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Chopper115
Just Joined

2 Posts

Posted - 10 April 2018 :  17:02:43  Show Profile  Reply with Quote
Hello, I'm hoping for some friendly and more importantly honest advice about my current situation.

I took out a PTD in 2013 for 36 months. In my opinion I followed all procedures throughout and the company I deal with had very little to do with me.

At the end of my expected trust deed period I was informed I had arrears. To cut a long story short I was self employed. My first year tax return was higher and therefore I expected to pay more... nothing happened. I enquired about this and was told everything ok if anything further was needed I would be informed. When it came to providing my 2nd year tax returns I contacted the company to enquire what exactly they needed from as I was aware there had been no increase. I was informed that a financial statement would be issued and if they needed anything they would contact me.

I remember speaking to my partner about this and telling her that the Trustees must be quite chilled out about the situation as long as they get their fees and I keep up with my payments.

Now as I think I hadn't done anything wrong I was furious that my trust deed had been extended. I can't deny the additional money I am told to pay but my argument is that my trust deed has been mismanaged and now I am in a horrible position of having a full year of further payments.... if my trust deed payments had been increased at the time I would've found a way of paying and completing my trust deed on time.

I went through the complaints procedure with the company who admitted various failings... issuing false financial statements to creditors etc and they put 300 into my bank account. This was not acceptable to me. I contacted citizens advice who were astonished that due to the failings admitted to by company, they had not settled my trust deed as a result. I took my complaint to the Insolvency Practioners Association who fined my trustee over 2,000.

All good and well but my situation had not changed. I am now in a position where I have spoken to a solicitor who thinks I have a serious case against the company however I can't afford to pay him and also take the risk of losing.

My option now is to go through 'Simple Procedure' at the Sheriff Court and see what happens.... my case would be that... although I cannot deny the additional payment required, the company I have dealt with should pay this due to mismanagement and also the fees they have received for work they have admitted they didn't do.

The only person close to me who knows I am in a trust deed is my partner therefore I would like some honest advise if I should go to court or cut my losses. This is more stressful than taking out the initial trust deed.


TDA (Debt Adviser)
Trust Deed Expert



12291 Posts

Posted - 10 April 2018 :  17:37:10  Show Profile  Reply with Quote
Welcome to the forum Chopper115.

I'm very sorry to hear about this situation. Given the actions of your trustee and the IPA it's clear that you've been treated poorly.

Being entirely honest, I don't feel qualified to advise you whether the potential benefits outweigh the risks/costs associated with taking this to court. That's a judgment that would need to come from a legal professional in my view and I can understand the limitations in respect of paying for legal advice.

Other readers of the forum are of course welcome to share their personal views on your choice as presented here.

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Kevin Mapstone
Trust Deed Expert



3494 Posts

Posted - 10 April 2018 :  18:02:10  Show Profile  Reply with Quote
Hi Chopper115

I can certainly understand your anger at this situation and sympathise with your position. I too think you really need a lawyer to advise you on the merits of any potential legal action - perhaps you could speak with someone who takes on "no-win-no-fee" type work? Or alternatively find out if there are any free law centres in your area that might be willing to take your case on.

Have you tried speaking to someone at the Accountant in Bankruptcy's office? They also supervise Insolvency Practitioners and can give them directions as to how to administer particular cases. Might be worth a try?

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Chopper115
Just Joined

2 Posts

Posted - 10 April 2018 :  20:30:23  Show Profile  Reply with Quote
Thanks for the feedback.

Yes I did take my complaint to the Accountant in Bankruptcy but they informed me my complaint was outwith their jurisdiction which I thought was unbelievable.

I also took my complaint to the financial ombudsman with the same type of response.

I suppose I feel out of my depth now... everyone I have dealt with thinks I have been treated appallingly however nobody seems to know what to do.

I'll keep updated with how I get on because I would love to be able to help anyone who finds themselves getting treated as poorly as I have been.

Thanks again.
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TDA (Debt Adviser)
Trust Deed Expert



12291 Posts

Posted - 11 April 2018 :  09:23:10  Show Profile  Reply with Quote
Please do let us know how you get on Chopper115.

Just so you know, insolvency practitioners don't fall within the remit of the Financial Ombudsman Service, so I think you've been correctly advised by them.

Debt advice itself does fall within the FOS remit, so complaints about FCA authorised debt advisers can be considered by them. This is more likely to be applicable to people using debt management plans or DAS rather than trust deeds or bankruptcy.

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