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 scottishdebtor
#59589 Been reading a few posts recently about old debts which pop up after your Trust Deed is complete.

There's not really been a definative answer on this. As an example say your TD is complete after 3 years, what happens if a debt appears which you did not include in your TD (say year 4). Everything is settled and the pot of gold has been divided out and there's nothing left.

Will you be responsible for this?
By daviebicky
#59613 thats the question i cant seem to get an answer on as well :( hope its the same as br i.e all debts are cleared :lol:
#59631 All your debts SHOULD have been wiped in your Trust Deed-only danger I can see is that when you pay into your TD-your creditors should expect a Dividend- if the debts werent included then they wont get one IYSWIM.

For a definitive answer-which being honest I dont have- as I will only give you advice when I REALLY know the answer 100%, I would phone the AIB helpline or speak to an IP.
By scottishdebtor
#59711 I will phone the help line and ask the question.

Will post the answer once I find it out.

#60242 Thanks SD- I am really busy and hardly have time to breathe between home AND work. I would have done it myself if I had time- and I am not likely to be speaking to an IP in the forseeable.
By scottishdebtor
#60259 Just an update, sent them an email and still no reply. Will give it another day and call them direct.
By scottishdebtor
#61503 Final update on this topic from myself.

Called the AIB helpline and asked why they never answered my email?

Was informed by the girl on the desk " I have your email, we cannot answer the email as you asked about Trust Deeds. The AIB only administrates them, you would have to get in touch with a registered insolvency practitioner for advice on this matter"

Basically they said they know nothing about Trust Deeds.

Just wonder if debtors in Scotland should start a business and don't bother to pay the tax man. They will make you bankrupt without even blinking an eye.

Address for anyone wishing to call themselves:
By penny1234
#61721 I found th AIB useless with regards to obtaining information about Trust Deeds. However they did refer me to the Institute of Chartered Accountants in Scotland (ICAS) and they were very helpful. Why don't you give them a call, I found their number with google.
By scottishdebtor
#61780 I have called them in the past and trying to obtain information was like drawing teeth. However will call them later and attempt to complete the thread.

Regarding the AIB being useless, this should not be the case and I wonder if its just they cannot be bothered due to workload?

thanks again
By daviebicky
#62198 i have spoken to my ip who says it is highly unlikely they will instigate proceedings against me due to length of time(14 years with no contact), she says the prescription time is around 6-10 years and although they could have had a case as i had moved address they have no claim now due to time lapsed-will keep a copy of her letter just in case i get chased after my td finishes :lol: still doesnt answer the question though for more recent debts for other people that they havent included in td-surely there is 1 ip who comes on this site who can answer this?????
#62253 Not Scottish ones............ :( .Ill try and recruit one........... :wink: