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SAREC
Just Joined

1 Posts

Posted - 09 September 2021 :  06:20:20  Show Profile  Reply with Quote
i have been fighting with my trust deed provider for 4 months that they have over paid one of my creditors when i paid off my trust deed early.yesterday i got confirmation that i was right and they had over paid one of my creditors. this is now the 2nd over payment they have made and i have done all the work to get them to listen too me to get this sorted. is there anyone i can complain too to get compensation back from my trust deed company for there distress and incompetence of them for basicly telling me i was wrong about this for 4 months. any help would be great.THANKS

A.FORBES

TDA (Debt Adviser)
Trust Deed Expert



13799 Posts

Posted - 09 September 2021 :  09:40:24  Show Profile  Reply with Quote
Welcome to the trust deed forum SAREC. I'm sorry to hear that you're having to deal with this situation.

A complaint about an insolvency practitioner should initially be put directly to them.

If you're unhappy with their response, or you do not receive a response, you can escalate the complaint to the professional regulatory body of which your trustee is a member. You can see more about this process at: https://www.gov.uk/complain-about-insolvency-practitioner

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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DBHA21
Frequent Contributor

28 Posts

Posted - 13 September 2021 :  10:57:58  Show Profile  Reply with Quote
Hi SAREC

Strange for such an event to transpire as a creditor has to submit a valid claim in order to receive a payment from the Trust Deed. Their claim should be capped at the balance of the debt on the date that you signed, with no further interest and charges added to it.

However, when you repay early, you must be able to clear the full balance of the debt, plus statutory interest at 8% per annum.

Is it possible the Trustee has sent the correct amount (including the 8% per annum), however the creditors were not expecting the interest?

I would write to the Trustee and explain that two creditors have contacted you to advise they were overpaid, so you are requesting a breakdown from the Trustee on how they calculated the payment amounts made to creditors

As TDA says, if you are not satisfied with how they handle your complaint, you can then complain to their regulatory body.
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