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Scottish Trust Deed Forum
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25/05/2016 4:46 pm
I am 8 months into my trust deed, and because of equity in my home, have another 4 years+ to go
My property has been on the market since November 2014 and Ive had very little success with viewers (a problem with the access which dispite my best efforts have been unable to do anything about). Im really unhappy where I am and generally feeling very trapped and frustrated.
Its suddenly occurred to me....why am I striving for the best price when Im not going to see any profit from it? Im thinking about reducing the asking price to attract someone from the buy to let market. My morgage balance is reasonably low, and the reduced price would still see a decent chunk of equity being fed into my trust deed. However I was wondering a few things:
Would I be allowed to keep any of the funds to help with the cost of moving, setting up a new home, etc?
Would/could my trust deed payments be readjusted to take account of my new living situation? Obviously unable to get a new mortgage, Id have to rent privately which is considerably more expensive! Could my payment contribution be reduced to take account of higher living costs?
Will there be a limit on how expensive a place I could rent? My head hurts from worrying about the whole thing! Its just very difficult to budget, and work out whats affordable when the Trust Deed leaves a big question mark over your head!
Thanks in advance!
25/05/2016 4:54 pm
Hi Stumbledoor (good name!)
The answer to your questions is that all of these things may be possible, but that it is up to your trustee so you would really need to discuss matters with them.
In terms of whether you could reduce the asking price and/or reduce your contribution payments to the Trust Deed, whether this is allowable will really revolve around the impact this will have on how much this will diminish the return to your creditors compared to what was originally estimated. You may find that you have to extend your Trust Deed for longer in order for your trustee to agree to this.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
26/05/2016 11:21 am
Hi Stumbledoor,
If your property has sat on the market for a long period of time then it might be the case that in order to achieve a sale the asking price needs to be reduced.
It could be possible to retain a small amount of the funds to allow you to move. Things like a deposit, moving costs etc should all be factored in as you won't have any surplus cash or savings to help with this.
If as a result of the move your expenditure has increased i.e. higher rent, council tax, gas, electricity and travel costs then this also should be reviewed.
As Kevin has already suggested it comes down to your Trustee and something which you should discuss with them. I'm sure in the space of a phone call you it will help clarify a lot of things.
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