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Scottish Trust Deed Forum
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Topic starter
25/10/2013 12:18 pm
I completed payments to a 4 year Trust Deed in September 2013. Still waiting to hear that it is official though as they are checking some PPI details.
I have recently received letters (re-directed from my old address) from Marlin Europe V stating that they have taken over my Northern Rock loan.
They have asked me to contact them to agree how my account will be paid and to make payments by instalments of amounts I can reasonably afford?
I have forwarded these letters on to my Trust Deed company, who have said that from time to time creditors sell on debts to other companies.
My concern is that the original Trust Deed states the debt was with Northern Rock.
When you have completed a Trust Deed, can these new creditors still come after you for the original debt?
Thanks.
25/10/2013 1:20 pm
Welcome to the forum Marden8.
It's nice to be able to tell you that there's nothing for you to worry about. You've already done the right thing by letting your trust deed provider know.
Debts that are sold are still covered by the trust deed.
In fact even if you accidently forgot about a creditor they would still be included in the trust deed (that's why they're advertised in the Edinburgh Gazette - so other creditors can come forwards if necessary).
Congratulations on completing your payments and approaching your discharge.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
26/10/2013 5:15 pm
Thanks so much for that welcome info! Big weight off my mind (again!)
Can you tell me - do my creditors have to (by law) advise any new buyers of the debt, that there is a trust deed covering it?
Just that they do not seem to be aware.
Also why would another company buy this debt if they know it is covered by a protected trust deed?
26/10/2013 10:10 pm
Hi Marden8.
Debt tends to get sold in large packages. I think it's between the buyer and the seller to come to an understanding about what is and isn't included in such a package.
The price paid can be pennies in the pound. A dividend from a trust deed might well make it a profitable purchase.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
