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Scottish Trust Deed Forum
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Topic starter
24/11/2012 12:46 pm
Hi there,
I am new to this forum but wish I had found this before now as it's very helpful!
I have thankfully just made my final 36th payment and it feels great to see a light at the end of the tunnel.
My trustee confirmed in an earlier email that I have £3,000 negative equity in my property.
However in that email they stated that the are entitled to ask for £500 as a notional sum to release any interest they have in my property to be discharged.
Once they are in receipt of the £500 and all 36 payments, they had advised they will send me a discharge form.
I was under the impression that they £500 was a protection against any equity I may have at the end of my TD not a payment for a discharge?
Any advice would be greatly appreciated.
I am yet to contact my TD to check if i can cancel my standing order but wanted the '£500 payment reason' to be clear in my mind.
Many thanks!
24/11/2012 7:42 pm
Welcome to the trust deed forum Nearly Over. I'm sorry that you've had to wait a little while for an answer.
The answer here probably comes down to what was agreed at the start.
If you agreed to pay this £500 then I would understand why it would be required prior to you being discharged.
If you didn't, or are not sure, you may wish to query this with your trustee.
Remember that not paying it might result in your property being revalued. However, if you're sure there's no equity that prospect may not worry you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
