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Scottish Trust Deed Forum
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14/02/2013 3:10 pm
hello, i have one year left of my trust deed to go. my trustees are now forcing me to make a claim on any ppi i may have had on my creditors.
i was self employed so as far as i know i never had any ppi on any loans or credit cards.
they have sent me a statement to sign which if i sign says i had ppi and was misold it and now wish to pursue it. i understand that the trustee is trying to get as much money back for the creditors but i feel that im being forced into admitting something i dont want to agree to.
also there is the moral question of, should i not recive the compensation instead of it going back to the banks that conned it out of me in the first place.
however there is the moral question that i didnt pay back all the money loaned to me since im now in a trust deed.
my opinion is that the trust deed as become protected and that debt has been agreed upon in how much my trust deed is worth at the end.
the compensation is to cover me being conned out of money i should have never paid in the first place.
anyways aside the moral question im worried now that a ppi claim could slow down the dischagre of my trust deed next year.
im considering going bankrupt as im strugling to pay the trust deed and i have a £4000 tax bill i cannot pay.
i realise the accountant in bankruptcy may chase for the ppi but i would rather the courts deal with it as they are indepandant and not profitting from this as are the trustee company.
any thoughts and advice would be great thanks!
14/02/2013 3:48 pm
Welcome to the forum saccoman1974.
When you appointed your trustee you made them responsible for recovering what they reasonably could for your creditors. It's become apparent that many people have been missold PPI and this has therefore become an avenue to recover more funds for creditors. The regulatory bodies that govern insolvency practitioners have instructed them to do this, so they have little choice in the matter.
The trust deed hasn't set a specific value on what will be paid back on your debts. An estimate was provided to creditors upon which they made a decision to allow it to become protected. The amount repaid can and does increase when circumstances allow.
I think discharge from your trust deed is more likely to be delayed by failing to work with your trustee on this matter to investigate whether any legitimate PPI claims do exist. There could also be other negative consequences for you.
Is your trustee profiting from this? They may take a cut of the fees charged by the claims operator (we hear that some do and some don't) but the bulk of the funds will go to the creditors.
I'm afraid that you cannot decide to become bankrupt unless your trustee has first discharged you from your trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
14/02/2013 4:43 pm
Whilst we do hear from people on this forum whose discharge has been delayed due to PPI claims, there is no reason that this should be the case if your trust deed was signed after 1st May 2008, as you can be discharged even if PPI is still being dealt with.
Also, at least it seems that this is being dealt with well in advance of your expected discharge date so it would hopefully all be done and dusted by then anyway.
I must say that I'm surprised to hear that some IP firms are apparently taking a cut of the fees charged by the claims operator as this would seem to be a clear breach of the ethical rules that IPs are meant to abide by.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
14/02/2013 6:30 pm
We know people are being offered a cut by certain claims firms Kevin.
Rather makes you think that some people might be accepting it.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
