If there is equity in your home you would be expected to pay it over in a trust deed so be very careful what you do.

What I wouldn't do is take advice from anyone who cold calls me!!

Any reason you opted for a 19 year DAS in the 1st place, and were any other options discussed?

Paul

Thanks for your reply, the equity in our home vairies, we bought in 2006 for £132.000 and had a few valuations top end being £185, 000 from estate agentand the lowest £150, 000.(from gentleman who called from trust deed) we are in arrears of about £8, 000.
The Das arrangement over that length of time is due to how much we could afford to pay back, £198.00 pm but we have needed to asked for a reduction due to our financial mess so I am now paying £104.PM and that agreement is to be in place until our house is sold, and if and when it's sold a portion of what profit we make would repay our debt with Wilson Andrews.
Thanks

What is the level of your outstanding mortgage lee1969? The comparison of that with the value of your property will be the vital thing in determining if a TD is right for you.

It sounds from your post that you are currently marketing your property? Is that correct.

In any event, it sounds like some company trying to hoover up leads to sell them on to another Insolvency Practitioner for commission. Given the fact that Wilson Andrews do Trust Deed themselves surely this would have been considered by them at the time they gave you initial advice?

Hello lee1969.

The company that called you are not registered to government legislation. This is a "line" used by spivs and liars to try to persuade you to take action that will make them money.

If there is equity in your home it will not really be protected by a trust deed. In fact, the opposite may be true. This is a second piece of misinformation that this caller has given you.

Is selling your home something that you are prepared to do if it would help you to resolve your debt worries?

thank you, the house is not yet on the market, we are currently selling a small piece of garden ground to a neighbour to raise some money for the shortfall on the mortgage and hopefully that will be settled within the next few week, we are wanting to sell the property as we have gone through the bereavement of our eldest child and there is too much sadness left in the house, a fresh start is required by all, but with the pressure of loss of earnings due to husbands job being downgraded and the impact of our loss has made any planning extremely difficult, our heads and hearts have just not been in the right place.
But now I am starting to get very frightened about what the future is going to bring us, and it almost sounded from the call last night that I may have an option.
I'm not of good memory too much other stuff in my head to deal with but I do think Wilson Andrews said that a trust deed would not suit due to the equity of the house.

Hi lee1969,

I'm sorry to hear of the loss of your eldest child.

As Voice of Reason has requested, are you able to confirm the current balance outstanding on your mortgage? Once we know this we will be better placed to advise you on what options you have available.

Normally people enter into a DAS due to the level of equity they have in their property and to avoid selling this if possible.

If you have "negative equity" in your property i.e. your mortgage balance is more than the value of the house then you may well be able to consider a Trust Deed or Sequestration.

Hi lee1969

My sincere condolences for your loss - you must be in a very difficult place right now.

Unfortunately, you are being told a lot of rubbish by whoever called you - I would steer well clear of them. Apart from the untruths that trust deed assistant has pointed out above, they are also incorrect about you having to miss 2 or 3 payments before being able to enter into a trust deed.

If you wish to enter into a trust deed instead then you can do so as soon as you like - the DAS would automatically be revoked once it became protected. There is no need to wait for revocation first before signing a trust deed.

Having said that, I don't want to give you the impression that you should therefore rush into signing a trust deed instead! You need to sit down and discuss your situation with a proper adviser who knows what they are talking about and who can help you weigh up the various options that you may have.

If you wish to sell your house then having a bit of equity in it may be useful in broadening your options, including a trust deed or indeed staying within a DAS.

thanks again your advice has made me 'rethink and I think DAS is my better option. Not entirely sure but think our mortgage is about £132.000 because we have defaulted on some payments due to lack of earnings we are almost back to purchase price. Hellish really when it's been outwith our control and now the panic is on.

Hi lee1969.

Are you sure that the home is worth at least £150,000 now?

2006 must have been around the peak of the housing market in most areas? I think that's when you purchased your home for around the current value of your mortgage?

hello again we have been given 3 valuations
150k from the man on the phone from the Trust Deed.
175k from estate agent
185k from another estate agent.
The house was a wreck when we bought it in 2006 hence the low price.

That makes sense lee1969.

Thanks for confirming it.

Hi Lee1969,

I'm sorry to hear of your loss and offer sincere condolences.

We'd like to discuss all your options with you so you can be sure your on the right path towards a debt free future.

If you're able to log onto the Wilson Andrews website you can email me your reference number via the link found in 'contact us' section.

I will then arrange for a Money Advisor to contact you, at your convenience, and discuss all your options.

I hope this helps you.

Thank you