Notifications
Clear all
Scottish Trust Deed Forum
2
Posts
2
Users
0
Reactions
1,208
Views
Topic starter
25/06/2011 2:27 pm
Hi entered into a trust deed, 17 days till it becomes protected (fingers crossed) receiving many calls and letter from creditors saying they are proceeding with legal actions but after a call to my td advisor, she has said, that it will all be ok, and to pass the paper work on to her...phew! I think she must think i losing the plot!!
Having read some of the threads on here I am now slightly confused and concerned. Many have posted that are nearing the end of their trustdeed and are saying they now need to find X amount of money for it to end.. Why is this, am i going to have find a lump sum at the end of the 3 years ? Is this only if you are a home owner or does everyone have to find this money. Any advice would be appreciated.
25/06/2011 2:41 pm
Hi stressedtthemax
Most of the threads we have on the forum that relate to lump sums at the end of the TD period, are regarding the equity in someone's house - normally an increase in it. (although this should not happen even when you have a house - there should be no shock surpises at the end.) I take it you have no assets and therefore you should be ok. If you do have assets, how the Trustee intends to realise them should all be discussed out at the beginning, and best practice is that you should have something in writing before you sign up.
Shona is not currently posting in the Trust-Deed.co.uk forum.
