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Scottish Trust Deed Forum
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Topic starter
02/06/2012 10:18 am
Hi 🙂 i'm on my final payment in 2 days woohoo!!!!! after i have made the payment i have to cancel my standing order, but if anyone out there could tell me if i need to continue providing evidence to my trustee until i'm released it would be helpful.
I am in the process of looking to change jobs, and it may pay more money, but do i need to tell the trustee, even if all payments have been made? i've been told the release certificate could take up to a year due to recent tax changes and i hae to check with them every 3 months. so the question!! Am i still legally bound to provide the same regular check-ups, pay slips and bank evidence, insurance certificates etc that i have been for the past 4 years or is that it over? 🙂 I hope
cheers oopsie
02/06/2012 10:40 am
Hi oopsie
'The Release Certificate'? That's certainly a new one on me.
If you signed after April 2008, there should be no reason why you should not be discharged.
I'd be surprised if your trustee asked for current status info after you e made your final payment.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
02/06/2012 9:25 pm
my mistake, formal discharge letter they call it. last email i recieved was that although my payments were over i may still be liable for an increase in earnings, or "windfall" i struggle to understand this since i have paid everything that was agreed at the start of my trust deed, they now state that it might take over a year to be "discharged" as the law has changed with regards to VAT payable. i guess thats why im questioning it, here is the statement mailed to me
" re the Trustee's discharge, whilst the Trustee remains Trustee of your estate's, you should avoid buying or selling assets and, inform this office immediately if you inherit or receive a windfall. As under the legislation such transactions or payments would require to be considered or ingathered for the benefit of creditors. It should be noted, PPI claims are also considered realisation's for the benefit of creditors. END QUOTE
this baffles me as i have paid everything, i just haven't received formal "discharge" so how can they take future "windfalls" over the next potential 12 months just becasue the trustee doesnt finalise paperwork and creditors payouts.
your advice is INVALUABLE AND PRICELESS as i have zero confidence in my trustee, i know other people in trust deeds, they havent had to provide half the paperwork i have had to, i dont mind as i just want it over with, 🙂 regards
oopsie
Topic starter
02/06/2012 9:39 pm
sorry mark my trust deed started on april 2008 ??? does that affect anything? if so what? as ever thank you very much, any support is welcome
kind regards
ooooooopsie
03/06/2012 12:37 pm
Hi oopsie.
We have seen that plenty of firms are finding a way to discharge post April 2008 clients while they remain in office to deal with PPI and VAT matters.
The problem is that if you aren't discharged your trustee has an obligation to collect in any windfalls for the benefit of your creditors.
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