now all i have to do is wait the 5 weeks to see if there are any objections ! one day after meeting and already it feels like weeks [:(]

quote:

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Originally posted by Trust Deed Assistant
[br]That's great dev00100.

It's lovely to hear you so positive after such a short period of time. Well done for taking the steps that made this possible.

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Oh dear dev00100!

If it's any reassurance, we hear from extremely few people that don't get their trust deeds protected.

Usually the adviser would warn you of any particular risks, if there were any, based upon your circumstances and the acceptance criteria used by your creditors.

hi
can somebody just please clarify this to me as i dont really understand what this means , i got my proposal letter today and on it it says , your property is over secured so i have no interest in it , however it should be noted that your property would vest in me for the duration of the process
sorry for the silly

question but its just i dont understand that bit

quote:

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Originally posted by Trust Deed Assistant
[br]Oh dear dev00100!

If it's any reassurance, we hear from extremely few people that don't get their trust deeds protected.

Usually the adviser would warn you of any particular risks, if there were any, based upon your circumstances and the acceptance criteria used by your creditors.

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Hi dev00100.

I think this means there is no equity because your mortgage is at least as big as the value of your home. Does that sound right?

I think the second part is a reminder that your trustee would still have an interest if the property were actually to be sold.

Maybe one of the experts here will have some thoughts to add to this when they next visit.

hi tda
i spoke to david and he clarified it for me and thats exactly what it means but thanks for replying to me [:)]

quote:

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Originally posted by Trust Deed Assistant
[br]Hi dev00100.

I think this means there is no equity because your mortgage is at least as big as the value of your home. Does that sound right?

I think the second part is a reminder that your trustee would still have an interest if the property were actually to be sold.

Maybe one of the experts here will have some thoughts to add to this when they next visit.

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Good stuff dev00100.

I'm glad it's all sorted out (and that I was right!).

Hi dev00100!

I know I've already been in touch with you to clarify this and your happy and understand but for the purpose of the forum I wanted to clarify this for others.

It's really as TDA has advised, we have confirmed that the property does not have any available equity and as such the Trustee has no interest in it but for example should dev00100 decide to sell the property and make £30,000 then as the property still vests the Trustee can ingather this for the benefit of creditors.

It wouldn't be fair upon creditors if we established that it doesn't have any equity then 18 months into the Trust Deed someone really wants the property, pay's over the odds for it and the creditors don't see any of this money. It's about finding a balance.

Hopefully this clarifies things.

hi everybody ! this is just to give an update as to my situation,firstly i would like to thank the experets on this site because if it wasnt for your advice the very first time i came on here then i dont know where i would be today so thanks again, when i fist made contact i thought it would be a long process but as soon i spoke with david tannock he arranged to come and see me that week and we went through my situation ,from the day david came to my house on the 17th nov he has been there whenever i needed any kind of question answered , the only problem i had (and was very scared about )was if my trust deed would become protected or not and you have to wait 5 weeks for this decision, well as of today it has been and i feel like the weight of the world has been lifted from me . i cant believe how quick david got all this organised and in total it took about 6 weeks. what i want to make clear to ANYBODY who is reading this and they feel that its all getting too much and dont know what to do please please contact either one of the experts (personally i would reccommend david ) but the choice is yours or even trust deed asst and they will answer all your quieries and help you get your life back together ,all i heve to do is make my monthly payments now and look forward to 2015 being a lot more stress free !! once again everybody involved thanks sooooo much

A big "congratulations" to you dev00100.

It's always good to hear when things work out efficiently, as expected, and as hoped.

Congratulations also to David and his colleagues for helping you to make this happen.

Hi dev00100,

Thanks for taking the time to come on and post about your situation and also for the positive feedback on your experience in dealing with me as your advisor!

It was a good phone call to make yesterday afternoon to update you on your case and that it have become protected. I know from our first meeting you were very worried and nervous especially when it came to your house and car.

As I said yesterday try to relax now and focus on making all of the agreed payments knowing that there isn't any risk of losing your house or car.

You know where I am and have my mobile number if you have any problems.

Hi dev00100

Congratulations on getting your TD protected and glad that it is a positive step forward for you!

I think its the fact that you know how much is going to your debts each month and not having to "juggle" who is getting paid so most of the stress is gone.

I'm sure the four years will fly in!

Hi dev00100

Congratulations on your TD being protected I well remember the 5 week wait and the feeling of relief once I knew it was protected. I have 5 more payments to make then hopefully all finished with. It does not seem like that long ago that I started the process and I am sure that the time will fly by for you to. I too dealt with David's firm although it was Paul who I met with and I have found them great to deal with from my initial contact to the six month reviews and always available at the end of the phone.

Hi worriedmary,

Thanks for the positive feedback on how you have found my firm and colleagues to deal with. I'll be sure to pass this onto the rest of the team.

Give the team a call when you have 2 payments remaining and we can discuss the procedure for the discharge and closure of your Trust Deed.