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Topic starter
14/04/2011 6:28 pm
Hi
I cannot raise the 13k due at the end of the TD as we have been turned down for a remortgage. We cannot raise the 13k or even any lump sum to make a final payment, However if we did have to sell then there would be about 4k costs ( fees, ads, and so on) taking the equity to about 9k
does anyone know what the possibility is of creditors accepting perhaps 8 or 9k to be paid up at £500 per month? My family are willing to help make a monthly contribution. Therefore we could raise a large sum in about 16 months. This would avoid selling
Also hopefully the creditors will note that houses here are taking about 3 years to sell so they would have to wait that length of time to get any equity and there would still be costs but even higher with years of ad fees to be added on
Does this seem feasible?Has anyone been successful trying this?
Thanks
Mac
Mac
14/04/2011 6:30 pm
Hi Mac.
As per my previous post, I think you had been looking to meet with your trust deed provider to discuss this last month?
Has there been any meeting or discussions yet?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/04/2011 6:41 pm
sorry i posted a reply under Wikkikee - could you have a look at it and get back to me as I would be very interested in your views
Thanks
Mac
Mac
14/04/2011 6:55 pm
Have done Mac. Shall we keep it to the other thread from here? I'm getting confused!!
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/04/2011 6:58 pm
Yes will keep it here
have you heard of any situations where a people have not been able to raise a lump sum to pay off equity but have made montly contributiomns?
Thanks
Mac
Mac
14/04/2011 7:00 pm
Hi Mac.
Quite a few of the members of this site have written here about dealing with equity via some additional payments after the usual trust deed period has ended. Our experts have also written about it being an acceptable option in certain circumstances.
It normally seems to be a perfectly acceptable situation provided that it isn't going to take an excessive period of time to contribute the funds.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/04/2011 8:16 pm
Hi
What would an 'excessive' time be? I could raise 9k in 18months paying £500 per month. However another aspect of this is ...since im very sure the house wont fetch 130k and it will be on the market for a very long time- much longer than 18months ( going by similar houses here) We could just agree to sell at 130k and wait it out paying no more contributions but saving £500 per month towards a deposit for a new house. Would the TD have rights to lower the asking price if it doesnt sell at 130k and months are passing by? Or must they agree to stick to the 130k valuation?
Thanks
Mac
Mac
14/04/2011 8:54 pm
They would not hang around for years to sell the property Mac. It would sell for whatever was achievable and that would be the end of it for you.
That may help your negotiating position of course based on your view of what it might sell for if it had to go quickly.
It's hard to say what exactly "excessive" might mean as it comes down to the view of your trust deed provider. If it were several years it is likely to be seen as too long though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/04/2011 9:16 pm
Yes that's a fair point. I will let you know what the TD's view of my proposal is.
Thanks
Mac
Mac
