A landmark victory at the end of October 2018 in the Supreme Court means that if you have previously been in a Scottish Trust Deed, you could be due a significant windfall. That’s where the team at Beat the Banks can help put that money back in YOUR pocket. With literally hundreds of years working in banking and financial services, Beat the Banks are equipped like no other claims company.
So, what exactly does this mean? Well, here’s the background to Trust Deeds in Scotland, the role and responsibility of the Insolvency Practitioner (IP) in dealing with your creditors and exactly why, through their mismanagement of your Trust Deed, you could now be due substantial compensation for mis-sold Payment Protection Insurance (PPI). This relates not only to debts that were included in your Trust Deed, but also on any borrowing repaid, in many cases, long before that date.
What is a Trust Deed?
If your financial circumstances in the past saw you struggling to repay your debt, you may have been advised to enter into a formal arrangement with your creditors. One of these options may have been a Trust Deed – A voluntary arrangement with your creditors to repay either all, but more usually part, of what you owe them. Pre-2016, the standard period of a Trust Deed was three years, whereas now it’s four years.
This would have seen the rights to your assets transferred to your Trustee, who then had the obligation to ingather these for the benefit of your creditors. For example, this may have included the sale of your house, or an agreed contribution from your share of the equity within the property. You might have also required to pay a contribution over a set period of time. Crucially, assets could have also included compensation for previously mis-sold PPI.
Surely my Trustee Recovered all of my Mis-sold PPI compensation?
Our extensive research, along with industry experts, has shown this to be far from the case, with typically only 5-10% of all possible compensation for mis-sold PPI being recovered during a Trust Deed.
These figures seem incredibly low, but here are some of the reasons why –
• Trustees often tried to do this type of work themselves or passed it to linked businesses who were supposed “experts”. They often relied on poor customer recollection of what credit they might have had and did very little investigation work, focusing only on the simpler and more obvious cases.
• Back in the day, for many Insolvency Practitioners, it was all about driving high volume Trust Deeds business, often with substantial referral fees being paid to introducers. It seems the often time-consuming and complex business of ingathering PPI compensation suffered as a result.
• Even when potential mis-sold PPI was identified, banks often refused to accept a PPI complaint signed by the Trustee.
• Claims paperwork or information requests sent to consumers in Trust Deeds simply went unanswered and were never pursued.
• Prior to discharging a Trust Deed, an Insolvency Practitioner is required to give a written undertaking that all available assets have been ingathered for the benefit of the creditors.
It is somewhat ironic that in order to discharge their appointment as Trustees, the Insolvency Practitioners are required to give a written declaration to the creditors that all available assets, including any compensation for mis-sold PPI, have been fully ingathered.
Why are Beat the Banks Able to Succeed where Others Have Failed?
• We literally have hundreds of years’ experience in banking and finance, meaning that we are the experts in recovering full lender records AND piecing together the financial jigsaw that saw you enter your Trust Deed. In many cases, we can even check and claim for PPI paid with lenders long before your Trust Deed even started.
• With our highly trained eye, we scan hundreds to thousands of pages of data, looking not just to identify claims for mis-sold PPI, but to be clear exactly, why, where, why and how the cover was sold. This means that we give every single claim the very best chance of success.
If you have been in a Trust Deed in the past and have been doubly discharged by process of time and by your Trustee, the Supreme Court decision means any compensation that we can locate and successfully reclaim on your behalf is legally yours. Beat the Banks are here to put that valuable missing compensation back in your pocket, but with a PPI deadline of 29 August this year, time is running out.
To find out more about how we can help you, please complete our enquiry form and we will be in touch, or simply call our office today on 01382 200474. We’re here to do all the hard work so you don’t have to.