Notifications
Clear all
Topic starter
09/02/2013 3:14 pm
Hi
sorry this is going to be a bit long and winded, just hope it makes sense.
My husband paid agreed final amount in june 2012, heard nothing until friday when he got a phone call and he agreed to extend for another year. Letter received today noting that "your trust deed has been extended to realise my interest as trustee in the equity of your property"
He also received copy of letter that was sent to creditors which states "the date for submission of creditors claims was 6 november 2011. Failure to submit a claim or the submission of a claim without supporting evidence prior to this date will result in exclusion from any dividend payable" at bottom of letter it says "undernote referred to .....amount of claim submitted 0.00, amount of claim admitted 0.00, amount of claim rejected 0.00" can someone please make this clearer for us, don't really understand what is going on - thanks
09/02/2013 7:05 pm
I would ignore the bit about claims, Impulse. It doesn't make any difference to your husband anyway. I suspect it says zero as this is just his copy rather than the actual letters to creditors which would have stated the amount claimed by that particular creditor.
I take it he was expecting to have to extend the contributions for the equity?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
09/02/2013 8:43 pm
hi kevin
Thanks, yes he was expecting it to be extended, and has been told just for another year and that should be it. My hubby had told them that value of house was about £10 000 over mortgage value, but they sent a letter saying more like £30 000 which is nonsense - they done a drive by valuation based on 3 bedroom house, ours is a 2 bedroom and full of dampness. He never signed the agreement for their valuation, so yes happy to pay for another year if that's the end of it. At the end of another 12 payments, the total contributions he has paid will be about £8000. The trust deed is only is my husbands name, but house is owned by both of us. Thanks for replying
09/02/2013 9:09 pm
My house was over-valued by the trustee and I paid for another valuation. It came back at least £5k lower than what the trustee has valued. They had someone visit to value my house - not a drive by. As I was the only one on the trust deed but the house is in joint names, I was only liable for 50% of the equity in the property. I can't remember all the figures but I think the valuation was a couple of hundred pounds and it saved me thousands in equity.
Nothing left to discharge - everything's done and dusted!
10/02/2013 12:20 pm
Hi Impulse.
That comment about "another year and that should be it" sounds awfully vague.
I think you need a very specific expectation about what the equity responsibility is.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
10/02/2013 1:28 pm
hi
Thanks Gillian and TDA - Have just had a look at the abstract of receipts and payments and glad to say that it states the property value at £95000 which is the figure my husband gave at the start and that makes his equity share £5000. At the end of another year the contribution total made will be £8400. TDA - my husband is contacting the TD tomorrow to get a further explanation of "another year and that should be it" Thank you all for your input
