Hello Polls and welcome. I'm sorry to hear that you're feeling this way.

You'd normally have to pay over your full share of the equity, not a percentage.

As a trustee cannot extend a trust deed without reason I wonder whether this might be what's happening here?

If you're not sure your trustee should be able to tell you.

What did their letter say was the reason for the extension, Polls?

The letter states " to date you have made eleven contributions of £xxxx towards the equity in your property, with a twelfth payment expected in May 2013. After a review of the equity position I can advise that your trust deed will be extended for a further twelve months at £xxxx to realise an additional £xxxxx towards equity for the benefit of your creditors."

This further extension is seriously stressing me out, mainly due to the situation with my elderly parents. I have no alternative but to seek another job with a higher income ( i dont even know if that's possible) to ensure that the mortgage on the family home is paid, as my 68 year old mother is no longer fit to continue working. I'm an only child and my parents were relying on my financial help when my PTD ended. If only my parents and I had decided not to include me in the mortgage, I wouldn't be in this mess, the PTD would have ended in May 2012 as I would have had no assets, and I would now have my life back...

Hi Polls.

Were you specifically told that you would be discharged in May 2013?

We're there any conditions attached?

Yes, I was definitely told that after the 12 month extension, they would write off the rest of the equity and the PTD would end. There were no conditions. I can only assume there have been protests from some of my creditors. That's the only reason I can think of as to the further extension. Either that or I was given misleading information in the first place.

Do you have anything in writing to confirm that Polls?

It seems unusual. The full amount of equity normally has to be paid over.

I bet there's nothing in writing! Poor show from your trustee I'm afraid.

Paul

Are they looking for all the equity, or just your share of the equity?

Plasticdaft you're psychic, of course there's no letter, just an assurance over the telephone, which means diddly squat!

Once bitten twice shy as they say. I'll make sure I don't make that mistake again. As it happens, once they receive all the equity on my property, I'll have paid back just about everything that I owed in the first place, so at least my conscience will be clear!

Five years is too long...I wish I could get hold of the rest of the equity and just pay them. I need to get out of this PTD.

Hi Polls,

I'm sorry to hear of the difficulties that you are having trying to deal with everything.

It does seem unusual that your Trustee would write off a proportion of the equity after only 1 year of payments towards this.

As others have said, did you get anything in writing confirming the agreement? At the start of your Trust Deed what was the agreement which was proposed to your creditors and when was the equity in the property calculated and verified?

It might be worthwhile asking for a meeting with your Trustee to advise your understanding of the equity situation and also of your own personal commitments to your parents.

JintyMcSkinty just my share thank goodness, approx. 7.5k. I've already paid just under 2k towards it.

Hi Polls.

I think you should contact your trustee to confirm exactly how long it's going to take to clear the equity given the level of your current payment.

It sounds like the last thing you'll need is further disappointment later if it's extended again without you realising that this will be the case.

It sounds as though the verbal assurance you were given was incorrect. Very frustrating and annoying for you, but it doesn't sound as though there is anything unusual about the trustee feeling obliged to collect the full amount due for equity over time.