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TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 31 October 2018 :  09:37:18  Show Profile  Reply with Quote
David Mond has lost this case.

The Court noted that this is in some ways an unsatisfactory outcome.

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head-just-above-water
Frequent Contributor

43 Posts

Posted - 31 October 2018 :  09:42:11  Show Profile  Reply with Quote
I watched it also. Basically once you and the trustee are discharged that's it. Any windfall belongs to the debtor not the trustee.
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Wildchild
Advanced Contributor

140 Posts

Posted - 31 October 2018 :  09:42:27  Show Profile  Reply with Quote
So shall former trustees now pay pppi to former debtors
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TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 31 October 2018 :  09:43:51  Show Profile  Reply with Quote
Here's the final note I mentioned (from the published judgment):

"This is scarcely a satisfactory outcome. An asset which vested in the trustee for the benefit of the creditors and ought to have been applied to payment of the debts due to them, will instead be paid to the debtor, merely because the trust was administered in ignorance of its existence. One might question whether the law is powerless to provide a remedy in this situation."

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Wildchild
Advanced Contributor

140 Posts

Posted - 31 October 2018 :  09:46:55  Show Profile  Reply with Quote
Ok so can I now celebrate no other what ifs from former trustee ha ha
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Turbobhoy
Advanced Contributor

71 Posts

Posted - 31 October 2018 :  10:02:14  Show Profile  Reply with Quote
On phone to cleardebt apparently mr mond clear debt are in administation
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amorphous
Advanced Contributor

113 Posts

Posted - 31 October 2018 :  10:04:55  Show Profile  Reply with Quote
All anxiety vanishes in an instant!! I can finally stop bugging the forum with Ppi questions.
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Gleith
Advanced Contributor

251 Posts

Posted - 31 October 2018 :  10:08:13  Show Profile  Reply with Quote
Will we automatically get our money now ?
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Wildchild
Advanced Contributor

140 Posts

Posted - 31 October 2018 :  10:22:37  Show Profile  Reply with Quote
Can someone please tell me if this is right hard to understand when watching the judgment

Banks canít off set the ppi
Former trustees canít. Pay old creditors
And money will be send on to the former debtors
Thanks
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TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 31 October 2018 :  10:28:10  Show Profile  Reply with Quote
Hi Turbobhoy.

A quick check on Companies House does not show this firm as being in administration currently.

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TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 31 October 2018 :  10:36:56  Show Profile  Reply with Quote
Hi Wildchild.

This case was not about whether a bank can choose to offset the proceeds of a PPI claim against debts that were not fully repaid by a trust deed.

It was about who is due the money where PPI (in this instance) comes to light after a trustee has been discharged from a trust deed.

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Wildchild
Advanced Contributor

140 Posts

Posted - 31 October 2018 :  10:42:30  Show Profile  Reply with Quote
Ok my position is loyds sent out a ppi mayment to my former trustee in April can they take it back or shall it come to me
Has this reallly ended ?
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head-just-above-water
Frequent Contributor

43 Posts

Posted - 31 October 2018 :  10:55:27  Show Profile  Reply with Quote
It's not just about ppi it's about any unknown asset. They also do make reference to the Kinmond case where final dividend is in fact a composition payment I.e. in full and final settlement and ipso facto you stand discharged of all claims ranked on your estate.
They also state in the conclusion. That on final distribution must be regarded as definitive. the debtor is the discharged of their debts. And the trustee has no entitlement to the assets.

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Wildchild
Advanced Contributor

140 Posts

Posted - 31 October 2018 :  11:00:46  Show Profile  Reply with Quote
So am assuming I should expect a payment soon and and formers trustees wonít give back to banks
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tinsoldier
Advanced Contributor

724 Posts

Posted - 31 October 2018 :  11:05:13  Show Profile  Reply with Quote
Wildchild - The bank has issued compensation. It should definitely now be sent to you, whether directly from your former trustee or the bank itself. Depending on how long your money has been (now unlawfully) held onto by the trustee, another cheque may need to be raised.
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Wildchild
Advanced Contributor

140 Posts

Posted - 31 October 2018 :  11:11:34  Show Profile  Reply with Quote
Money been apparently in a holding account since April as cheque was addressed to them taking it they cashed it and should re issue a new cheque from them to me
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