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Scottish Trust Deed Forum
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25/06/2015 1:36 pm
Hi i thought i was finished my trust deed in May having heard nothing i received a letter last week roughly saying as you are aware i have been investigating the equity in your property and have now received the valuation and further information required to ascertain my interest in your property listed valuation £100,000 mortgage redemption £51,194 total equity £48,806 bases on the current equity of your property is £ 48,806 its my intention to put a full and final offer to creditors to extend your trust deed for a period of 24 months to allow you to make ongoing contributions of £150 per month this would provide creditors with an offer of £3,600 towards my interest in your property can someone explain why they can do this as i have paid it for 3 years as asked by my trust deed and they have never been in the house to value my property either and advice would be very much appreciated.
25/06/2015 3:39 pm
Welcome to the forum biglaff22.
When you sign a trust deed you normally agree to make monthly payments for an agreed period of time. Also, you agree to contribute the value of certain assets that you might own - equity in a home being one such asset.
This should obviously have been made clear to you at the start.
As such, it looks as though your trustee might be in a position where they could have asked for all of the equity. This scenario might have resulted in you having to sell your home.
Instead they appear to be hoping to agree a compromise with your creditors - additional contributions for a couple of years in lieu of the equity.
In terms of the valuation itself, sometimes these are conducted online or by a "drive-by" valuation which doesn't involve entering your home.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
26/06/2015 8:57 am
Did they not mention equity n your home at all when you signed your Trust Deed, biglaff22?
I thought you were about to say that they sent a letter advising they want £48k from you or will sell the house. What they are suggesting sounds like a good deal if creditors agree to it.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
