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Topic starter
07/05/2011 10:44 pm
having scanned through these tonight , i an realising a lot of people like me are having great difficulty raising the qeuity at the end , I need ?é£22 ,000. No one is goint to lend.
I do not know hat practical steps I can take and I am regretting doing this as when I started there was no indication that I would not be able to get the equity from my mortgage company .l
All i can see is I am goint to have to extend this , but for how long ? thats a lot to pay off monthly !
Has anyone raised funds , if so from where , were lenders willing to help , who ???
08/05/2011 7:31 am
Hello goneunder.
I do hope someone else may have an idea for you, but I'm afraid I am not aware of a lender offering increased mortgages during a trust deed.
Do you think that amount of equity still actually exists in the property?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/05/2011 7:37 pm
Many people found it easy to remortgage during a trust deed a few years ago, and few people foresaw what huge changes there would be in the mortgage market in general. As such many people did sign a trust deed expecting to release equity this way.
Where people have more recently written in this forum about having equity (when considering their debt solution options) the general advice from the experts has been to have a clear idea how it would be dealt with, or otherwise to look to other options such as the debt arrangement scheme where the house is not specifically included in the same way.
Obviously the main thing to do will be to communicate with your trust deed company. They might consider extending the trust deed in some circumstances. Alternatively support from a third party, or selling the property, might be the other options that are available.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
08/05/2011 9:09 pm
It may be that a deal could be done, goneunder, as your trustee would incur a great deal of expense if they were having to forcibly sell your home against your wishes. If you can make an offer of a lump sum and/or some extra payments they may be willing to put it to your creditors as the most sensible way forward for all concerned.
Not an easy situationtobe in though - best of luck and let us know how you get on.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
09/05/2011 11:02 pm
Thanks for advice . will keep you posted .
06/06/2011 8:53 pm
Hi Goneunder,
Can I ask how you got on with this? I also have to raise £22000, my trust deed finishes next month.
07/06/2011 6:00 pm
i know your stress, we are in the same position as you. i am more stressed now than i was three and a half years ago. bloody nightmare thats all i can say. good luck ,
