Hi Dollybee ,
How much equity did you owe and how much did you offer .
I can't get it all either and I am furiously looking for a way to get maybe 50 % . I can't extend . I have had enough , and like you I am worried about trying to raise £22000! Did you get a mortage company to increase your lending ? Mine won't touch me til at least 12 months after the deed is finished !
Good luck and keep me posted .

Hi Dollybee.

Just reading back through your previous posts, am I right in thinking your trust deed provider was putting an offer of a reduced settlement to your creditors?

I know it's not much of an answer, and it must be an incredibly stressful time for you, but from the sounds of it you're going to have to be patient for a little while longer. Hopefully it will not take too long before you know where you stand.

Hi Goneunder,
I have to find £22000 all in, £15000 of it is for the house equity and other £7000 is for car and arrears. I can get £6000 from a lender which would take me upto 75% borrowed against the house, obviously thats not enough and I they will only lend me £6000 if that will be full and final settlement and I then be discharged from the trust deed, hence the reason why my trustee is going to approach my creditors. When this is likely to happen - Who knows. Why cant you extend yours? It wasnt my mortgage company thats will lend me, but they put me on to another company for a secured loan.

Hi Trust Deed Assistant,

Yes, thats what they are intending to do, but after speaking to them yesterday, they dont seem to have done anything about it yet. Am going to call them next week again and if no luck then I think ill need to write to the trustee himself, but am hesistant to do so as I dont want to get on the wrong side of him.

hi dollybee, sorry to hear your still stressed out. i havent been on for a while cause i moved out of my property handed keys to trustee and rented. while i think this was right for me ( i couldnt handle any more stress) i wish you all the best in getting something sorted out with you ip. its so sad to hear some many people have the same problems time and time again, i still nintend to compalin to everyone i can about my situation

hi dolly bee
Thanks fro relying , I am looking into getting a secured loan to try and raise a portion of the equity. I am also still trying out mortgage lenders to try and get a mortgage that will release some of the equity .
I don't want to extend as I have found this really hard and want to be free of it , it was a three year deal for me and I feel it needs to end .
AnnMarie I am sorry you had to give up your home . Hope things work out for you .
Keep me posted dollybee please

hey thanks goneunder, already i feel the pressure has lifed a bit. i hated my house in the end. its a very hard lesson to learn, i so wish i knew about this web-site and the info they gave on here before i entered into the trust deed, the info and they way the trust deeds are handled was nothing like the info i recived before mines started. there was no way i could have continued for another 3 years living with the stress like i was. i wish you all the best with your situation

Just an update......Called Trust Deed company again today, have been told who my new relationship manager is, but he is now on annual leave and wont be back in the office till Monday - what a nightmare! Anyway, I raised my concerns with the person whom I spoke with today and surprisingly enough he called me back with in 10 minutes with some info. He has advised that its not likely the creditors will accept my £6000 as full and final settlement to then be discharged, however I have been told to put my propasal to the Trustee in writing and post it recorded delivery. I propose increased payments for 18 -24 months and then give them £6000 at that point and after the extended period and hopefully the creditors will be satisfied with that. Has anyone any suggestions as I dont want this letter refused, so I have to be certain am putting the correct info and points forward, this may only be the chance I have to save the sale of my home and car. Am also unsure of the period to request the extention for and the amount to put as I dont want to offer too much and end up with nothing to live on and I dont want to offer not enough and then the Trustee may point blank refuse it as I dont know what they are expecting, thry never give anything away.

Hi Dollybee.

I think you should point out just how fortunate you have been to find a lender that will release some of the equity in your home. It's virtually impossible to find lenders willing to increase the mortgage given to someone in a trust deed right now.

I think you should also point out that this offer from the lender could easily be withdrawn and that it will not remain available indefinitely.

Finally you should point out the very extensive costs that will be associated with disposing of the property if that became necessary.

You're trying to put together a commercial case. Think of it from the standpoint of the creditors:

1 - Are we better off taking this £6000 now and minimising the fees of the Trustee?

2 - Are we better off risking losing the £6000 (if the loan offer is withdrawn), incurring further Trustee fees and waiting longer for a dividend in the hope that a larger sum might be forthcoming?

Hi TDA,

Thanks for the advice. I intend to get this letter written and posted tomorrow, heres hoping I return to the forum with good news. I will keep you posted.

I posted my proposal letter last Thursday by Recorded Delivery, not heard anything back yet, although its early days. Anyone any idea if there is a time limit when the Trustee should reply? I dont ewen know if I will hear from him direct or my relationship manager, sorry I know am being impatient, I just want to know where am going with all this.

You could always phone to make sure they got it ok and while on the phone ask what's going on.

As I'm relatively new to this Im still trying to piece it all together ! Am I right in thinking you have finished your 3 year trust deed, your house has been valued again and there is equity that the trust deed provider wants you to pay to them ?? At present I have negative equity on my property, however if this changes by the end of my trust deed in 2 years time will I be required to pay any equity to my trust deed provider? I have also been paying £40 something extra a month over the first year, (suppose to be £500 payment from a third party) to prevent this happening. I think, am I doing the right thing or did you pay this aswell and now they still want any equity ?? Confused & slightly worried !

Hi again Me2011.

The £500 would only apply where there was no equity when the trust deed was signed. I don't think that's the case in connection to this forum thread.