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Scottish Trust Deed Forum
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Topic starter
03/12/2012 8:49 am
I am now 2 years into my trust deed. Before I signed, I was in a house with massive negative equity and a huge loan secured on it. I was advised if I gave the house up the secured loan would then become unsecured and part of the trust deed. The figures for the secured loan and the projected shortfall on the house after it was sold by the bank were included in the calculations for the trust deed.
On Saturday I received a letter from a 3rd party collection agency saying they had had no payments for the loan since Oct 2010 (when I signed my TD) and I must make plans to start paying this again or they will be seeking a wages arrestment.
I have sent this letter off to my IP today and am hoping it will get sorted out. Although I realise these letters are mostly about blowing smoke up people, what would happen if they actually did take me to court while I was in a TD? Do I, or my IP firm, have to prove my protected TD status to avoid the action?
Glad that's over with....
Topic starter
03/12/2012 8:51 am
I should say that I did surrender the property which took a lot longer than expected to do (about a year) and have heard nothing from any creditors for the last 20 odd months.
Glad that's over with....
03/12/2012 9:14 am
Hi upstream.
They cannot do anything to you. It would be very easy to demonstrate the protected status of your trust deed.
I'm sure your trust deed provider will take care of this quickly for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
