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Topic starter
27/03/2010 12:04 pm
HI
i was with afs and am know with clear debt i have just had the letter confirming they have taken over the trust deed and that a second trustee has been appointed as my first one has also resigned .
the question i have is that i was told that at the end of the five years which due to afs not setting up the two standing orders one for my wife and one for me (they only set up my wifes)i still have about another 16 months after my wifes now finishes we are now in the 3 1/2 - 4 years of this i was told at the end of it i would have to re mortgage our house to pay off any outstanding amounts but how do i find out this is true when ever i phoned afs i was just left confused by what they told me.
they said if my house was worth 90 thousand then i would have to re mortgage for that and give them the whole amount of equity when we re mortgaged about 7 years ago it was for 65 thousand but im not even sure my wages and the wifes would alouw us that amount but if it did how will this work our total deb ts at the time was about 30 thousand jointly can i re mortgage now and try to pay off early?
brian
28/03/2010 10:51 pm
Hello brian,
I'm afraid I'm not quite certain what you mean. Are you saying that there is sufficient equity in your house to pay off the debts in full?
It seems like an very strange trust deed that lasts for 5 years with a large lump sum being paid at the end which would cover the debt sin full anyway. I wonder about whether it was the best option in the first place...
Anyway, in answer to your question, you might be able to get discharged earlier than anticipated by releasing equity, but this would need to be agreed with your trustee. However, if the debt is repaid in full this would only be after the trustee's costs are paid and then there would be interest to add on too.
Given it is a new trustee I wonder how well-informed they are about any previous discussions you will have had with your previous trustee regarding equity etc (could work in your favour?!).
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Topic starter
16/04/2010 7:42 am
im still confussed i spoke to the new trusttee and they said my wife has 16 payments left and i have 33 due to being out of work for a few months and alan adie messing up the taking of payments from me at the start so when my wifes one finishes on i will still have another 16 months or so to go and that i will still need to remortgage at the end of my wifes 16 months and that what ever equity is in our house that we can afford to get in a remortgage based on our yearly wage is what we have to give them so if the house is worth 90 thousand and i can get 90 thousand at the moment my mortgage is 61 thousand so the equity is 29 thousand that is what i have to give them is this correct? i was wondering if i can send you the contract and what our debts were so you could have a look?
Brian
16/04/2010 9:56 am
Hi brian p,
It's difficult for the experts featured on this site to look deeply into the activities or contract of another Trust Deed company.
If you consider that there may be a serious problem that type of task is really a job for the appropriate regulators or professional bodies.
At this stage I'd suggest that you ask for the position to be set out, and justified, in writing to you by the new company.
If the situation then remains unclear you could seek advice from a solicitor, or your local Citizens Advice Bureau, to clarify whether the things you are being asked to do are fair and right. As they stand apart from the Trust Deed industry it will be easier for them to review your documentation and provide an opinion.
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