Hi madwife

Just a quick post to back up what M<ark and julie have said - be VERY wary of entering into a trust deed unless the equity situation has been clarified first and a plan is in place for raising your share of any equity there is. You are quite right to be worried about the prospects for remortgaging to raise these funds - it may prove difficult - so there could be a significant risk of losing your home.

The DAS would seem to be a safer solution if there is a fair amount of equity in the property - it may take a few years longer than a trust deed but at least your house is safe and you are not having to potentially remortgage and pay higher mortgage payments for however many years.

would a DAS force those who have not frozen the interest to do so, if so that is what I'll go for. My great husband is happy for his salary to be included in assessing repayment and is not keen on a TD. This forum has been more than helpful. I thought of seeing my bank manager to see if our mortgage could change to interest only for a period of time but, as there are arrears and other debts with RBS they would chase me. I worked with them for 15 years too. Who do I approach in regard to a DAS and do I need settlement figures for secured loans? Thanks for your help.

Yes a successful DAS application would force all creditors to freeze interest.

You'd need to approach an "approved money adviser" a list of whom is available on the moneyscotland website. You might need settlement figures for your secured debts - can do no harm to have them available.

Good luck

What do you know about the Legal & General's latest 'no credit check' mortgage.

Hi madwife1,

I knew nothing about it. A quick web-search reveals that they will still very much be using underwriting procedures albeit without the normal heavy reliance on credit scoring.

It's aimed at complex "prime" borrowers and has a maximum loan to value of 75% as far as I can see.

Hi Madwife

I have just recently dealt with the companies that you have mentioned and also entered into the trust deed (signed paperwork).

I also paid the ?ú150 TD valuation. The ?ú500 will be paid at the end of the trust deed 38 months rather than 36 months.

My problem is i dont want to go down this road now and want to sell my house.

My house does have equity but (edited) have valued it lower so there is no equity. This way the IP dont have visabilty of the equity that would need to be shown to the creditors.

My problem is i want out of it now and to just sell the house.

However i have just been told by the IP they have an obiligation to put it through,Even though they have sat on this for a week and did nothing.

I do not know where to turn. I have looked at posts from the Trust deed expert Mark and i am wandering do i go down the road of saying that (edited) have committed fraud and the IP do know this and have accepted it. They both work in (edited) and i firmly believe that one another work hand in hand here.

I need Help fast as i want to pull out!!

Hi Elaine

There are 2 points here. Firstly you have signed the Trust Deed and this is legally binding on you and the Trustee. The Trustee has an obligation to follow the process. I would have hoped that the correct process was followed by the Trustee where a meeting took place and a note of the meeting was send and agreed before signing.

The 2nd point is more serious. If the property was purposely undervalued and a formal valuation was carried out and you know this to be the case and the IP is willing to accept this valuation, then there is a duty to report matters to the IP's governing body and also the governing body of the surveyor. I suspect if this has taken place, it would be easy to identify.

Mark

Mark thanks for your reply, They done a computer survey no one ever came to the house. They valued it at ?ú160,000 so that there was no equity when the true value of my home is ?ú220,000.

Therefore would i be better putting it in the hands of a lawyer?

Hi Elaine

As stated above, if no fee was paid and no formal valuation carried out, then I would suggest the 'computer valuation' was an estimate, pending a formal valuation which needs to be carried out in all cases.

Mark

Glad I helped Nells. lotsa people out there ready to pounce on vulnerable folks trying to grasp onto a lifeline and ending up in more bother. I've approached a Money advisor with a view to a DAS. I can't thank you enough and will check this forum regularly. Thanks, I'll let you know how I get on.

Hi Elaine

I have been looking through the post and think you need to enquire excatly what the ?ú150 payment was for if the valuation was done online. I assume they used Zoopla or similar which is completely inappropriate. If a survey was produced, I would demand to see a copy.

I am still unsure why (edited) are so heaviliy involved in matters which should be under the control of the Trustee. They are certainly not in a position to make statements on equity etc.

Mark

Hello madwife1 and nells,

You may have noticed that the detail of the firm that you refer to in your postings has been edited out.

A representative of the named firm has contacted us stating that they would consider legal action should the content remain on the site. This potentially creates a risk to you (as authors) as well as the site.

The representative from this firm considers that the content might have been placed maliciously (for commercial or personal reasons) rather than being related to a case they have handled. We can understand this concern which is why we have chosen to edit the material at this time. It would not be fair to expose a company to such negative comment, after they have challenged whether it is accurate or truthful, unless the site could be entirely sure that the comment was justified.

The original content has been printed and therefore can be restored if it turns out to be appropriate.

If you feel strongly that the comment should remain as it was originally written, and if you can evidence your contact with the firm in question, we invite you to contact us on 0800 0437201 or use one of the contact forms and we will call you back.

Hi

Well it looks like the parties involved will no who i am as my name is clearly shown and it certainly wont take a genius to work out who I am and who is posting their concerns on the forum.

However i would just like to make 1 thing clear for the record that this was not my intention to expose any company but to make it clear to every one who has concerns about entering into a TD to be sure of what they are entering into. The money they took from me was the main issue as this was a lot of cash for me to find just to enter into the TD.

I hope they are now ashamed of themselves as they have taken ?ú450.00 from me in the last week which again i have had to borrow and im almost sure if they wanted to rip up all the paperwork that i signed they would. My worry now is where do i get the money to pay the people i borrowed from just so that i could pay for an inappropiate survey and ?ú300 for my 1st payment to the TD. This i also found strange having to pay as i was told that my creditors could refuse the TD. Therefore why am i paying ?ú300 upfront and to be told if i wanted to pull out of the TD after that the money was not refundable, So why can't i pull out now before the creditors have been notified

This money could have paid my overdraft with the bank therefore there would have been no need for me to change banks!!! but i was advised to change banks and let the overdraft be paid. They knew my concerns on this.

Now its too late as i have signed all the paperwork therefore agreeing to all the terms and conditions for the next 38 month, Now I cant sell my house, i have had to change banks, every bonus i earn through my work the IP takes a share of it,I can't sleep at night knowing that i have to answer to the IP for the mext 3 years.

The only thing i can take from this is "Always trust your own instinct" i knew last week something was not right in what i was doing. I commented on this through my 1st posting "nervous about TD"

unfortunatley my husband is now so angry he has persuaded me to seek legal advise on this which i intend doing ASAP this is to ensure that noone else can be conned out of money for improper surveys and for the way that this has been handled.

The last week has been an absolute nightmare for me and i would not wish this upon anyone.

I sincerely hope that there can be a happy ending to this sooner rather than later.

I have never felt so vulnerable in my whole life!!!!

Hi nells,

You can remove your personal details if you wish by editing your profile or posts. If it isn't working for you let me know and I'll do it for you.

Please consider contacting the site support team directly (0800 number above or via a contact form).
We really want to do everything we can to try to help you but it would seem sensible to handle this offline at this point in time.

thanks for you reply

i will give you call as advised as i know its more sensible for this matter to be handled offline.