Hello needsmust.

With these changes do you think your current payment is realistic?

Do you think that there is equity in your home?

You do sound pretty determined to hang in there.

Hi Amy,
Had a helluva debt to put into the ptd,s for my wife and me. Think it would be a cheek to try and lower them.(guilt still about defaulting).Iwould think there would be a bit of equity in my house when the ptd,s finish,(april ,then may 2014.).Hav,nt had a chance to read thru my ptd firms paperwork yet ,but is it a standard avenue to go down once a ptd is finished. I,m only asking as the firm has already stated that my payments to creditors would be 10p in the pound. Can they change this.

Most firms would assess the equity position at the start of the trust deed and make the proposals based on that. If there is no/negative equity then some firms will ask you to find someone to pay in £500 to "buy out" their interest in your property - meaning the value would not be assessed at the end. Some firms, those represented on this forum included, do not even seek this £500 payment but will abandon any further interest in a property at the start of a trust deed in these circumstances.

If there is some equity then it is likely that this will be required to be paid in at the end of your contribution period. Again practice varies from firm to firm. We would not seek to review the property's value at the end of a trust deed, but would seek payment of the equity position established at the start - this way everybody knows where they stand before anything is even signed and there are no nasty surprises at the end.

Unfortunately the firm that you are with may not see it this way, so all you can do really is have a look at what they have sent you previously, or ask them.

Hope this makes sense!

I would think its in noones interest at this stage to make you default on your trust deed. I think it would be worth going over the figures of your present circumstances with your TD firm and maybe reassessing your payments

Thank,s for the input . As i said i think my situation has hit rock bottom, so i reckon the only way is up. Will get the head down with my good lady and tick off the remaining 18months and hope it all comes good in the end. Maybe worrying about something unnecessarily but thats what you do sometimes.Again thanks for your replies.

Hi needsmust,

Have you had a chance to read through your Trust Deed paperwork regarding the equity in your property? I note from your previous reply that you "think" you have some equity in your property.

I would advise speaking with your Trust Deed company to clarify the equity situation now rather than leaving this till the end. Should you have equity or there are some issues/problems regarding this, you may be able to resolve this within the next 18 months and your Trust Deed can conclude on the agreed timescale. If you leave asking the question about your equity till the end, you could find that your Trust Deed runs for longer than the 18 months that you have left and it's only at the end that the problems begin.

Best to ask now re the equity than leave it.