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Wildchild
Advanced Contributor

164 Posts

Posted - 02 November 2018 :  20:23:50  Show Profile
Yes thatís true your right there x thanks
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tinsoldier
Advanced Contributor

730 Posts

Posted - 02 November 2018 :  20:38:15  Show Profile
I am fairly sure those who have waited, will get their money. Another few days, maybe weeks.

But we were all told the court case would provide some clarity and finality.

Judgement is sound. Comments are ancillary.

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amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  21:12:47  Show Profile
Just mulling over the 'Reduction' scenario.....thinking aloud as it were!

There would be no financial benefit for ex trustees to persue this, as the trust would be null and void and they therefore wouldn't gain out of any recouped funds. It would actually cost them in fees and time.

I'm thinking thats perhaps why Mr Monds team did not choose to submit on this point,as there would be no financial gain?

Can the banks ask courts for a reduction, on the grounds that the trustee was negligent in their duties?
They have most to gain, can easily afford it,and know who has the large payouts.

If a reduction happens, then the trust didn't exist, therefore the debts are reinstated?

ANybody got insights or thoughts on this?
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tinsoldier
Advanced Contributor

730 Posts

Posted - 02 November 2018 :  21:16:54  Show Profile
PPI issued by banks is in writing, by letter. They canít suddenly decide not to issue the funds.

Keep the faith folks.
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Luke4630
Frequent Contributor

48 Posts

Posted - 02 November 2018 :  21:17:56  Show Profile
Ppi money held will end up being more going back to debtor . My rbs ppi interest has been recalculated 2 times already . There are set rules on this calculation - percentage to be added . Reduction would never happen .

Colin luke
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  21:22:10  Show Profile
Hi amorphous.

Without being legally trained I can't provide a useful perspective on this.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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head-just-above-water
Frequent Contributor

47 Posts

Posted - 02 November 2018 :  21:41:58  Show Profile
quote:
[i]Originally posted by amorphous[/i]
[br]Just mulling over the 'Reduction' scenario.....thinking aloud as it were!

There would be no financial benefit for ex trustees to persue this, as the trust would be null and void and they therefore wouldn't gain out of any recouped funds. It would actually cost them in fees and time.

I'm thinking thats perhaps why Mr Monds team did not choose to submit on this point,as there would be no financial gain?

Can the banks ask courts for a reduction, on the grounds that the trustee was negligent in their duties?
They have most to gain, can easily afford it,and know who has the large payouts.

If a reduction happens, then the trust didn't exist, therefore the debts are reinstated?

ANybody got insights or thoughts on this?




If trustee applied for reduction and got the trust deed declared null and void. They would have to recall all money paid to the creditors, refund their fees and pay it all back to the debtors. Then ask very nicely would you please sign this new voluntary trust deed... you have to remember a trust deed is a voluntary arrangement not compulsory.. point is. would you sign.. how many people would tell them to take a running jump. And how many trustees could afford to do if. No many. Reduction would be a very sharp double edge sword.
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amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  21:43:10  Show Profile
TDA, no worries! Btw, bet your sick of hearing about 'mond' and 'ppi' now ;)
Tinsoldier, 'keep the faith' - love it!!!
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  22:20:00  Show Profile
That made me smile amorphous!

Been sick of PPI discussions for years to be honest, but recognise and respect that it is very important to others.

This week has been professionally very interesting though. And itís nice to be able to host a forum that allows people to learn about, discuss, and debate a matter of personal significance to them.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  22:22:50  Show Profile
A point on reduction.

See the following article from Alan Munro who weíve had the pleasure of meeting and who knows his stuff.

Reduction is being discussed in respect of the final distribution, rather than the entire trust deed. At least I think it is.

https://www.tltsolicitors.com/insights-and-events/insight/discharged-debtor-keeps-ppi-fund-in-dooneen-v-mond/

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  22:27:28  Show Profile
Head just above Water....the nightmare scenario is this -

1)Trust deed is 'reduced', declared null and void.
2)Debts are therefore reinstated, minus monies paid, + 8 years interest
3)Trustee fees can not be recovered, as work was done in good faith (sue them??)
4)PPI is refunded, as per Mond ruling

I would now find myself in a mountain of debt, and have no choice but to enter into another trust deed or similar financial arrangement.

In this scenario, I'd end up much worse off than ever before.
It may seem unlikely at the moment, but while its a possibility I won't stop fretting about it.
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amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  22:29:34  Show Profile
thanks TDA....I'll read over that now!
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  22:32:01  Show Profile
Well worth it.

I donít think reduction is envisaged in the way you fear.

Talking about the act of final distribution only, not the whole thing.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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amorphous
Advanced Contributor

124 Posts

Posted - 02 November 2018 :  22:45:51  Show Profile
Lol...reads to me like we are potentially back to the start, only with a different name.
Essentially reopening trust deeds to ingather PPI for the benefit of the creditors.

Ah well, guess I'll just need to sit back and see what happens over the next few months!






Edited by - amorphous on 02 November 2018 22:46:43
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 02 November 2018 :  22:58:26  Show Profile
Itís a curveball for sure.

Obviously we knew the judgment would come down on one side or another.

But we didnít know that theyíd requested submissions on the reduction question.

We also donít know why they werenít submitted.

May be something or nothing.


Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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