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By Malc15
#22550
Hi there

I started a Trust Deed 12 months ago and my IP has just written to me saying that I need to work with a company they have appointed to claim for PPI mis-selling on my debts. Is this right? Do I have to agree to this and if i do what will happen to any money that is paid?
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By Steve Jackson
#22560
Hello Malc15 and welcome

If you are in a Trust Deed your Trustee is obliged to make sure that the maximum return is generated for your creditors through. As part of this part of this many Trustees will now require you to make a PPI claim. Any money that is awarded as a result of the claim will be paid into your Trust Deed. You are obliged to co-operate with your Trustee so you cannot argue against this I'm afraid. It is part and parcel of being in a Trust Deed.
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By Geraldine
#22580
Hi there Malc15

As Steve has said you have to cooperate with the PPI claim company and any claims received will be paid into your Trust Deed for the benefit of your creditors. One way of looking at it is that you will be no worse off than if you have not started a Trust Deed. In that case you would have probably used the claim money to pay off your debt anyway. At least you will be debt free in 2 years when your Trust Deed is over and you can move on with your life debt free.
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By Hayden
#22596
Unfortunately that is right Malc15. But as Geraldine said at least when your Trust Deed is over you will be debt free.