Ok guys,

Here's the letter that I intend to send. It needs the layout adjusted but I think the important information is clear enough 🙂

I refer to the above and advise that third party funds would be avaliable to clear the trust deed balance. Details as follows:

.Third party funds amounting to £10,000 would be avaliable to clear the trust deed balance.

.These funds are only avaliable to clear the trust deed balance.

.The above offer is conditional upon early discharge.

It is noted that an outstanding balance of £9100 is due to be paid by myself over the course of the next 26 months.It is also noted
that by offering more than would have originally been paid, had trust deed continued, the creditors concerned would receive a greater return in a shorter period of time. I have been advised by "no name" in the Asset team at "company name" that I have paid
the sum of £5600 into the trust deed account at this stage. "No name" also estimates "company name" fees, if the account were to be
settled early, to be around the £4,000 mark. I feel that the remaining sum from monies already paid would also be attractive to the
creditors.
This offer also removes the repayment problems associated with loss of income due to job redunduncies, and in the current climate
I believe that very few jobs are safe at the moment.

I can see this offer being most advantageous to all concerned including myself as I have, on too many occasions, been overwhelmed
by the burden of this trust deed. I believe that for the sound continuity of my family homelife, the peace of mind that
finality brings and the other points stated above, that this offer is in the best interests of all concerned.
I therefore kindly request that this offer is submitted to the creditors at your earliest convenience.

It is hoped that the above is agreeable with yourself and the creditors concerned. If anymore information regarding this offer is
required, please do not hesitate to contact myself in the first instance.

Kind regards

Hi georgen.

Shona, who is on a train with a wobbly phone signal, has answered here:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=2544

We've all done it!

Thanks Shona 🙂

georgen mentioned 1.5k for car

I though the car would only be concidered if it where over 3k?

Maybe the car was worth £4.5k so they are seeking the difference?

The company have added on the estimated value of the car at the end of the trust deed.

That's the letter sent now, so all I can do is wait. Fingers crossed !

Hi guys,

That's 2 weeks now since the letter was sent ( recorded delivery ), and as yet I've have no response from the TD company. How long should I wait for a reply before chasing for an answer ?

Hi georgen.

No harm in giving them a quick call to confirm that they have received the letter, and to ask for an expectation as to when you might get a reply.

Mrs Georgen here,

We have now heard back from them and are not happy with the reply, to say the least.
They have said:
As per paragragh 5 of the trust deed, you creditors are entitled to your surplus income for a period of three years from the date of the trust deed. The level of your surplus income may increase over the period of the trust deed and your creditors would be entitled to this increase.
Therefore, I cannot accept your offer as this may be to the prejudice of your creditors.

Seems to me that he is taking a gamble that my husbands wage will increase, not decrease and that he will get a few more measly pounds out of us, And that he most certainly did not take the offer to our creditors to consider.
We are wondering if we can go round the backdoors and try to ask our creditors if they would be willing to accept our offer directly, or perhaps put pressure onto KPMG to process it.

Or shout a little louder that we want our offer put to our creditors to consider before simply rolling over and accepting this mans decision.

within the letter, they also demanded the payment of £500 to relinquish their interest in our house, within the next 7 days. A payment which we were informed was not required and was up to us to leave until the end (the likely hood of our house coming out of negative equity before the end of the term being ridiculously low)
Followed by the suggestion that we immediately give them the £1500 to relinquish their interest in our car!
Both suggestion I think we will be turning down, ta very much!

Any suggestions as to our next step most gratefully recieved.
I want out of this, now, more than ever!

Hello Mrs Georgen.

I think you may wish to consider withdrawing the term "charlatan"?

We're hear to help, but that type of language about individuals at a named regulated firm isn't helpful in such a process.

Would you consider that please?

oh gosh, your right, I am sorry.
I am just so upset to be in this position, at their mercy.

It really is up to them - you have signed up to a 3-year term and I don't think they have any obligation to put your offer to creditors. Having said that, I don't see why they shouldn't - especially if it there is a good chance that it will result in a better return to creditors.

It seems to me that they haven't, put the offer to the creditors, though.
Is there anything we can to to encourage them to do so?

Hi georgen

It is really up to them what they think is best for the creditors, however if they made the offer to the creditors and they accepted it.This could save them time and fees accruing on work being carried out on your case, over the next 16 months.This would give the creditors a decent return and there money back quicker.

I can see that, but they seem unwilling.
What can we do to have our offer put forward?
They don't seem to have done it and I cannot see how we can make them.
There must be something we can do?