Notifications
Clear all
Topic starter
14/02/2013 6:19 pm
Hello,
I entered into a Trust Deed in 2007. In January 2012 all contributions had been made and my file passed for closure. 12 months later, i have still not been discharged. Whilst I am no longer contributing, a PPI investigation was put in place in March 2012. I have no difficulty with this, my problem is it never seems to be coming to an end. As you will appreciate I can't move on with my life until I get my discharge. Every couple of months I get another letter from the PPI folk, usually asking me to sign a form that I have already signed! Is there anything I can do? Is there a time limit on PPI investigations or is this going to go on indefinately? My Trustee has told me that he will not discharge me until the PPI investigations are complete.
Any advice would be must appreciated.
Regards
14/02/2013 6:32 pm
Welcome to the forum Darkdog.
I'm afraid the rules on this changed in 2008. Because your case started before then your trustee cannot discharge you before the PPI claims have been finalised.
I can very much appreciate your frustration about this after keeping your side of the bargain.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/02/2013 7:32 pm
Hi,
Is there nothing I can do about this ? They have dragged this out for six years now . The original trust deed was meant to be three years . I really am at the end of my tether 🙁
14/02/2013 7:47 pm
Nothing specific really Darkdog.
I'd suggest staying on top of them for updates.
Why was the trust deed extended?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/02/2013 8:07 pm
At the time we took on the trust deed we were advised by the trustee to wait until the end of the term to release equity in our property. When it came time to do this we found no one would even consider us for re-mortgage . All of the companies we approached said no one would ever have considered us until the trust deed was closed (this was contrary to what we had been told) we then agreed with our trustee to pay them a further £22,000 over 18 months as payment in the equity on our property. We completed this in January 2012. we recieved a letter from the trustee saying we were completed and our file had been passed to the closing dept. then we received another letter saying they were going to claim ppi and we could not be discharged until that was complete.
14/02/2013 8:18 pm
Everything changed with mortgages around 2007.
It used to be perfectly possible for most people to remortgage out a lot of the equity in their homes during trust deeds. That changed with the credit crunch.
I'm glad you were able to resolve the equity without selling your home and hope the PPI claims are completed soon.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/02/2013 8:30 pm
Thank you for your advice. so do I
