Scottish Trust Deed - Acuirenda help

[NeedHelpPls]

Hi im new to the forum and have a question i need to get help on.

 

Prior to signing and after signing my trust deed i received signed paperwork form my trustee concerning a compensation claim i was in the middle of,

 

The letters stated that if i received the compensation 1 yr after entering the trust deed then i would not be required to give it to my trustee.

 

It was because of this i entered into the trust deed. I knew that the lvl of compensation that i would receive woul not cover my full debts but a large amount of it.

 

I am now being told 14mths after signing my trust deed that i must hand over the compensation that i have just won.

 

This will result in me paying back over 36 months almost £1.20 for every 1£ that i owed as my trustee has given an estimation of their fees totalling almost £10,000.

 

If i had not received the advice that i would be allowed tokeep the compensation i would NOT have entered the trust deed as i would have been able to use the compensation and my monthly money and paid back my debts in lesss than 2 years and at mush less cost than now.

 

As it stands they want this money, and for me to continue my monthly contribuitions and the end result will be that afte 3 yrs i will be financially worse off than if i had never entered the trust deed.

 

Does anyone know where i stand legally on this matter?

 

I literally feel sick at the thought that i have been scammed by my trustee who has offered nothing other than saying i must hand the money over, no offer to reduce their fees no apology for misguiding me in the first place nothing.

 

I understand i am liable for my debts, however, i could have saved my self almost £10,000 and been debt free a year ealier if i had never entered the deed so im really in need of help here if any one knows

[IdaInFife]

do you still have the letter stating after 1 year you would not need to hand it over?

[NeedHelpPls]

Yes i have a copy of the letter before i signed the trust deed stating this and the letter for after the trust deed was signed by me stating the same

[IdaInFife]

I am quite suprised that an IP would even think of agreeing to this when you enter a trust deed,

 

i suggest you give national debtline a call 0808 808 4000

 

National Debtline Scotland – Free Debt Advice & Debt Management Tools

[NeedHelpPls]

thanks ill give them a call see what they say im just devastate and massively angry over the fact i think ive been completly ripped off and the people that were meant to be helping me have cause me more debt and looks like that theyll earn 10 thousand pounds out of me that they certainly now do not desrve

[IdaInFife]

can you let us know what they say as may help others

[Joemcm35]

If the trust deed was signed after the 1 April 2008 then you can complain to the Accountant in Bankruptcy:

 

http://www.aib.gov.uk/[/url]

 

If the trustee is a member of The Institute of Chartered Accountants of Scotland then you complain to them:

 

Complaints :: The Institute of Chartered Accountants of Scotland