As an aside if you type in PJG trust deed into google guess where you are directed to first hit,yep here ! What an advert for the company short term gain long term loss springs to mind here.

quote:

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Originally posted by Bert Rudge
[br]In theory, Steve, that could happen with any agreement. It's just that in 1500 years since the Justinian Code we've evolved to a state where that is rare.

Ultimately, but unlikely, a transaction for a pack of gum could end up before a Sheriff.

Whilst there's statue and common law surrounding the application of agreements like Scottish Trust Deeds, either side could renege.

Absolutely not saying that is the case here and I do not think anyone in the industry operates in that manner.

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Sorry - I hit 'post reply' before I'd put my reply in!

I think that really sums up the situation Bert.

I'll also point out - again - that at least one person on here has already reported that Creditfix are working from PJG's agreement about equity.

Yes, 1 person who was having to pay equity anyway..... the issue is the person who had no equity to pay and is now being offered a "deal" of a extended year to waive interest in property.

Steve it's not that simple . As I put in a post when this first happened.
I had no equity to pay ( stated on my documents) until about 2 months before the transfer took place.

PJG said my redemption figure when I started the TD was slightly different from what they thought - which resulted in this £1070

Ann you might have stumbled onto something. I thought i had read that somewhere. some people received a SECOND letter. From what I can tell this was sent out during the transfer.

I myself never received a letter so can we get an idea as to who received this second letter or not.

Mine was a phone call from PJG . Didn't get a letter. Spoke to the office two or three times explaining that I thought there was no equity. However knew I would be bound by it.

In hindsight It was obviously some kind of review before transferring to CF

Ok yes we are getting somewhere now..... I too got a call from them maybe 4 months ago at a guess.

They told me they had been trying from the start to get a redemption cert from my mortgage provider but didn't have it could I get them one. I knew they had one at the start but I just blindly played along and got them another one anyway as I just tried to do whatever they said to comply with my terms.

Obviously they made no mention to me about selling on etc. I just assumed they had lost the original redemption and it was just a paper exercise. Obviously they were teeing me up to see how much equity there is to sell me on.

We just need diamond chap to come back and confirm if he had this phone call or letter.

Holding a redemption certificate on file is just part of the job.

If you're looking for the figure when the trust deed was signed then it doesn't matter when you get it - the value will be the same.

If an equity agreement was based upon an estimate provided by the client, and the mortgage balance turned out to be lower once reviewed, there's obviously scope for the situation to be reviewed.

Ann910 - might this be what happened in terms of your situation?

yes I know that TDA but they did have that originally then out of the blue asked for another one 4 months ago? How would the value be the same 28 months later as you have made 28 mortgage payments?

It depends what you're looking for steve1984.

You might be looking to pin down the valuation then or now.

Hi TDA
That is exactly what they said at the time.

However as I signed based on the assumption of no equity ( and this was written on my documents ) I was shocked to get that call.

It shouldn't take 2 years to tell someone they have an extra £1070 to pay.

I'm assuming it was only discovered when they were about to do the transfer .

Sorry TDA I don't get what you mean?

The redemption cert at the start was X amount, no equity. The redemption cert at 28 months is Y amount, 10 thousand odd less. What would the 2nd cert have to do with what was agreed at the start? If they wanted it pinned down at the start (which they did) then they already have that recorded. If they wanted to pin down the valuation at 28 months then what would the purpose of this be other than what we all fear.

Also I didn't get a TD by giving estimates of things.
I had to provide paperwork and PJG should have sought the correct
Information before giving me written confirmation that there was no equity to pay.

It was their mistake

Well... some mortgage lenders can be incredibly slow to provide redemption statements. I've no idea whether this was the case for you or not ann910, but I can see a scenario in which paperwork about equity is based upon the figure that a client provides you with (under the old scenario at least) under the assumption that it was correct.

Presumably there has been no loss to you ann910, unless you'd have chosen not to proceed with a trust deed if this amount of equity had been apparent at the start?