Hello mapleleaf.

Talk to your trust deed firm about organising for a third party to pay the £500. If they continue to believe that the home is in negative equity it's hard to see why they would refuse this payment.

In the long run checking that any default notices aren't registered much after your trust deed started will certainly be a good idea.

Once your trust deed is completed you'll also want to check that any balances are listed correctly as well, so you may wish to leave all of this to handle in one go a little time after you are discharged from the trust deed.

Is there any point in paying this £500 if the property has negative equity. I presumed your house wouldn't be at risk if there was no equity to claim.

That's a fair point Mrs Mac, but equity could develop if property prices increased or the mortgage balance was reducing on a repayment mortgage.

Knowing that will not become a problem would be very reassuring for most people, though of course finding a firm that can deliver this reassurance without a £500 fee would be even better for those now starting out on a trust deed process.

I sincerely hope that the proposed changes to Trust Deeds finally deals with this nonsense.

Over the last year or so the '£500' has evolved into many forms and my advice is that the tv/radio advertising trust deed experts and other mass marketing middlemen should have their 'expert' call centre workers adopt a uniform approach to the subject. To date I have seen;

£500 for your house having no equity
£750 for your house having no equity
£500 x 2 ( couple) for your house having no equity
£850 x 2 (couple) for your house having no equity
£500 for your CAR having no value ( honestly)
£500 x 2 for both cars having no value
£500 being paid at £41.67 per month by someone on top of their contribution ( not 3rd party)If the can afford this payment, shouldn't the contribution be increased?

So many real debt experts out there, so many options.

Mark

Hear hear Mark-I know you're probably sick of dealing with the question in it's variations.

It is scary how many people feel isolated and ashamed when they look for options to stop a horrible situation worsening.[:I]
I'm sure lots of people don't feel strong enough or clear headed enough to question what they are being told. in a lot of ways it has been of benefit to me because I believed I couldn't afford bankruptcy(due to these sorts of figures)I have now been told 3 times that the IP has to charge this £500 x2 for a couple as the AIB mandates that amount. If I choose to let the AIB appoint an IP, I would still need to find someone to pay it, may need to pay it upfront and have no way of being sure of a friendly IP!It really sickens me that this language is used when your thinking is very emotionally clouded[}:)]
There is no pretence either that this fee goes towards debt reduction, I have been told it is the actual legal cost of taking the individual names off the security at the land registry to name the IP then return it to the owner!! By others,I have been told it goes to the AIB and if (s)he doesn't receive it, discharge will be delayed! Jackanory-story time for those too young to know.[V]

I am so thankful for the time and commitment all of you give, experts and fellow mistake makers.[:o)]
Only because I thought I had no choice did I delay and end up directed to the site where I can weigh up the information, sources etc. THANKS!!

Mark-Thanks for your visit and explanations, now I am looking forward to Sequestration as the beginning of the end of my worst couple of years.
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Mapleleaf-did you get any comfort on this issue?

Regarding the defaults,its maybe not worth bothering about dates etc until the trust deed is completed as creditors can and often do default continuously until the td is finished. There are better things to spend your money on than loads of recorded delivery letters!

Paul