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09/02/2012 8:01 pm
Hi. I am looking for advice regarding a situation i encountered during my trust deed. (Which is due to finish March this year). My trustee has sent me a letter asking about money i was paying into a sharesave scheme at work. I started this in 2006 when i started with the company. It was a five year plan and matured in August 2011. I got a payback of just over 3k. I didn't think my trustee would be interested in this as it had started way before i signed myself into a trust deed and as i sent them copies of my payslip on a 6 month basis, they had no interest as it wasn't enquired about. Now, 6 months later, they have an interest. I used it to pay my cash loans that weren't written into the trust deed (Friends and family) and also to fund christmas last year for my 4 kids. I am beginning to think i maybe in a serious situation with my trustee and don't know how to approach it. Any help would be appreciated.
09/02/2012 8:35 pm
Hi Rexxy, I think your payment should have gone to your trustee, they may extend the term of your TD but I am not an expert. I am sure some of the team will be able to help you. If its like us, it would be classed as a windfall
09/02/2012 8:37 pm
Hi Rexxy
Unfortunately your trustee probably sees this as an asset and will probably look for the value ascst the date of signing to be paid back.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
09/02/2012 8:44 pm
Call them and discuss. Like already said, they would see this as a windfall. Did they ask about it when you signed the trust deed? If so, they should have been really clear about what would have to happen with this if and when it paid out. Hopefully they come to a solution that's okay with you.
Nothing left to discharge - everything's done and dusted!
09/02/2012 8:48 pm
Hi Rexxy.
If this has been a genuine mistake then don't stress about it too much. I think you may need to be ready for your trust deed to be extended though in order for this money to be paid over.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/02/2012 9:05 pm
Thanks for the replies guys. No, it was never questioned about until yesterday. That's what I don't understand. A lot of it i promised to family and friends as they have financially supported me in times of hardship. If it weren't for this savings plan, I would still have debts to them at the end of the trust deed. I was under the impression my trustee would be as eager as I am to have me completely debt free at the end. If I am to have my trust deed extended, then so be it but I really hope this doesn't happen. So looking forward to getting my life back on track. 🙁
09/02/2012 9:13 pm
When you appointed your Trustee you made them responsible for collecting from you what you could afford to pay Rexxy.
Your Trustee may therefore feel it to be unfair that you have chosen to use this money to repay family and friends while your other creditors are expected to write a proportion of your debt off.
The Trustee wants to you get to the end of the process, but they also have duties of fairness to the other parties as well.
Please let us know how everything works out, and I hope that this doesn't turn into an extended issue for you now that you are so close to the end of the trust deed process.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
10/02/2012 10:58 am
I'll certainly keep you all informed. Thanks guys.
