Welcome to the forum GRRPPI.

Your trustee wouldn't normally benefit from the interest. It's probably being paid at a very paltry rate which will result in your creditors getting a very small amount extra back in the end.

Has the failure of your trustee to become discharged held you back in any way?

Thanks for your quick reply

Its not so much the interest rates as appreciate there at there lowest, I just want the whole case closed, want the creditors paid as they have waited long enough. Also principle that they can delay this process for a infinitive length of time if they deem to do so.

I am looking to sell my house and I believe as I have my form 5 they no longer vest a interest when sell i my property, but at same time they are still not discharged them self and are looking to check all other avenues for more funds(ppi etc) .

Moan over apologies i just feel this ppi matter should of been resolved month's ago if not years ago.

One of the (huge number of) things I've learned from this forum is that the discharge of a trustee is important to people, even if they cannot pinpoint a particular impact that it's having on them. It's to your credit that you have a concern for your former creditors GRRPPI.

Regarding the sale of your home, I'd just request confirmation from your trustee in writing that they'll have no interest in the proceeds. I wouldn't anticipate that they'd have any problem with that and your mind will be 100% at ease when the time comes.

thanks

I believe if I have my Form 5 they cant have a interest in my house as i have been discharged (and have been making payments since being discharged hence increasing the equity post discharge)

Also to put a spin on it, I inform my trustee that i am looking to sell my property, making them aware of that prior to full discharge and they decide to stall matters increasing any money that may be in equity upon completion of house.

Correct me if wrong if have form 5 I shouldn't need to contact my Trustee as that's the purpose of me being discharged?

But at same time I don't want to sell house and then find out via solicitors or land seacrhes that i need permission from them to sell house or they still vest a interest?

Hope that makes sense

There will be an impact on you with a delay in your trustees discharge.
Firstly your name and details of your trust deed will remain on the AIB website for longer, as details are removed 1 year after trustee discharge.

It will also take you longer to improve your credit file. Yout trust deed will show on your credit file as satisfied with the date of your discharge. However from my own experience individual credit records will not be updated from default to satisfied until they have actually received the funds and the discharge process completed. Therefore any delay in your trustees discharge will result ina delay in updating your credit file and moving on with your life. I hope you have better luck than I have in pushing for this to be resolved.

You're right GRRPPI, once you are discharged then your trustee has no further interest in your property. The inhibition registered against your property should have been lifted as part of the discharge process, though there is no harm in checking with the trustee to put your mind at rest.

Hi lizmil.

You make a fair point about the Register of Insolvencies. It is the case that details will remain recorded for a year after the trustee is discharged. Do you see a likelihood that this extended public registration would be to your detriment though?

The Information Commissioner was very clear when we asked about the updating of credit records following the discharge of a debtor. They stated that a creditor must reflect reality in what they report to credit reference agencies, so if you no longer owe the money (because you've been discharged) creditors should update your file to reflect this.

Do they in reality? I think we've heard here that some will take a little encouragement to do so, may need a complaint to be filed, and might even need a complaint to be made to the Information Commissioner. So... it would be fair to say that a delayed trustee discharge might, for some but not all, lead to more work being required to ensure that creditors make the appropriate updates to your credit record.