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Topic starter
10/04/2022 2:01 pm
Hi there,
I was hoping to get some advice.
My wife is due to end her 48 month in mid-April and she is due to have her Equity paid by a 3rd party. This has been agreed by her Trustee.
I am due to end my 48th month in August and I will be using the sale of my car to pay the Equity. This has also been accepted.
Once her equity has been paid and she receives her Form 5 does her share of the Properties we have get released back to her or would they only release the shares in full once I have completed my term? I hope that makes sense.
Many thanks
BMC[:D]
Topic starter
10/04/2022 2:17 pm
Just another quick question.
What is the process when the 3rd party pays off the equity? Is it done via telephone call or can it be a BACS transfer? What is the normal protocol for this?
Thanks again!
11/04/2022 9:50 am
Hi BMC.
Once the agreed payment has been made for your wife's share of the equity and she is discharged then the Trustee has no claim any longer over her 1/2 share of the property, so yes it is released back to her and the inhibition against her name is lifted.
I imagine different firms will have different payment methods that can be used - some may accept card payments by telephone, I expect all will accept payment by BACS.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/04/2022 11:56 am
Hi Kevin,
Thank you for your reply and detailed explanation of the process. We truthfully didn't know what the actual process would have been.
How long do you usually wait for the Form 5 to be issued? Do we need to ask for it or is it automatically issued to us?
Thanks again for your help.
BMC
11/04/2022 3:25 pm
No problem.
The Form 5 should be sent out automatically. There is no set timescale - it seems to take firms anything from a week or so to a few months from when your payments have all been made. It really just depends on how efficiently they deal with it.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/04/2022 8:16 pm
That is great thank you again for your help Kevin.
