Hi Annie

There are 2 parts to finalising the trust deed. Firstly the trustee issues you with Form 5 which is your discharge and formally discharges you from all obligations under the trust deed. That's it as far as you are concerned and there can be no further payments requested, updates etc.

When you receive the discharge, the trustee remains to tidy up and finalise the process ie check PPI and make final dividends. When this is done he will seek his own discharge.

The 2 are separate, however the trustee remaining in office has no bearing on your position.

Hope this helps

Mark

Welcome to the forum annie16.

It used to be that nearly all firms charged this £500 (including three of the four that we recommend and which post in the forum).

That's changed steadily over time, with fewer and fewer firms continuing to charge the £500. Mark, Kevin, David and Michael's firms no longer charge the £500 but it's possible that if you signed several years ago with one of these firms that they may have done so that the time.

PPI payments will be used to repay more of what is owed to your creditors and your husband's creditors.

Thanks Mark and TDA, thats a bit of a relief,,,can i just clarify, will any PPI that are awarded to me after my S5 is sent still payable to my creditors or will anything that is awarded to us jointly go straight to my husbands...the reason i ask, i received a text from the company that are following this up on behalf of my trustee to say that this will take 8 weeks, i should be released from my TD by then and wonder what will happen

I don't know how relevant this is but i suppose its worth a mention. I bank with tsb and i still have a basic account which i used throughout my trust deed. Last week i opened an additional savers account online without any problems and it pays interest at the end of the year. I can transfer money easily online and my application was approved instantly, but the overdraft feature had a huge X next to it 🙂

Whoops sorry ignore the above, posted in the wrong subject, sorry

Hi annie16.

You mentioned in your first post that your trustee will remain in office after your discharge.

This allows them to tie up the loose ends of your trust deed without holding you back after completing your obligations.

One of those loose ends may well be finalising your PPI claims for the benefit of your creditors.

thank you TDA, I have in my head that i wont be discharged until the PPI is completed, but understand this better now...my original post said we signed up in 2009...it was actually 2008 and seems to have went on forever..to the point that i am becoming really more stressed than i was at the beginning!!!

No worries Sparky 1

Hi annie16,

If you have completed all of your agreed payments and obligations then I see no reason why you can't be discharged from the Trust Deed and receive your Form 5. Give your relationship manager a call to ask about it.

As others have advised, any successful PPI compensation payment will go towards paying more of your debt back and won't reduce any remaining payments that your husband has to make unfortunately if there is a joint amount recovered.

With regards to the £500 nominal sum payment to protect your property, you would need to check the agreement to see if it was £500 each that you both had to pay. If it was then your husband would be required to pay this as that's what would have been proposed to creditors.

Hopefully after you receive your Form 5 you will better about your situation.