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staycurious
New Member

4 Posts

Posted - 25 June 2020 :  11:50:14  Show Profile  Reply with Quote
Hello, I have been in a PTD for over 3 years and it is due to end in Feb 2021.

The company dealing with my case have recently passed on their cases to a new company who will now administrate my PTD for the remaining term.

I have just received a summary of outstanding payments from the new company:

Between Aug-Dec 2018 I was signed-off sick by my doctor and was in receipt of benefits during this time which my only source of income. I informed my Trustee of this and my payments were set to 0 for this period with the understanding that the amount due would not be carried forward as my sole income was from benefits. My Feb 2019 annual report of payments made/payment remaining also reflected this and included no mention of 'outstanding payments'.

I am just a little concerned and frustrated as I no longer have access to my personal case advisor due to the company changeover. I have contacted the new Trustee and awaiting reply.

Also, I am currently in receipt of Universal Credit. I work in the Scottish Theatre Industry which has been affected adversely by Covid-19. As a self-employed freelancer in this industry I have no guarantee of future income. I am however continuing to make payments to my PTD.

My main concern is my TD extending. This is my worst case scenario which I ned to avoid in order to move forward.

Any advice most welcome. Thank you.

TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 25 June 2020 :  11:59:47  Show Profile  Reply with Quote
Welcome to the forum staycurious.

There's clearly a discussion that needs to be held with your trustee here.

You shouldn't be making a payment into your trust deed when your only income is benefits.

If you've become unable to make payments through no fault of your own (which is obviously the case here) your trustee may be sympathetic regarding any potential extension of the arrangement to catch up on missed payments.

They'll also need to be mindful about the interests of your creditors who agreed to the trust deed becoming protected on the basis of an estimated return they would later receive.

There's no black and white answer to your question that we can provide here. It's going to come down to how your trustee interprets the situation and what they think will be fair to all of the parties involved.

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staycurious
New Member

4 Posts

Posted - 25 June 2020 :  12:06:20  Show Profile  Reply with Quote
Thank you for your swift reply TDA Adviser. Much appreciated.

Can a new TD company override the previous company's evaluation? From the previous company I was clearly told that no extension would be applied regarding the period receiving benefits?

Many thanks.
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TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 25 June 2020 :  12:09:26  Show Profile  Reply with Quote
Hi staycurious,

I think a new trustee would generally prefer not to overturn the advice and information that your previous trustee gave you.

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staycurious
New Member

4 Posts

Posted - 25 June 2020 :  12:11:12  Show Profile  Reply with Quote
Thank you TDA Adviser. I will post updates as they evolve.
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Paul McDougall
Trust Deed Expert



67 Posts

Posted - 29 June 2020 :  11:52:01  Show Profile  Reply with Quote
Staycurious

TDA is correct. No contribution can be paid from benefits.

The Trustee will consider your case and will balance the interest of creditors. In the meantime, do you have a third party able to make payments on your behalf?

It is a rather grey area in relation to payments. At the outset of the Trust Deed, creditors agreed to the deed on the assumption that payments would be made and that they would receive a dividend of a certain amount.

I think this is one for your Trustee office to answer. Although as TDA advises, your new trustee cant overwrite a decision from previous one.



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staycurious
New Member

4 Posts

Posted - 29 June 2020 :  12:00:56  Show Profile  Reply with Quote
Thank you Paul and TDA Adviser, I was just about to post an update. I have heard from the new Trustee company and it turns out there was an error due to the different reporting systems used by both companies. This has now been solved in a positive light. Thanks again and best wishes to all.
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TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 29 June 2020 :  17:19:09  Show Profile  Reply with Quote
That's good to hear staycurious.

I'm glad it's been resolved in a way you're happy with.

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