Hi cannylassnow and welcome to the forum,

It all really comes down to what agreement was made at the start of your Trust Deed.

If it was confirmed that there was no available equity and that would be the end of it then as you have said it will be 3 years of payment and you will be debt free.

Some firms ask for a £500 payment to protect your property from revaluing it during or at the end of the Trust Deed. Was this something that was suggested to you? My firm along with the others on the forum don't charge this payment to protect a property.

I would suggest looking at all the paperwork which you signed at the start of the Trust Deed as this will confirm the position for you. That's why it's vitally important that at the outset of any Trust Deed things like this are agreed and confirmed in writing.

If you don't have a copy request a copy from your Trustee.

When we entered into our PTD's we were very worried about the house etc. At the time of entering there was no equity in the house but the question we were worried about (as you are) is what if the value goes up by the end of the PTD's. Would we then have to pay more etc.

This was well covered by the Trustee and was documented as a worry at the start and their process behind it was also documented. I received a confirmation after the PTD had started reaffirming that they had no interest in the property.

This was issued by RSM at the time and our PTD's have since switched to Apex but I have been told by the Experts here that the T&C of the PTD's remain the same.. There fore no interest in the property regardless of the value at the end of the PTD.

I would check through your documentation and if you cant find anything call and speak to you RM to ascertain what the position is. Make sure to get what ever the situation is in writing so you can always refer back to what was agreed should you need to.

This info appears to be incorrect as it seems what is written at the start is irrelevant if they choose to disregard it and still ask you for equity.

Did you get any update on your case?

Unfortunately we are starting to realise that any agreement made at the beginning is worthless. I would say the best you can hope for is it gives you a guide as to the rough ballpark equity.

We are in the process of changing trustee after PJG sold us out to creditfix. We have one member who has been told that they WILL revalue the house at the end of the trust deed. As to where this goes I have no idea, as that would mean you are actually paying the TD monthly and PAYING your mortgage payments - interest.

Keep an eye on the credidfix PJG thread to see how that progresses. But one thing for sure is the only document worth anything is the trust deed document all the other promises are just hot air with no legal standing.

I can understand why former PJG clients are concerned about what might happen now that their cases have been transferred to another trustee.

I'm not sure why they are working themselves into a frenzy of panic over things which haven't yet happened, and may never happen. People do react differently to situations, but it does come across, at times, as if there's an element of deliberately trying to cause fear, alarm and mistrust.

Going through old threads, bumping them up, and possibly sowing the seeds of fear and doubt in those who had originally posted for help on those threads... How does that help former PJG clients in any way?

I know some RSM Tenon clients had concerns when their cases were transferred to another trustee, but I don't recall there being the same level of 'scaremongering' at that time.

You don't even know yet if there actually are any problems with the agreements you had made with PJG.

It depends what regulations were in place when you signed the TD.
The rules are more definitive now and Equity is frozen at the start.

Other than that it appears to be at the discretion of the IP.
I would imagine if you remain with the IP who agreed the Equity position at the start then he/she would most likely honour that.

Candlewick, I do know there are problems with the agreements I made with PJG being honoured by CF.

Sorry candlewick but we are well past the stage of wait and see, creditfix have clearly stated their intentions. Given what we know now is it fair we pass this information along rather than sit quietly and not inform them. The new regulations are tighter and they do not make as much on the new TD's so they seem to be milking the last of the old style deeds.

As I understand it, you have received one response from Creditfix. You have sent them several emails.

It is likely that many other former PJG clients have also sent them several emails, not to mention making phone calls.

In between dealing with all of those enquiries, and managing the data transfer between the two companies, Creditfix staff also have to start going through all of the cases which have come over from PJG.

They'll need to look at each individual case, to see what agreements were made with PJG, and how the trust deed has been running, before they can say exactly how they will deal with that case.

Realistically, that is going to take some time - quite possibly weeks.

So, if they are contacted by someone whose case hasn't been fully checked, they need to give a holding reply, which protects their position in the unlikely event that they find PJG's agreements with clients go against basic principles of managing trust deeds.

The reply you received sounds exactly like that type of holding reply. The reply Ann(?) received (and kindly shared on the thread you started) sounds like a reply which is based on thorough examination of her case. It re-states the agreement which Ann made with PJG, and states clearly that Creditfix are sticking with that agreement.

I remain of the view that it is still to early to assume the worst - and far too early to take that assumption into other threads.

If all of PJG's agreements with their clients were along the lines described in Ann's post, that seems like pretty standard practice.

If any of the agreements were along the lines that PJG would waive £50,000 worth of equity, in exchange for £500 and a ham sandwich then, yes, a new trustee would have to look at the equity question again!

Only you know how realistic your agreement with PJG was. If it was a fair reflection of the equity in your property at the time, then there seems to be far less reason to worry.

Ok candlewick, good post and fair enough you have many valid points. So yes I will just wait now and see how it develops.

I went through threads looking for similar situations where maybe an answer could be given to help. Obviously not. Sorry I'll not do it again I'll just go and sit quietly and wait for a few months to be told I owe ten grand that I wouldn't have previously.

I apologise for the inconvenience though. As I said in another thread I'm done now. I accept defeat.

I have not detailed all of my Comms with CF, so let's not assume I have only had one response from CF. There have been many and the more recent responses were fairly specific.
I would imagine the wording of how the Equity is dealt with is similar in most of the cases sold by PJG and only the value will differ.
I don't recall any ham sandwiches or sums of money being offered in either direction.

Rest assured the equity position was correct at the time, that is not being debated.
The realisation of Equity since then is what is impacting.

Just sharing factual information, based on real life experience.

I have 'pinged' an email to the aib, but suspect I will have no option but to comply with CF's request.

The timing of the Equity Valuation is now clearly defined in the regulations, so that was obviously seen as a 'loose' area when we signed up.

Diamond chap, I do hope it works out well for you as I guess we will be next in line. Please when you feel comfortable can you share what there justification is. Maybe the justification is unique to you. Did you receive a secondary letter detailing the equity situation and specifying the amount of equity this year or do all your documents relate to the start date?