise he does not know of this web site suzie

Hi Suzie

I suspect the company was AFS Ltd who recently sold out to cleardebt. I'm sure the Trustee will still be appointed, but my advice would be to phone The Accountant in Bankruptcy's office www.aib.gov.uk who will provide the current position with the Trust Deed.

Hope this helps

Mark

hi mark just noticed your fast reply i will try and tell our good friend to call , if its still appointed what happens does he have to start again , why does it have to be up to him to push them to get sorted out , we did say we would not go with a aberdeen firm and if thats the company stay clear of cleardebt??so does that mean if he does not get intouch with them it would just sit till when ?

Hi Suzie

I agree and am surprised noone has been in touch.

If the case is still live then your friend would only need to make the missing payments, not start again.

I think it's best to find out the current position though.

Mark

If this is connected to the firms mentioned in this thread it's important to understand that this is a very unique and complicated situation that is unlikely to happen again.

Aspects of the takeover/purchase appear to have been disputed and the end result appears to have been little (or nothing) happening with the cases.

This is clearly grossly unfair on those affected. However anyone considering a Trust Deed should understand that such a scenario is incredibly unlikely to happen to them due to the unique circumstances involved.