Hi Jackie

It depends on a number of things. How the equity has been calculated and how accurate this is, what your surplus income is if you were not to pay the debts and also the split of the debts ie how much is in your name, his name joint names.

There are a lot of factors, although the equity one appears to be the main one.

Mark

Hi Mark,

I have calculated the equity myself looking at what the same property was sold for in December 2010 against how much I owe on my mortgage. IS this how the equity is calculated?
I was told my a cold caller re PTD that they could hide up to 60k equity in my home and if I paid a bond of ?ú500 this would ensure the house was not revalued at a later date and would mean I would be able to keep the house, is this the case?

Thanks
Jackie

Thanks
Jackie

Hi Jackie1803

I think you need to read through some of the forum posts on this kind on nonsense. 'Hide up to ?ú60k equity'? I bet the company never gave you a company name. I think you need to be very very wary of these people.

Trust Deed valuation tend to be lower than estate agents valuation. It's then a case of deducting the mortgage settlement figure to assess equity.

My advice would be to avoid cold caller companies and middle men and speak directly with a professional advisor to look at all the options. Ensure it is all stated clearly in writing before doing anything.

Mark

They did give me a name, they were calling on behalf of (* company name removed *) who I see is not listed on your Forum. I am going to look at all my options and will contact you if this is the route I decide to take, thanks for all your advice.

Jackie

Hi Jackie

No problem. As I mentioned before, best advice is to look at ALL the options available, ensure that the matters are discussed in full and all points discussed are put in writing before doing anything. That way, you know exactly what will happen and there are no surprises.

Regards

Mark

Hi Jackie1803

In the majority of cases, if there is equity in a property, it will require to be realised for the benefit of your creditors one way or another.

Like Mark says, please avoid cold caller companies, speak to a professional advisor, and get everything in writing before you proceed.

Julie

Hi Jackie1803 and welcome to the trust deed forum.

We've edited the name of the company you mentioned. It might be quite a serious matter if such a statement were made and then carried out by a trust deed provider. As there is the potential for this statement to have come from a middleman or rogue salesperson (rather than being reflective of normal practice) we're more comfortable with the company not being named in connection to this.

You may wish to get a couple of local estate agents to value your home on the basis of a quick sale as this may be closer to the type of valuation used in a trust deed.

If there is still significant equity you would either need a plan to realise it for the trust deed (sometimes family support for example, or additional monthly contributions if the amount isn't huge) or perhaps even be prepared to sell the home in the future. If there isn't significant equity there should be a way to deal with this fairly simply provided you pick a good trust deed company and get everything in writing first.

I wish you well with your decision-making and please let us know if you have any further questions.