Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By pinklint
#263813 Hi i signed a trust deed in 2008 and have been doing well keeping up with my payments,and every six months i get a form from my trustee
to keep them up to date with my finances etc. On the front of this form in bold writing is the following statement,,,Warning To The Debtor,it is a criminal offence under section 32(7) of the Bankruptcy (Scotland) Act1985 for you to fail to notify your trustee of any assets acquired by you within a period of twelve months following the date of signing of your trust deed.On summary conviction you may be liable to a fine not exceeding£5000, or imprisonment for a maximum period of three months, or both.My question to the forum is,if i come into money could be a couple of thou do i need to tell the trustee, after all it is three years since i signed the trust deed.Thanks, i would be grateful for any answers that point me in the right direction.
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By JaneClack
#263893 I am not 100% sure of this but think you have a responsibility to let him/her know of any assets/money acquired during the whole of the period of the Trust Deed.
By pinklint
#264053 Thanks Sarah, but why does the law state that the trustee can enter a period ,and in my case the trustee has put in a twelve month period.Looking at the wording from a legal point of view it seems the trustee has choosen to enter a twelve month timeframe, and legally cant i hold them to that.
By bluedog
#264063 When does your trust deed finish?

If you do come into some money then you should inform the trustee just to keep yourself right. Any argument would be a technical one, but during the course of the PTD they own your 'estate' as such and that includes an inheritance, lottery win etc.

It would be up to the trustee whether they wanted you to hand over the money or not. Some would let you keep some of it

B
By wdm2
#264183 The form seems misleading. 12 months is the applicable period for bankruptcy not a trust deed.

You MUST inform the trustee of any windfalls during the period of the deed. If you are outwith the three year period normally specified in the deed (and I assume at the stage where the trustee is working to wind things up and seek discharge) then they are unlikley to be interested in a windfall but they should still be told.

I would contact the trustee and ask them about progress toward discharge and also how they would treat any future windfalls.
By pinklint
#264423 it seems that all trust deeds signed between 01 april 2008 and 14 nov 2010 were covered by new legislation(Bankruptcy and Dilligence Act) that means the trustee can only ask to be notified of any assets acquired by the debtor for a twelve month period after the trust deed is signed, the new legislation which came into force on 15 nov 2010 gives the trustee the power to be informed of any assets acquired by the debtor to be declared up to 3 years after signing the trust deed seems there is a loophole(that has been closed) which could be good news for anyone who has signed a trust deed between the dates 01 april 2008 and 15 nov 2010 and they win the lottery.or i am i wrong
By Hotpot
#362453 Hi guys new to forum here and need some advice I signed a trust deed in October last year and won
Money in January at start of this year, knowing that imam
Not a banker and therefore have to pay my way in this world I informed my trust deed, strangely they haven't got back to
Me since then and it's been 5 months? Are they happy to just take the payments? After all
Business is business? I have now spent the money and just wondering where i stand as i did inform
Them but they never got back to
Me with a final
Figure? Im just a little worried now as it'll show on my statements the money going in but will they ask for it even after 5 months? Any advice on this would be greatly appreciated many thanks
By Hotpot
#362703 Hi guys I'm new to the forum here and need some advice I came into money at start if the year having only been in the trust deed a few months I informed my trust deed about the winnings but the have yet to get back to me ? It's now been 5 months? Am I right in maybe thinking they are a business and would profer to go through the whole process in order to gain more money? An
I right in thinking I'm covered by informing them? Any info would be much appreciated thanks