dmackay41 wrote:Has anyone had experience of what happens if, during the course of a protected trust deed term, some money becomes available to the debtor from an inheritance. I realise the Trustee has to be informed, but would they take it all if, or can the Trustee negotiate with creditors for a lesser amount in some cases.
I dont know whether they would take it all- why dont you have a word with your IP on a "what if" scenario, maybe the will will take eons to go through probate and your TD will be finished by then. If anything like my fathers it might do-he died 4 years ago and his land in Ireland STILL isnt sorted.
I have had to call the artillery in now-MY Husband.
Now, I'm not saying you should do this, but.... if it is an inheritance, how will your trustee ever find out? You are not obligated to provide bank statements annually, only pay slips, so if you forgot to tell him, well you're only human....
dmackay41 wrote:Thanks for that. In the unlikely event that the IP would not be told, would`nt they find out at the time of discharge? I was under the impression enquiries were made with the Inland Revenue.!!
Not if you stuck it offshore-NOT that I would tell you to do that of course........... .I do know of one case where a guy was in a Trust Deed and his Mum died. He inherited his Mothers house, the Solicitor kept it in the name of Trustees of Mrs Bloggs (his mum) until the TD was finished and he had been officially discharged. I dont know if the Solcitor handling the estate could do something similar maybe?????
It takes minimum 6 months in Scotland for an Estate to be administered here as they have to make sure that there are no further claims, and oten it can be longer. How long have you to go on your TD?
It would cover the trust deed, but it annoys me to think that the initial debt to my creditors is 99% interest that I have been due to them on the initial loans.
As I say, that's what I'd do....