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fcwalker
Advanced Contributor

131 Posts

Posted - 13 April 2018 :  09:27:59  Show Profile  Reply with Quote
Apologies for long post.

I entered a trust deed with KPMG in July 2011 (became protected in November 2011) I believe I was miss-sold this and should have gone for bankruptcy. I posted a lot about this in the past but have not been on here for a few years. I was never told how much I would have to pay back or how many payments I would have to make. There have been many arguments over how much I should be paying each month.

Last year I had to leave my job due to bullying affecting my mental health. I am now in a lower paid job and have been unable to make any payments into my trust deed for 6 months. I have not had any correspondence from KPMG about this.

I have unfortunately built up a bit more debt (credit cards and loans)and an error from HMRC has meant that I have had about 120 extra tax taken off my wages this month which means I am struggling to make payments.

I don't see my trust deed ever ending. I have no assets so I feel it is time to go for bankruptcy. Can I apply myself or do I need to wait for my trust deed to fail? I would have expected KPMG to have done something after 6 months of me not paying anything to them.

TDA (Debt Adviser)
Trust Deed Expert



12692 Posts

Posted - 13 April 2018 :  09:42:57  Show Profile  Reply with Quote
Hi fcwalker.

You cannot apply for bankruptcy unless your trust deed has ended I'm afraid.

To what extent has your trustee been made aware of your more recent change of circumstances?

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fcwalker
Advanced Contributor

131 Posts

Posted - 13 April 2018 :  10:00:03  Show Profile  Reply with Quote
I haven't told them about job change. I know I should have. I will write to them. In a previous meeting with them (a few years ago) I asked about the possibility of going bankrupt but they refused. I thought if I stopped paying they would chase me as previously when I missed payments they wrote to me.
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TDA (Debt Adviser)
Trust Deed Expert



12692 Posts

Posted - 13 April 2018 :  10:23:35  Show Profile  Reply with Quote
I think that's a good idea fcwalker. They'll not be in a position to take this into account otherwise.

You mention there's no assets. I looked back over some pretty old threads and think this was different at one stage - has this now changed?

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fcwalker
Advanced Contributor

131 Posts

Posted - 13 April 2018 :  10:26:32  Show Profile  Reply with Quote
I did have a share in my parents business at the time of entering trust deed. My brother bought me out and that money went straight into trust deed.
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TDA (Debt Adviser)
Trust Deed Expert



12692 Posts

Posted - 13 April 2018 :  15:29:56  Show Profile  Reply with Quote
I see.

A non-issue now of course in that case.

Please let us know what you hear back after you contact your trustee.

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Kevin Mapstone
Trust Deed Expert



3625 Posts

Posted - 16 April 2018 :  09:23:55  Show Profile  Reply with Quote
I can understand your reluctance to contact your trustee if you have had difficulties with them in the past, but if you want this situation resolved sooner rather than later then I would urge you to do so. Hopefully they will be understanding - do please let us know how you get on and we'll see if we can help further if necessary.

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fcwalker
Advanced Contributor

131 Posts

Posted - 19 May 2018 :  18:25:14  Show Profile  Reply with Quote
I still haven't got round to writing to my trustee. After have had no contact from KPMG in over 6 months, I received a letter today from my trustee:

"Your Trust Deed

I refer to the above and write to advise that I have completed my adjudication on all unsecured creditor claims submitted.

I enclose a summary of my formal adjudication on all unsecured creditor claims submitted. Under the provisions section 49 of the Bankruptcy (Scotland) Act 1985 (as amended) the debtor or creditor if dissatisfied with my formal adjudication may appeal to the Sherriff."

Does this mean he has applied to bankrupt me?
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TDA (Debt Adviser)
Trust Deed Expert



12692 Posts

Posted - 21 May 2018 :  08:31:41  Show Profile  Reply with Quote
Hi fcwalker,

I'm not sure that's the case.

It's really so important that you get in touch with your trustee so that you can be informed what the current situation is.

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Voice of Reason
Advanced Contributor

116 Posts

Posted - 21 May 2018 :  08:44:39  Show Profile  Reply with Quote
It means that your trustee has formally assessed the claims received for the purpose of issuing a dividend to your creditors. As advised above though, it is in your interest to contact your Trustee to determine the current position.
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fcwalker
Advanced Contributor

131 Posts

Posted - 21 May 2018 :  09:12:56  Show Profile  Reply with Quote
Thanks. I'll give them a call today
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fcwalker
Advanced Contributor

131 Posts

Posted - 21 May 2018 :  09:56:34  Show Profile  Reply with Quote
So I phoned and am now even more confused! Apparently I have met the requirements of the trust deed and am being discharged!

I think my parents must have made a payment as I haven't made any this year.

I have sold a bicycle which has helped me pay off payday loans so I am back on an even keel and can finally see the light at the end of the tunnel.
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Kevin Mapstone
Trust Deed Expert



3625 Posts

Posted - 21 May 2018 :  21:50:14  Show Profile  Reply with Quote
That's great news fcwalker! Fingers crossed they carry that through and hopefully you can move on from this all very soon. It's about time you had something go your way.

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fcwalker
Advanced Contributor

131 Posts

Posted - 12 July 2018 :  11:25:13  Show Profile  Reply with Quote
I've not heard anything since I phoned them back in May. How long does it usually take from making assessment of claims until discharge?
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Sharon Toal
Trust Deed Expert



301 Posts

Posted - 12 July 2018 :  11:32:27  Show Profile  Reply with Quote
fcwalker

The formal process of adjudicating claims can be time consuming as creditors are required to provide evidence of the debt to ensure the debt is due and payable.

I would give the trustee office a call to see if they can provide an estimated time frame on this.



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