Hi fizban,

It will come down to what was agreed at the outset of your Trust Deed and proposed to your creditors.

Even although the equity is small and the selling costs would swallow this amount up you may have agreed to pay this sum over at the end. All firms are different in terms of how they treat the equity in a property.

I would check the original paperwork from the start of the Trust Deed to see what it states.

Thanks for the reply David

I signed with PJG and am sure that I was told that the £2,200 equity wouldn't figure in my TD.
I've now been transferred to Creditfix and that's made me query it.

If Mark could respond I'd be grateful

Could I just add that what was proposed and accepted was 36 payments at £250 per month.
I've had pay increases of 1% per annum since starting the TD. Inflations been running at between 2% and 4% since then.
In real terms I'm financially worse of than when I started.

Hi fizban.

I doubt Mark's going to be able to provide you with a useful answer, that will need to come from Creditfix.

The statement from them (on another thread) was that they'd honour any previous agreement, so if you're unsure what that agreement was CreditFix should have the records to inform you.

If there is equity to pay an option might very well be an extension if you cannot organise for it to be paid in a lump sum. If there's no equity to pay things will obviously be more straightforward.

Thanks TDA.

As stated the equity was only £2,200.
I'd be less than happy if Creditfix moved the goal posts and wanted me to extend the TD.
I'd be seeking legal advice and lodging a complaint with the appropriate bodies.
Only time will tell though.

I'd be surprised if the position hadn't been clarified at the start fizban.

If you're in any way unsure what that agreement was if suggest checking. Always best to know where you stand I think.

It was clarified at the start as I tend to have a good memory for such things.
That's why I was hoping for Mark to confirm if it was PJG's usual position
With regards such a small amount of equity.
If I can't find the relevant documentation I'll contact Creditfix and PJG to enquire.

Hi fizban.

I think I should have used the word "documented" rather than "clarified". That was the message I was trying to convey in my last post.

Your documentation should include the proposal to the Creditors.
This should detail your Monthly payments and any other contributions, including Equity.
Creditfix will probably not honour any 'verbal agreements', I suspect and PJG are unlikely to enter into detailed dialogue with yourself.
If it states there is no Equity to be included, then that should be that, although Creditfix may have a different view.
I was with PJG and made my final payment 25/10.
Creditfix basically told me to resubmit my queries in a few weeks.
I resubmitted said queries and have not had any acknowledgement from them.

Creditfix are what's worrying me.
In an email received from them the language included phrases such as "administered in much the same way" and "no significant changes"
Those words could be good news or bad.
I'm going to get the situation with them re. the equity in my house, clarified. As soon as I do I'll post the results on the forum.
If it's bad news for me then I guess we'll know where we all stand.
Hopefully it'll be a positive outcome for me and so for the rest of the clients who were moved from PJG.

Hi fizban

I'm not sure which case you are, however I can easily answer the question.

If equity was assessed at the start and formed part of the trust deed proposal then this will require to be paid as it was part of the deal agreed by creditors. In addition, I have never made the statement in any case that equity would not figure in a trust deed where equity had been assessed.

Hopefully this clears up matters.

Mark

Thanks for the reply Mark.
Much appreciated.
Would that then mean that my trust deed would be extended to cover the repayment of the £2,200?
I'm positive that I was told that a small amount of equity such as this would not figure at the end of my TD.

Can I ask if PJG kept copies of the paperwork for the TD's that they sold on?
I hope you can understand my concern at this. I'm not having a dig but simply trying to clarify where I stand and thus were others will stand in the future.

Thanks

Hi fizban

The normal process, outwith a third party paying this, would be an extension with each payment of the extension being used to reduce the equity figure. We normally archive everything, however I'm sure Creditfix will supply you with the minutes if the meeting & statement of affairs.

Mark

Cheers Mark

Swift replies are always appreciated.