Help Please - Scottish Trust Deeds

[YORKIE0010]

Hi there, i am new to this forum.

I am wondering if anyone can help.....

I am coming to the end of my Trust Deed and have been give the option of paying off the remaining amount so my TD comes to an end earlier. My question is that when your TD is completed, do they still check your income etc for a period after, e.g if i went for a better paid job would they be checking this or if i came into some money say a few months later, would they also check this and maybe ask for some money then. Also , am getting maried next year, will this put my partners assets at risk - e.g house even though TD has been completed??

Really appreciate any help

 

Thankyou:)

[Robdblynd]

http://www.consumeractiongroup.co.uk/forum/dealing-debt-scotland/

 

Have you looked in here, it may contain the information you require. If it doesn't try opening a thread there and asking the question OR ask a moderator to move your thread into that forum.

 

Sorry I can't help personally, I know absolutely nothing about debt in Scotland.

[rory32]

Once the trust deed has finished the trustee will have no further interest in your finances and you will be discharged from the deed. Your debts will be considered as settled in full.

[Dipply75]

I used to work in an Insolvency office and I did the admin work on Trust Deeds. Just want to warn you there can be sneakiness that you have to watch out for.

 

One of my cases were about 3 months away from completing their deed and asked if they could pay a lump sum to cover those contributions and end it early. I asked the higher ups and was quite unhappy with the answer (1 reason I no longer work there!).

 

Basically, they will take the money from you and tell you that is over etc. There will be wording in the letter however that states your trust deed will be completed only once all the final admin is done - writing to creditors, paying dividends, taking their fees etc before discharge is completed. All they do is drag that out to when your deed was due to end anyway, but they shouldn't bother you again.

 

Must warn you though - it does mean that if you won big cash etc before all that 'admin' is done, they can legally take it for your creditors. Until that final discharge, your estate still basically 'rests' with the Trustee (inc. any security on your property etc)

 

I thought it was pretty underhanded but if you're willing to take the risk then make it work in your favour and get on with your life. If any companies you deal with from then on need proof, just get your Insolvency Practitioner to send a letter confirming your Trust Deed has ended and that they had no problems with you etc.

 

BTW, congratulations on getting to the end of your TD! I was always well chuffed for folk who got to the end and could start their lives again :grin:

 

If I can help from my experiences only, just leme know......

[Dipply75]

oops, sorry, did mean to agree with rory32....once you have your final discharge, thats it completely. They have no legal say in your affairs anymore. Make sure you check your credit file though and if the Trust Deed is there, put a note on confirming it is complete etc.

 

And make sure you have that final discharge letter as proof, as you will still get idiot companies who appear later trying to tell you money is outstanding lol

[YORKIE0010]

Thank you both so much for your replys and very useful advice.

[eileen58]

Hi just subscribing,

 

my trust deed is in the process of getting discharged just now (early) and just in case I need any help I now know who to come to.

Thanks

Eileen

[Dipply75]

Hi Eileen58, no probs, anything I can myabe help with just leme know. It doesn't seem too bad the way they do it but it is risky.

 

If you were suddenly to get any inheritance, insurance payout etc (ie a death benefit policy, they would have still have an assignment on) then they could actually take it. Of course, if you think your Trust Deed is over, you wouldn't be ringing them up to tell them lol

[jumdoogal]

hi there,

 

was wondering if anyone could help me,

i have an appointment to possibly set up a trust deeed with a company called mackenzie stuart. has anyone heard of this company?

[marcellep]

hi there,

 

was wondering if anyone could help me,

i have an appointment to possibly set up a trust deeed with a company called mackenzie stuart. has anyone heard of this company?

 

I have had a TD but not with them! Who put you in touch with them?

 

I done my TD through Begbies Traynor in Glasgow despite me living in Edinburgh

[Moonlighter]

Hi jumdoogal

 

I have never heard of Mackenzie Stuart but would recommend that you seek a second opinion from a local insolvency practitioner to ensure that the firm you are to see are not just going to sell you a Trust Deed regardless if it's the best option for you. Are they a debt management company or a firm of IPs? There are plenty of IPs out there who are impartial and will give you advice based on your individual circumstances.

 

You might want to check Yellow Pages, Google for insolvency practitioners in your area or check the websites for the Insolvency Practitioners Association or Institute of Chartered Accountants of Scotland and see the IPs listed there who are regulated under Scottish law.

 

Hope this helps.

[antalis]

I HAVE A TRUST DEED WITH MACKENZIE STUART NO PROBLEMS

[Dipply75]

Hi Jumdoogal

 

I have heard of both companies and my advice to anyone considering a Trust Deed is to make appointments with at least 2 or 3 places, sit and talk over everything with them and see who you feel more comfortable with.

 

Please do not be afraid to tell them you are not signing right away and you need time to think.

 

Make sure and ask a few certain questions like what is the minimun amount they accept monthly, how often they will review your income and expenditure, wht they would do if your circumstances change...for better or worse.

 

And please ensure any equity in a property is dealt with at the start and they explain clearly how they intend to handle it.

 

My other advice is have someone with you, a witness even. Not implying anyone is dodgy but it can be a lot of info to take in, especially when you have the stress of money worries filling your brain...helps to have a 2nd pair of ears!

 

Hey, good luck, If I can help just leme know

[ian_jamieson]

I went with[EDIT] - they were pretty good and got me a better quote than the others.

Edited July 5, 2012 by ims21
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[gavivy4745]

Hi - Id like some advice - im about to sign a trust deed but was sent this letter as I have a car -

I write to confirm that although the motor vehicle registration number -- --- vests in me in terms of your Trust Deed, I have no objection to you retaining use of the motor vehicle, on the basis you maintain the contractual payments to the hire purchase creditor and your contribution to the insolvent estate.

 

This is conditional that you have and will maintain insurance cover, road fund licence and, if appropriate, a current MOT Certificate. If these are not renewed, you must inform me immediately. If you were to continue to use the vehicle without any of these renewals, you would be using the vehicle without my consent and I will not be held responsible / liable for any damage or injury, of whatever nature, caused while the vehicle is used without my permission.

 

Please note that the vehicle will be revalued at the conclusion of the Trust Deed and should the value be over £3000 I will require this to be paid to the estate. This can be done by selling the vehicle or extending your monthly contribution payments until a sum equivalent to the value of the vehicle has been paid.

 

I should therefore be grateful if you will sign and date this letter to acknowledge that you understand its contents.

 

Should you require any further information or explanations, please do not hesitate to contact my office.

 

I was told by them I could continue to renew my car next April for a new one as its on HP - but now im concerned I get to the end and i end up with either a £3k bill or even worse the value of my car to pay (£13k at the moment!)

[dx100uk]

thread is +6yrs old you wont get seen here

 

start a new thread

 

thread now closed to stop innocent newbie bumping

 

dx