Hi Tallhotblonde.

I'm afraid that until it becomes clear that any trustee involved in a transfer has actually moved the goalposts in respect of equity this just isn't a subject we're going to go back to.

It's been covered to death elsewhere in the forum as I think you've read, but it's not clear that a single person has actually had this happen to them at this stage.

If it becomes an issue for anyone for sure, rather than the hypothetical issue that has been much discussed elsewhere here in detail already, we'll come back to it.

I got a letter back from the aib.
It appears there is not a lot can be done if the Trustee decides to revisit the Equity.

Am really surprised this is the case as my prev trustee stated my house was safe as long as i completed my 36 monthly payments, ive even got it in writing in the other paperwork ive signed with them stating no other valuations will be done and creditors will be advised of no equity?

Hi Tallhotblonde,

Try not to worry too much about things at the moment as I think it's unlikely that anything will change in your case.

At the moment with the transfers that have taken place it would appear that only two cases have had issues with the equity in their property and one of those isn't down to the change in Trustee. The other case we are still waiting on more information before we can say if it was as a result of the change or something pre-existing in the case.

Let's wait and see what happens and as TDA has said we can then come back to it if there are any issues.

Diamond Chap, are you having a laugh. After everything that happened last week-end and then the explanation from David you come back with a statement like that!

It might well be the case that the trustee can do something with the equity but there are so many different factors that need to come into play...and they probably won't do it anyway...

Please don't drag this issue up again, I have slept better the past few nights than I did all last week-end...

No, the last thing on my mind is laughter.
Stating what was communicated to me by aib.

However, you're right, it is a pointless exercise posting any more about it.

Over and out.

Hi.

To be fair, amid all of the speculation and conspiracy theories we've read here, Diamond Chap is the one person for whom there is some reason for uncertainty about exactly what has happened at the moment.

My gut instinct is that it will not turn out to be related to the transfer, but Diamond Chap as far as I'm aware doesn't yet have that reassurance as a fact. Hopefully it will come very soon.

I'm also mindful that Diamond Chap has been respectful and thoughtful when writing in a way that some others sadly haven't. So lets support Diamond Chap until he has some certainty, while remembering that it seems pretty unlikely that there's a broader issue here related to the transfer of cases.

This is a forum for sharing information. So please share
Diamond Chap. To tell someone to stop bringing something up
is censorship. If you dont want to share or read you dont have
to.

Yesss just in time for the weekend again. Being serious though I think the majority want to hear Diamond Chaps outcome, so while I appreciate the need to tone things down I think his was a relevant post. I for one would like to know how his situation plays out.

Please don't anyone fallout please, and thank you to the expert folk for their advice, further to my enquiry I have stumbled through my original paperwork and feel I may have got to the bottom of why the accountant in bankruptcy have replied to me saying the trustee could value my house again, they did say in their email that if I could provide any paper work to back up my claim that the trust deed would end once I've completed my trust deed payment ie 36 months I should provide it and it would be looked at again!!!!!

Well I've found some information that I feel could possibily help anyone in the situation were they may be asked for a valuation again at the end of their agreement, if I'm wrong about this I apologise and hopefully the experts will correct me.

"1. The accountant in bankruptcy email says that note 1 under the total liabilities note on my statement of affairs permits a valuation of my property, mines was done at the start, so don't understand their point.
2. Anyhow on the point of backup paperwork, have a look at your "review of financial affairs", which you would have signed with your then trustee at the start of your process, on the very last page it relates to heritable property.
3 I will list roughly what it says, and I hope this is ok with the experts, it's a bit long winded but I can't do anything about that so her goes.
3." I advised mr/mrs !!!!!!!! that it was the policy of of this firm to instruct one valuation to assess the equity position at the start and that no further valuations would be instructed.
Once the equity had been assessed, then this figure would remain until paid.
The TRUSTEE WOULD RETAIN AN INTEREST in any equity until the agreed sum was paid in full.thereafter the trustee woul discharge his interest.
I advised that it was preferable to obtain a professional valuation of the property and an up to date redemption statement in respect of any secured borrowings in order to assess the level of equity that would need to be introduced for the benefit of creditors.
Subsequent to the meeting I instructed the valuation which shows a valuation no greater than £""""""k for the purpose of the trust deed.
No further valuations will be carried out and the creditors will be advised there is no equity in the property."

Now to me it looks like this is the backup signed by both parties information that I need to ascertain my original 36 month agreement, if anyone else has the same info then I'm sure it will help when the time comes to end your agreement and maybe we can all look back and think this was maybe a fuss over something or a fuss over nothing, the latter i hope,please note I haven't named my prev or present trust deed companies so yours may be different, but if the experts require it I will post it if they want, hope to hear what the experts and other members think soon, and if I'm wrong again I apologise.

Hi Tallhotblonde.

It's obviously very useful to have the basis of what was agreed at the start in writing. Should there be confusion or a dispute later it's something concrete to refer back to.

AS Trust Deed Assistant says, it is good to have that in black and white just in case there are any issues. At the moment, I don't think there is any reason to believe that what was agreed at the start won't be adhered to though.

Thank you for your replies:)