trust deeds

[Lainie]

wanting to ask a question re trust deeds which i dont really know about.

if someone has a trust deed and agrees to pay ?200 a month for say 3 yrs.

then this person claimed payment protection insurance (recently) and got a cheque back for a couple of grand

would they get to keep the check (it is addressed to the individual)

or would the trust people expect him to pay it to them?

the letter from the bank with the cheque states they have been in touch with the trust deed people but he has heard nothing and is banking cheque tomorrow.

any advice peeps??

[johnboy1974]

Lainie phone up one of the many companies on the telly and ask them what they think.

[binary]

payment

If payment has been made by the insurance and the cheque is the cashed i would think that is fraud unless the intention is to return the insurance money back but it also would depend on what the insurance policy says in relation to a claim

[bonus2010]

It would depend on what conditions etc the person has agreed to as part of the trust deed. A quick google search has revealed that these debt management programmes, another name for them I think, are individual to a person's circumstances and to what has been agreed with the creditors.

The person needs to check the agreement... maybe there's provision should the person be the beneficiary of a capital sum, or become solvent that would affect the agreement.

The bank has correctly paid the cheque in the name of the debtor as a resut of a miss-sold payment protection insurance, and I guess the bank has only stated that the trustee has been informed because he is the debtors 'appointed agent'

So, in short I'd suggest reading the trust deed agreement to see if there is provision for solvency or in the event of benefiting from a capital sum.

[Meat-Head]

agree with bonus.

So sake of argument you get a morgage - then you pay the morgage insuranse (incase you loose your job - have accident)

then claim it back - do you give that money back to the morgage company?

[bonus2010]

@meat-head
If you're victim of a mis-sold PPI, then it's separate from your loan. The compensation you would receive must be given to the pub for drink

One of the reasons people are able to claim mis-sold PPIs is because they were led to believe that it was a requirement for being accepted for a loan.. Remember dealing with a sub-prime finance company called finance for skumbags Ltd, who continually mis-lead their customers into believing that it was a requirement to accept PPI... (where the policy wasn't worth the paper it was written on )so as to get a loan.