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equity

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(@fatrat3060)
New Member
Joined: 8 years ago
Posts: 2
Topic starter  

Hello, When I took out my trust deed, we were told that we'd have to pay an extra year at the same amount to pay off their interest in our property. After the 3 years were up, they told us it was £500+ for 2 years. The amount we paid for 3 years was £234 per month. Can they do this? If I had known this at the start, I might not have signed up.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum fatrat3060.

Regarding the person who told you it would be one extra year at the same amount, did they work for your trustee firm directly or did they then refer you to a trust deed provider for your case to be set up?

Do you have any written record of this agreement at the start? For example, a letter or email?

Do you have a record of how much the "interest" in your home was at the start of the trust deed?

Do you know if your home has been valued again since then start of the trust deed?

Sorry to fire so many questions at you, but they'll help us to provide you with more useful information.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi fatrat3060 and welcome to the forum.

Have you spoken to the Trustee to ask why what you were told is different to what is now happening in terms of the payments and timescale?

TDA has asked a lot of important questions that will help us to better understand your situation. I would dig out all of your paperwork from the start of your Trust Deed to have a look at what it confirmed. If you don’t have a copy you could request copies from your Trustee. This should help you answer the questions from TDA.

Once we know more we can advise you further.

David is not currently posting in the Trust-Deed.co.uk forum


   
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(@fatrat3060)
New Member
Joined: 8 years ago
Posts: 2
Topic starter  

Yes the girl worked for the company, no we've nothing in writing. We did know how much it was, but she still told us that. No I don't think it has been valued since.


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi fatrat3060,

I would speak with your Trustee and explain that your understanding of what happens with your house and extra payments is different from what they have advised. Ask them to clarify in writing the exact position with the house.

When you sign a Trust Deed a proposal needs to be sent to your creditors which confirms what you will pay per month and how any asset value with be managed and dealt with. When you speak with your Trustee ask for a copy of this to see what it confirmed to the creditors. Also, I would ask your Trustee for a copy of all the paperwork that you signed at the start of the Trust Deed and especially anything that confirms the position with regards to your house, the equity and also extra payments/timescale.

I know this doesn’t help your situation fatrat3060 but for others who may be reading this the legislation is a lot tighter nowadays regarding a property and equity and it all has to be confirmed in a statutory form which the client and Trustee both sign.

David is not currently posting in the Trust-Deed.co.uk forum


   
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