Trust Deed Forum - Supreme Court - outcome
Trust-Deed.co.uk
Home Home Page


















Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Supreme Court - outcome
 New Topic  Topic Locked
Previous Page | Next Page
Author Previous Topic Topic Next Topic
Page: of 27

Turbobhoy
Advanced Contributor

85 Posts

Posted - 02 November 2018 :  18:39:10  Show Profile
Going by whats happening it's making the trustees look like they do not have a clue what there actually doing and trying to cling on to the money which Supreme Court states belongs to the debtor
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  18:53:52  Show Profile
The Supreme Court stated that the PPI money in this particular case belongs to the debtor.

Any trustee that has been holding money in a similar way will be considering what the principles established here mean they should now do.

They may well decide that they should arrange (one way or another) for the funds to go to their former client.

As much as people would like for it to be simpler, black and white, and immediate, it just isn't.

It doesn't mean that the money will not come your way in due course though. A bit of patience needed while this all works through.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Bert
Frequent Contributor

45 Posts

Posted - 02 November 2018 :  19:06:46  Show Profile
Itís ok for yourself TDA to say ďhave a bit of patienceĒ but this has been dragging on in my case, for over 2 years, whilst I have shown patience, surely there has to be a end to this fiasco? I could say I would never have signed for a trust deed, if I knew I was gonna get a PPI payout? Just as much as trustees say they would not be discharged had they known about PPI payouts ? Just get it done and sorted, so that people can return to their lives without this cloud hanging over their heads?
Go to Top of Page

Wildchild
Advanced Contributor

164 Posts

Posted - 02 November 2018 :  19:11:12  Show Profile
I am same my Ppi would have cleared me debts
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  19:35:00  Show Profile
I get that Bert.

Your choice whether to be patient or not.

It's still going to take a bit of time to get it done and sorted though, as much as you and I might wish otherwise.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Wildchild
Advanced Contributor

164 Posts

Posted - 02 November 2018 :  19:46:24  Show Profile
Sorry maybe am just plain daft
You mentioned they may decide to return funds to former clients
Is this not was suprem court ruled ?
Go to Top of Page

amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  19:47:29  Show Profile
Going forward, does anybody have an idea of a sequence of events and timescale?

I'm guessing the regulatory bodies will have a meeting at some point and issue guidance? How long is that likely to take?

I'm also guessing that Mr Mond or some other party is likely to chance their luck again at some point in the Court of Session for a 'reduction'.
What would the timescales on that be, and is there some sort of time limit before they need to announce their intent?

I have a horrible feeling we will still all be on here in 2021 discussing this :(
Go to Top of Page

amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  20:05:05  Show Profile
Actually, a 'reduction' sounds pretty scary....if the trust deed is ruled null and void, then surely your debts are reinstated?
Nightmare!!!
Go to Top of Page

Wildchild
Advanced Contributor

164 Posts

Posted - 02 November 2018 :  20:05:35  Show Profile
Surely. They canít hold on to monies now ? It needs released ASAP just confuses me went to highest court ruling passed and all this now its easy return the money itís not theirs
Go to Top of Page

amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  20:06:08  Show Profile
Actually, a 'reduction' sounds pretty scary....if the trust deed is ruled null and void, then surely your debts are reinstated?
Nightmare!!!
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  20:07:35  Show Profile
I don't amorphous.

I'm sure regulators will take an interest in what their insolvency practitioners choose to do now, and quite possibly guide them about what to do if they see the need.

Will anyone have the risk appetite to fund another legal process that would probably apply to a pretty limited number of cases?

My gut instinct is that things will move along a little slower than people hope, and a lot faster than people fear.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  20:10:27  Show Profile
Hi Wildchild.

The case was between Mr Mond and the other named persons.

The Court ruled on that case.

Other parties will now consider the wider implications of that ruling for their own position.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Wildchild
Advanced Contributor

164 Posts

Posted - 02 November 2018 :  20:14:17  Show Profile
So each former debtor has to go
To court ? My position is same as the court case trust deed from 15 years ago ppi came to light this year trustee held funds and told me till mond outcome
So judge saying ppi in a closed td belongs to debtor actually means. In one closed trust deed and one debtor ?
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  20:18:09  Show Profile
Wildchild,

They ruled on that one case.

Other trustees will see similarities with their own cases and may therefore assume that this ruling would apply to their cases as well.

They won't want to spend money and time taking cases to Court that, as a result of this judgment, they know they've a very small (or zero) chance of winning.

So other similar cases become influenced by the Supreme Court outcome.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Wildchild
Advanced Contributor

164 Posts

Posted - 02 November 2018 :  20:19:37  Show Profile
Yes thatís true your right there x thanks
Go to Top of Page
Page: of 27 Previous Topic Topic Next Topic  
Previous Page | Next Page
 New Topic  Topic Locked
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.