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Turbobhoy
Advanced Contributor

86 Posts

Posted - 01 November 2018 :  18:23:28  Show Profile
Maybe we should name and shame all the companies that's with held our money so debtors stay clear of them
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Luke4630
Advanced Contributor

54 Posts

Posted - 01 November 2018 :  18:41:22  Show Profile
I phoned rbs today . I was told they are looking at all affected cases and awaiting info from FCA .what ever that means Letters to be sent out . Rbs said they were aware off the outcome off the mond case . And was a bit early

Colin luke
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TDA (Debt Adviser)
Trust Deed Expert



12961 Posts

Posted - 02 November 2018 :  08:43:01  Show Profile
That's very interesting Luke4630.

The regulator (FCA) often takes an interest when a regulated firm takes a different course of action to its peers.

Communication between the regulator and firms in such situations is common and normal.

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

259 Posts

Posted - 02 November 2018 :  09:50:11  Show Profile
I received an email from former trustee saying that they will be in contact next week outlining how they want to proceed . Maybe I am missing something I thought they had to give me the money ? Totally confused
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sophie
Frequent Contributor

28 Posts

Posted - 02 November 2018 :  09:58:42  Show Profile
Hi, Who regulated the Trustee? If the court has decide the trustee is not entitled to any PPI money why are they not informing all Trusteeís to refund any PPI money. Is it a case of a trustee can do what ever they want? There seamís to be good ones and bad ones and there is no control over them. I think they should be ashamed of themselves. They are playing with peoples lifeís and trying to make it as hard as possible for people who have already went through the nightmare of money problems.
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tinsoldier
Advanced Contributor

733 Posts

Posted - 02 November 2018 :  10:30:42  Show Profile
I don't think trustees are regulated, I might be wrong on that though.
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Voice of Reason
Advanced Contributor

116 Posts

Posted - 02 November 2018 :  10:46:16  Show Profile
Insolvency Practitioners are extremely highly regulated. There are a number of regulatory bodies to whom they may be registered such as the Insolvency Practitioners Association or the Institute of Chartered Accountants for Scotland. (A requirement for the granting of an Insolvency licence)

Beyond that they are also supervised in their actings on Personal Insolvency cases by the Accountant in Bankruptcy with other aspects of their business also potentially falling under the remit of the Financial Conduct Authority and the Financial Ombudsman.

Whilst the judgement has now been issued, surely nobody expected to have their funds paid within 48 hours.....

Furthermore, on careful reading of the judgement it should be noted that the court state that this outcome is perhaps unsatisfactory. They also offered the opportunity for submissions regarding possible re-instatement of the Trustee where the final distribution and subsequent closure was issued in error. Neither party put forward such an argument in their submissions but I would be far from surprised if this point isn't reviewed by Insolvency Practitioners and Solicitors in order to determine whether a fresh action may be appropriate in some cases.

Edited by - Voice of Reason on 02 November 2018 10:49:17
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sophie
Frequent Contributor

28 Posts

Posted - 02 November 2018 :  11:00:29  Show Profile
Thanks for your comments Voice of Reason. I would not expect funds to be paid within 48 hours. What i would expect is when you make a phone call to the trustee they at least know what they are going to do and are prepared for whatever the outcome was. As i said before some are good some are bad ( My point of view ). Thats the frustrating bit. I want this to end once and for all.
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amorphous
Advanced Contributor

127 Posts

Posted - 02 November 2018 :  11:10:36  Show Profile
Voice of Reason....thats a scary thought. I think we were all under the impression that the Supreme Court would finally decide what was happening. If IP's decide on fresh action we could end up going on for years....
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head-just-above-water
Advanced Contributor

54 Posts

Posted - 02 November 2018 :  11:20:35  Show Profile
quote:
[i]Originally posted by amorphous[/i]
[br]Voice of Reason....thats a scary thought. I think we were all under the impression that the Supreme Court would finally decide what was happening. If IP's decide on fresh action we could end up going on for years....



I don't think it would go on for years because next Aug you can't bring a new ppi claim. It would effect payments already in the hands of trustees. The judges comments where just that comments not a hint a further avenues for trustees to keep the payments. And if the trustees then said the trust was created in error and try to start it again. No one says the debtor would have to accept that. As they are already discharged. Sheriff courts will follow the judgement. Not the comments.
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Voice of Reason
Advanced Contributor

116 Posts

Posted - 02 November 2018 :  11:28:46  Show Profile
quote:
[i]Originally posted by amorphous[/i]
[br]Voice of Reason....thats a scary thought. I think we were all under the impression that the Supreme Court would finally decide what was happening. If IP's decide on fresh action we could end up going on for years....



It would appear to be a very limited avenue so I would not expect it to be taken up on a great deal of cases, if at all. It is something however which will have been picked up on by the relevant legal minds and will no doubt be getting considered carefully.
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Gleith
Advanced Contributor

259 Posts

Posted - 02 November 2018 :  11:59:23  Show Profile
I just want to know if I am going to get my money after this ruling
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TDA (Debt Adviser)
Trust Deed Expert



12961 Posts

Posted - 02 November 2018 :  12:14:29  Show Profile
So... this won't be popular... but outside of the bubble of this forum very few people will think it morally just that this money now goes to the former debtor.

It's probably worth considering this if choosing to moralize about the actions of some trustees and banks.

That former debtor voluntarily handed over their assets to the trustee in return for the ability to resolve their debts and move forwards. The creditors agreed to the "deal" on this basis.

Hence certain trustees taking a stance on this in the past (though of course financial considerations may also be relevant).

Hence the Supreme Court adding, ""This is scarcely a satisfactory outcome" and "One might question whether the law is powerless to provide a remedy in this situation." The implication being (in my interpretation) that the law really should provide a remedy to get the money to where it should have gone, but that it does not.

With all of this context, it's no surprise that people will want to consider some issues connected to all of this before deciding upon a course of action.

I do think that in all likelihood this money will be going to the former debtors, and also that this will probably happen pretty soon. For them of course this will be brilliant. This is genuinely great to see and I wish everyone that might benefit from such a windfall all of the very best.

Within the wider context though, it's naive to think people aren't going to take a step back to consider the new position and to satisfy themselves that they're doing the right thing.

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

164 Posts

Posted - 02 November 2018 :  12:57:59  Show Profile
So this is not finished and former trustees donít have to hand funds to former debtors am confused did judge not rule ppi belongs to debtor and that end of it
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TDA (Debt Adviser)
Trust Deed Expert



12961 Posts

Posted - 02 November 2018 :  13:06:33  Show Profile
The judge made a determination on David Mond's case.

Other parties now have to consider their position in light of this development.


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