Help Please - Scottish Trust Deeds

[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

[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

[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