Hello Domino99.

Was the two year period calculated because it equated to the amount of equity?

For example, you were paying £200 per month and the equity was £4800 so the extension required just happened to work out at two years?

Hi Domino99,

How much was the equity in your property?

I guess to use the example of TDA, if the equity was confirmed as £4,800 and you had 2 additional years, if you are able to pay a higher amount then you would pay this back quicker and therefore reduce those two years. This would mean your Trust Deed would complete sooner and you would receive your discharge earlier.

Hi
Thank you for your responses. My share of equity to be paid into TD calculated at £2882 which is the figure detailed in document.
This equates to 24 payments of original amount I paid into TD.
Domino

Hi Domino99.

My guess is that the trustee would probably like to collect the equity sum as quickly as possible, and therefore might require the higher amount for a shorter period of time to cover it.

It all depends on exactly how it was written and structured though, so for a definitive answer you'll need to ask your trustee.

But what if after two years he pays the original equity value off and continues to pay his mortgage , after two years he will have newly found equity and will he therefore have to extend to pay the new equity ?
Is that not how it works ????

It's a different situation goneunder.

Domino99 has an equity agreement for a sum of money that they'll be able to raise as expected barring any disasters.

You were unable to satisfy your equity agreement (for hugely unfortunate and sad reasons which are documented elsewhere on the forum).

But what if ???
What if they do want to value the house again in 2 years ??? Can we predict they won't ??

Yes. I'll predict that goneunder.

If I'm honest I just don't want to go here again though. This has been well covered in other threads recently.

I hope you understand.

Appreciated . But can you also see in recent threads people are bring caught in the same situation as me?
One final question , if I had been sequestrated in 2008 , would i have been required to make contributions for three years ?

If you could afford to then yes, I'd have thought that would have happened.

Also your home would likely have been sold quite quickly I guess if there was a chunk of equity there.

Hi Domino99,

Your Trustee will probably be looking for you to continue with the payments you have been paying to enable the agreed equity amount of £2,882 to be repaid quicker and in turn the Trust Deed brought to a close quicker and a payment paid to creditors. I'm guessing ideally you would like to have things closed off quicker also?

Give your Trustee a call and speak with them about this. They will be able to clarify what they would like to happen.

Let us know how you get on.

Thank you again. Keeping same higher amount to clear it quicker sounds good to me!
Domino

Certainly paying the equity amount as quickly as possible benefits everyone!! Good luck.

Paul

Good decision Domino99, best to get the paid off as quick as you can.