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 Trust deed ended but hasnt (help)
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Paul123
New Member

5 Posts

Posted - 25 September 2018 :  10:10:48  Show Profile  Reply with Quote
Hi there, can someone please advise if possible. I had a 3 year trust deed which my final payment was around june2016, I got a letter November 2017 which I thought was just to confirm my trust deed was all complete and signed off etc. However I applied for car finance in the last month and found out the trust deed wasnít closed and had to get letters etc saying the company that dealt with it KPMG gave permission for me to get finance etc. I have contacted my trust deed company and all they would say was they were still waiting on the companies claiming money etc and couldnít be finalised. Iím horrified with this as I thought it was over and behind me and they never said anything to me about this. Is this acceptable ? No doubt the high finance apr on my car Iíve had to buy might have been better if this was all completed

Can someone advise if this is normal please, any assistance would help set my mind to rest thank you

Sharon Toal
Trust Deed Expert



290 Posts

Posted - 25 September 2018 :  11:06:50  Show Profile  Reply with Quote
Hi Paul

Sorry to hear about your experience.

When you complete all payments, you receive a Form 5 certificate of discharge. The trustee remains in office until the administration of the case is completed. It is not unusual that in some circumstances, there can be significant delays in closing the case.

I would ask your trustee to provide you with estimated time frames when the case is likely to close.

There are other ways you can look to obtain car finance - do you have a family member, partner that is able to take out the finance on your behalf?


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np785641d
Regular Contributor

19 Posts

Posted - 25 September 2018 :  15:22:09  Show Profile  Reply with Quote
There seems continued bad press on KPMG, Although they have been great so far, I really am worried that the timescales they work to will have an impact on my closure due April 2019
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fcwalker
Advanced Contributor

130 Posts

Posted - 25 September 2018 :  16:24:39  Show Profile  Reply with Quote
Surely once debtor is discharged they should be able to get finance without trustees approval?!? I was hoping to apply for a normal bank account now I am discharged but I guess I will have to wait until KPMG get round to closing it all off
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Kevin Mapstone
Trust Deed Expert



3597 Posts

Posted - 25 September 2018 :  18:51:57  Show Profile  Reply with Quote
You're quite right fcwalker, Paul123 shouldn't need the trustee's approval to take finance.

Have you definitely been discharged, Paul123, ie did you receive a Form 5?

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Paul123
New Member

5 Posts

Posted - 26 September 2018 :  08:54:43  Show Profile  Reply with Quote
The only thing I got was a letter which mentioned discharge etc but donít know if itís a form 5, when I spoke to the people at KPMG, they are not overly helpful and wonít give timeframes and you get a kind of response like ďit just takes as long as it takesĒ I still get letters from recovery companies mostly ďmax recoveryĒ but was advised thatís normal apparently

It wonít let me upload the letter itself otherwise I would post the picture to show it
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Sharon Toal
Trust Deed Expert



290 Posts

Posted - 26 September 2018 :  10:42:39  Show Profile  Reply with Quote
Paul

You can search the register of insolvencies and that will tell you what stage the trust deed is at.

https://roi.aib.gov.uk/roi

If there is a date allocated to "debtor discharge" then you would have received your form 5.






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Paul123
New Member

5 Posts

Posted - 26 September 2018 :  11:27:19  Show Profile  Reply with Quote
Yes it says debtor discharge date 22/11/16
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TDA (Debt Adviser)
Trust Deed Expert



12573 Posts

Posted - 26 September 2018 :  12:32:18  Show Profile  Reply with Quote
Hi Paul123.

That's good. It means that you have been discharged.

Your trustee may not yet have been discharged. They have work to do after you have been discharged that can take some time. It shouldn't affect you though.

I think the car finance provider doesn't understand how this works. It might be worth trying to explain it to them, or to try another provider with a better understanding.

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Paul123
New Member

5 Posts

Posted - 26 September 2018 :  12:55:40  Show Profile  Reply with Quote
Ok great thank you, I would like to say a massive thank you to everyone for taking the time to assist and help answer my questions as it has now set my mind at rest on this

I was really worried this had popped up again somehow and was getting concerned

Can I just lastly ask when this will be removed from my credit file etc. I understand some people have said itís on for about 6-7 years not sure how long but when is it started from ? Is it from when it started back in 2013 or when I got my discharge date etc
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TDA (Debt Adviser)
Trust Deed Expert



12573 Posts

Posted - 26 September 2018 :  13:00:23  Show Profile  Reply with Quote
Hi Paul123.

Thanks for your kind words. They are appreciated.

The trust deed will vanish from your credit report 6 years after it began. Anything that goes onto your credit report stays there for 6 years.

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Paul123
New Member

5 Posts

Posted - 26 September 2018 :  14:51:35  Show Profile  Reply with Quote
Thanks you guys are the best #128077;#127995;
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