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Advice please

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(@mike123)
New Member
Joined: 6 months ago
Posts: 1
Topic starter  

Hello - 

I am looking for some advice please. I am currently married and we have decided to separate - we are both in separate protected trust deeds . We have paid for 4 years and now in last 2 years that we had to add on due to equity that was in the home at the time the trust deeds were set up. 
if we sold our home just now what would happen to any profit that was now made please? We cannot find an agreement short term to see this trust deed out and things are extremely difficult staying in the same home but it feels like we are trapped with no options. 
the 2 options would be sell or the other one raises money through the equity in the house-to pay the other one out but I don’t think either will be possible when in this trust deed but I just wanted to ask? 
many thanks 


   
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Annmarie Macdonald
(@annmarie-macdonald)
Member Admin
Joined: 1 year ago
Posts: 38
 

Good afternoon @mike123 welome to the forum.

I am sorry to hear about your circumstances.  Unfortunately if you sold your home any profit made would be split between both your Trust Deeds for the benefit of your creditors, you would also be unable to raise money through equity in the house to buy the other party out.

I would advise you to speak to your Trustee and inform them of your current situation.  They may be able to offer you further guidance towards a solution.

Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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