Welcome to the forum dustybin.

Signing a trust deed makes an individual responsible for paying their surplus income over for a period. It also requires paying over the value of significant assets, such as equity in a home, that either existed when the trust deed was signed or which come to them during the course of a trust deed.

This is generally properly explained and properly understood at the start of the process. However, there are some people who have been posting on the forum recently where some part of this has clearly gone wrong. In some of the instances the situation was well explained and well understood, but the virtual total withdrawal of equity releasing remortgage products (for people in trust deeds) since the credit crunch has thrown a major spanner into the works.

Are you a homeowner? If so, do you believe that there was equity in your home at the start of the trust deed or that there might be any equity there now? Have any valuations of your home taken place?

Hi,thanks for your reply, yes we r homeowners we have it in writing from the start of trustdeed that there was no equity in our home and no valuations have been done since

Hi dustybin

I think the more important part is to have it in writing that the Trustee will not be carrying out a further valuation at the end.

In dealing with property it should be made clear how equity will be dealt with and if there is no equity, then confirmation that this is the final position and no further valuation will be instructed.

Mark

Was there any discussion about a valuation taking place at the end of the trust deed dustybin?

Do you think there would be equity in the home now?

Hi,thanks for your reply, yes we r homeowners we have it in writing from the start of trustdeed that there was no equity in our home and no valuations have been done since

Hi, I can't remember any discussion about another valuation at the end but I'm not certain there won't b much if any equity in it just now I wouldn't think,

Hi dustybin.

If there is no equity there will be nothing for you to worry about.

There aren't many areas where property prices have increased much over the last couple of years.

Hi Guys

I have recently signed paper work to commence with a Trust Deed. At this point there has only been verbal communication with regards to contributions and equity. I have been told that a valuation will be completed on my flat and that once it has been shown to be in negative equity, then that will be the end of it, there will be no future valuations. At what point should I receive it in writing that this will be the case?

Thanks

Al

Hi SkintAlly.

The general advice we've provided is to obtain that prior to signing a trust deed.

If you've already signed I'd suggest that you now just ask that a confirmation of the information provided to you verbally is provided in writing.

Thanks TDA

Not sure if I can mention names, but I've been dealing with RSMtenon. Their advisor was very reassuring of all this and had explained that I would receive confirmation detailing all the figures etc and that this statement would be detailed within. I have been assuming that there is still an official document to be signed?

Al

The main document to sign SkintAlly is the trust deed itself. If that hasn't happened yet it sounds like all is in hand.

Sorry to keep on at you TDA. Is that a substantial document? or would it have been the 5-6 page photo copied document that I signed at the meeting? I'm getting a bit concerned now lol.

Thanks

Al

What was actually on that document SkintAlly?

Has the company arranged to come out and see you again (or are you expecting them to)?

From what you're saying I doubt that there is anything substantial for you to worry about here.

My understanding was that it was an agreement to enter into a Trust Deed with the particular company. I still have to be appointed a case advisor and there was no additional information relating to monthly contributions or durations etc detailed within it. Hence the reason I'm still expecting to sign other documents.

I'm probably concerned over nothing, they are a well respected company after all.

Thanks for your help.

Al