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Scottish Trust Deed Forum
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Topic starter
22/04/2011 11:39 am
Hi, I also require some advice.
I signed a trust deed in 2007. At the time I was very emotional with my husband just leaving us and desperate, so now I wish I hadn't. I regret signing it, I wasn't given any advice on other options available to me, The monthly expenditures taking into consideration on the first signing was not acurate, they were made to appear that I could pay 10% in order for the trust deed to be agreed to be protected which was a payment of £160, at the time I was earning around £16,000 with one child. I only ever managed to make a few payments, although I was never contacted about any missed payments I dont even think anyone even checked. Anyway, I became unemployed in November of 2008 a year into my trust deed, moved away with the hope of getting employment (which never happened) then moved back to my orignal area where I have been on income support since April of 2009. I contacted my trust deed company and asked if they would make me bankrupt as I was unable to make payments at the time and probably not in the near future. They said there was no point as my trust deed was due to end November 2010. That time has now passed and I have not been discharged. I received a letter from another accounting company stating in Large Font Black Bold letters that if I did not sign permission for them to go after my PPI's then I WOULD NOT be discharged, as advised by my trust deed to sign them I did sent them away. I have contacted my trust deed and they have said that I WILL NOT be discharged until the decision of the PPI's from the banks come back and they cannot give me a time scale on this.
I suppose I am seeking advice on where I stand should they want to extend my trust deed, which route they will probably follow, will I be made bankrupt? Will it end?
Do you think my trust deed was handled poorly? Do I have any rights when it comes to a trust deed? Nothing was explained to me and all I do is worry about it every day, as I have it hanging over my head.
22/04/2011 11:48 am
Hi startonmonday
There was a similar post on how a Trustee can be discharged in a Trust Deed signed before 2007. It would be interesting to find out as the mechanism was introduced in April 2008.
Easiest thing in the world for me to say dont worry, but there really is little the Trustee can do in your current circmstances.
My advice would be to write a letter and send it Recorded Delivery. Ask your Trustee why it has taken him/her 4 years to finalise the Trust Deed when it is obvious you are no longer in a position to meet the payments. Also ask under what part of the legislation they will be seeking their discharge and advise that if you do not receive a fully and detailed response, then you will report matters to their governing body.
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
22/04/2011 12:01 pm
Thank you for that, it made me feel a little better. I will do what you suggest and see how I get on.
22/04/2011 12:07 pm
Hi startonmonday
Please keep us posted on the response and hopefully we can guide you through it.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
26/04/2011 6:53 pm
This is there reply....
A trust deed can run for more than the three year period and can be extended by the trustee for any outstanding matters relating to the trust deed.
With regard to whether or not you are in a position to make a payment to your trust deed since 2008 ÔÇô your trust deed would not be closed early because your financial circumstance could change i.e. got employment and can make a payment or that you received monies such as lottery win or inheritance during that period which would have come to your trust deed.
As I have said before, the only outstanding matter is claiming for the PPI on your debts and once this matter is finalised then we will advise you and latterly issue your discharge letter.
We do not seek legislation to discharge you ÔÇô this is an administrative process carried out through your trust deed and the trustee discharges you and your creditors in writing.
I hope that this clarifies the matter.
Regards........
Im not quire sure this answered the two questions which I put to them as you suggested...isnt this REALLY vague????
26/04/2011 8:07 pm
Hi startonmonday.
I'll be interested to hear Mark's view (or that of the other experts) on the contents of that letter.
On a positive note, there was news last week that the banks seem to be on the path to losing in their incredible avoidance and delaying tactics to deal with their own PPI mis-selling mess. Hopefully this will help to speed up your PPI claims being dealt with.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
28/04/2011 9:54 am
thanks...me too.
I seen the news about it, not quite sure I would stand in my particular case though
