Notifications
Clear all
Scottish Trust Deed Forum
12
Posts
5
Users
0
Reactions
4,426
Views
Topic starter
10/03/2009 5:54 pm
Hi, we are just about to complete our 1st year in a trust deed with no real issues, no missed payments etc. We have just received a decent cheque back from PPI mis-sell. The question is, can anyone tell us what the deal is with this sort of thing? I have read elsewhere that other people have windfall/overtime clauses in their agreements which entitle them to 50% of such monies.
Are we likely to be able to retain any of this? Does anyone have experience of what happens?
11/03/2009 11:50 am
Hi Almost There.
Thanks for posting your question. I'll be very interested to see what responses you get, as I think it is one of those things that different insolvency practitioners treat differently.
What happens is out of your hands really - you have a duty to inform your trustee about this windfall and they will decide whether they require you to pay all of it to them or not. Given that the funds would not have been forthcoming had you not put a bit of effort in and made a claim, I think it is reasonable for a trustee to allow you to keep some of the funds - to cover your expenses in a way. However, your trustee may see it differently...
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/03/2009 3:21 pm
Hi, Thanks for the response. I know its out of my hands and I have no intention of not informing my IP, in fact I am going to speak to them tomorrow about it. I guess I was just looking for some advice on how best to approach it with them, because although I completely understand that my IP has a duty of care to recover as much money as possible for our creditors there surely has to be some leighway given the current financial climate. Certainly, our outgoings have increased over the year, some, like our childcare and utilities, have almost doubled!! But your point about my time and effort in pursuing the claim is one I hadnt thought about so I thank you for that! [:)] I will let you know what my IP says, although if Im being honest I dont hold out too much hope as they were very unforgiving when we wanted to take a mortgaged payment break at xmas to help us cover costs [:(] - They told us they would take every penny towards our creditors if we did.
12/03/2009 11:05 am
I hope common sense prevails Almost_There and you are allowed to enjoy some of the fruits of your labours.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/03/2009 12:11 pm
Hello again. You may have spotted this already on another thread, but thought I'd highlight it in case you hadn't as it is related to your query. Under the heading 'Can My TD Be Discharged Early?', Smith8360 wrote:
"We do have an agreement with our IP that we pay 2/3 of anything above our basic earnings/allowance"
Maybe not directly comparable with a PPI reclaim lump sum, but interesting nonetheless.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
14/03/2009 11:38 am
quote:
Originally posted by Kevin Mapstone
Hello again. You may have spotted this already on another thread, but thought I'd highlight it in case you hadn't as it is related to your query. Under the heading 'Can My TD Be Discharged Early?', Smith8360 wrote:"We do have an agreement with our IP that we pay 2/3 of anything above our basic earnings/allowance"
Maybe not directly comparable with a PPI reclaim lump sum, but interesting nonetheless.
We dont have any such agreement that I am aware of, although I will be looking to secure such an arrangement next week when we meet with our IP. They have advised us that we need to put our PPI reclaim in writing to them and they will take it from there. Thanks again to everyone for the advice. will let you know what they say
16/03/2009 5:39 pm
Further to above, we have just received an inheritance of ?ú3,500. I informed our IP who informed us that the FULL amount is required by them and that it is not subject to the "2/3" agreement we have in place regarding any extra earnings.
May possibly be the same for any lump sum/windfall you receive from your PPI payout.
Topic starter
17/03/2009 9:46 am
quote:
Originally posted by smith8360
Further to above, we have just received an inheritance of ?ú3,500. I informed our IP who informed us that the FULL amount is required by them and that it is not subject to the "2/3" agreement we have in place regarding any extra earnings.May possibly be the same for any lump sum/windfall you receive from your PPI payout.
[:(] I must admit thats pretty much what I reckon will happen here.
Topic starter
24/03/2009 1:01 pm
Well, I am very happy to say that our IP has let us retain 50% of the reclaim 😀
They took into consideration our rising childcare/utility costs and also placed great importance on the fact that we had been up front and honest with them.
Today is a good day!
24/03/2009 4:07 pm
Thats great news Almost-There. Thanks for letting us know.
Congratulations to you, and congratulations to your IP as well for taking a reasonable and balanced view on the matter.
Enjoy your day.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
25/03/2009 9:44 am
Nice one. So the drinks are on you Almost_There?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
25/03/2009 5:36 pm
Hi all
Did someone mention drinks??
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
