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Scottish Trust Deed Forum
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Topic starter
02/09/2013 8:55 pm
looking for sum advise my trust deed is finished and I was told at the start that I was to pay an equity off 6500 for my home, I have been trying too remorgage my house but have had no luck, so I spoke to them about extending it too pay it off and they agreed but then got an email back saying that there has been a mistake on there part that the equity figure was wrong and they know want 13000 off me, can my do this I was not told this figure at the start and it is there mistake do not understand how they can just change it please help
02/09/2013 9:07 pm
Welcome to the forum stevie1976.
Might they have thought that your home was jointly owned?
Is it just owned by you?
The doubling of the figures hints at this explanation.
Have you seen the valuation used? Do you accept it as being reasonable if you have?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
02/09/2013 9:12 pm
no it is not joint owned, I have seen the valuation for the start off the td but have only been told by email about this change, if I was told it was that kind off money in the first place would have not bother
02/09/2013 9:35 pm
I'm sorry to hear that you have received some bad news Stevie.on the original Statement of Affairs does it show the property as jointly owned, thus only contributing 50% of the £13,000 equity to your estate? And perhaps it has only came to light now? If this is the case then this is a huge oversight and I would advise that you ask for this to be taking in to consideration and try to come to agreement with regards to what you have to pay given its their fault. If everyone has signed the paper on that basis then I would imagine it would be difficult for them to argue otherwise. The creditors may have agreed to to take £6,500 anyway!
Rob is not currently posting in the Trust-Deed.co.uk forum.
03/09/2013 10:11 am
Hi stevie1976,
That must have come as a very big surprise especially as the equity has doubled according to your Trustee.
You want to contact your Trustee and ask them to send you out a copy of the initial circular which was sent to your creditors at the very start of your Trust Deed. This will have the Statement of Affairs which Rob is referring to and it should show the position with your property i.e. the value, how much is outstanding on the mortgage and also how much your Trustee intends to ingather. This I think will either be £6,500 or £13,000.
I would also request a meeting with your Trustee/Relationship Manager to discuss this issue and to see why the equity has doubled and if there has been a mistake made in your case.
With someone as important as this, I would ask for everything to be confirmed in writing and not via email.
Once you have received the initial circular and Statement of Affairs if you can let us know what's on it, we can give you some more advice on how best to move forward.
David is not currently posting in the Trust-Deed.co.uk forum
