I don't see what you can do other than try to persuade them, georgen. Unless you could persuade one of your creditors that it might be in their interest and they could ask your trustee to circulate the offer.

Can we do that?
I called ICAS and they seemed to think that we couldn't go to our creditors directly.
But then, and I hope it is not bad form to say it, she did have to go off for half an hour to check her facts over whether the TD was obligated to forward our offer and never really gave me a concrete answer on it when she got back to me.
I don't expect anyone to know everything about it all, of the top of their heads, but it was enough to shake my confidence in her responses.
The question re contacting the creditors direct was not confirmed with anyone other than her?
I mean no ill, but could she be wrong?
mrs georgen

Hi Mrs Georgen.

I don't think there is any issue with you contacting creditors on this. How easy it will be to find the right people to talk to, persuade them of your case, and get them to contact your trustee I don't know. In several years of being involved in this forum I cannot recollect the subject arising before.

Is there any way to offer a higher figure to the trustee, even if it falls short of the figure they suggested would be sufficient?

I don't like to write this, but there may come a point at which you have to accept that the trust deed cannot be settled early. There are legitimate arguments why it should not be, including the lost potential benefit to creditors of a windfall that comes your way for example. More often we hear of flexibility, but trustees have discretion and therefore sometimes arrive at different views.

Hi all

I really can't understand the trustee's position on this. I have had to use a collection agency to collect unpaid bills for my firm in the past. They always advise that any money now is better than the promise of the possibility of more later.

The windfall argument works both ways. Yes you could receive a windfall or increase your earnings. It is more likely, in the majority of cases in todays economy, that the opposite happens. Unexpected major expenses, loss of work, illness etc. Also, remember your creditors are only paid after the trust deed is completed. They have a firm offer of payment now, against a potential payment in the future (not without risk).

From a creditor's point of view, it seems wrong that the trustees are not forwarding this option.

My experience of this has, thankfully, been different. My third party paid the sum proposed into a trust account, the trustee forwarded the proposal and none of my creditors objected. I have been discharged. Providing the creditors do not object to the closing fees from the Trustee. He will be discharged and the creditors paid on the 29th of this month.

I've accepted defeat ! The fight, I feel, could be a long drawn out process, and my trustee wont budge from his position. If I had done my homework, I would have gone with another company but it is what it is.

Thanks anyway guys, your advice has been first class 🙂

A pleasure georgen.

I'm sorry that you and Mrs georgen didn't get the outcome you'd hoped for.

I have a twist on our situation..

My good lady and I have sat down a recalculated out outgoings. Since my trust deed started, 17 months ago, our outgoings have increased by a substantial amount. I have the opportunity at work to carry out some overtime to cover these increased outgoings, so I'm assuming I should inform my TD company ASAP ? I'm guessing that I need to tell them exactly what the increases are, and what I can earn from my increased hours ?

Many thanks

That's right georgen.

You should let your trust deed firm know about any changes to your expenditure or income in order that they can be factored into your arrangement.