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Scottish Trust Deed Forum
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Topic starter
19/06/2018 3:59 pm
Hi,
can you some one help me with some advice,
I started a trust deed June 14 wy debt was around 9K to creditors , i have since paid back around 7k to trust deed, my trust deed has now come to an end, however shortly after the trust deed started my father pass away and in his will he left me the house that we were staying in, i let my trust deed company know and they said ok let me know when probate or confirmation (in scotland) has gone through, it hasnt as of today, my trust deed are now saying that they want to realise the total amount owed to me creditors, can they do that if confirmation hasnt gone through and in the eyes of the law i still dont legally own our family house yet?
any help would be appreciated
thanks in advance
19/06/2018 4:29 pm
Hi jimel81
Whether your Trustee can try and realise the total amount owed (i.e the debt, plus statutory interest, plus the Trustee's fees) will depend on what you mean by your trust deed having "come to an end". Do you mean you've made your final contribution? Or have you received your Form 5 Letter of Discharge?
Topic starter
19/06/2018 4:38 pm
Hi CS,
Sorry i should have made that clear, i mean i have made my last of 48 payments. i have not received the form 5 letter.
19/06/2018 4:44 pm
Hi jimel81
If you haven't received the Form 5, then you haven't been discharged from the trust deed, and any assets you acquire still belong to the Trustee.
Not sure if one of the Experts can confirm, but I think that the Trustee is perfectly within their rights to attempt to realise this asset for the benefit of your creditors.
19/06/2018 4:50 pm
Hi jimel81 and welcome.
I'm afraid I'd expect the date that you became entitled to this asset (when your father sadly passed away) to be the relevant one here.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
19/06/2018 4:52 pm
Hi Guys,
even if in the eyes of the law i dont own the house yet?
19/06/2018 5:08 pm
Hi,
Have you been advised by a solicitor that you don't own the house? The law can be complicated, especially where different areas cross over, and have conflicting interests.
An investment in knowledge pays the best interest.
20/06/2018 8:55 am
Hi jimel81.
My understanding remains that the key date is the date at which you become entitled to the asset.
One of the experts may contradict me if I'm wrong.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
20/06/2018 10:54 am
Trust deed assistant is correct in that it is when ylu becom3 entitledto the asset that matters. However, you may have an arguable case that this hasn't happened yet.
Even if this is so you would need to check the terms of your trust deed to see whether it refers to a 4 year period for any assets you acquire or whether it refers to your discharge, as if it is the latter then the trustee may simply delay discharging you until the asset becomes yours.
I think you might be wise to get independent legal advice on this one.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
26/06/2018 9:05 am
Hi there
I would recommend legal advice - this is a highly technical matter.
As part of the trust deed legislation , any assets acquired over the 4 year period commencing from the date of signing is conveyed to the trustee.
I agree TDA, in my experience, the trustee has an entitlement from the date of death to pursue a claim or entitlement and not the date it becomes effectual.
Sharon is no longer posting in the forum.
