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Scottish Trust Deed Forum
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Topic starter
15/12/2012 12:27 am
im away to sign td soon and the trustee tell me that i have 1600 equity in my house they say that for 3 years i will have to find someone to pay 50 a month into the trust deed as its not allowed to come from my bank account i dont see how this works thwy said it was to cover the equity over 3 years help please its with kwpg
richard law
15/12/2012 9:49 am
Hi again richlaw666.
If you have equity you'll need to ensure that it is paid over as part of a trust deed. During the term of the trust deed it cannot come from you as you'll already be expected to pay over your surplus income into the trust deed.
You could therefore find someone else to pay it during your trust deed, or ask the trustee (now) whether you can arrange for your trust deed to be extended so that you can pay it yourself.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
15/12/2012 12:26 pm
Have they included selling fees in their calculations?
If you only have £1,600 equity, that would be quickly swallowed up in any sale.
Also, if you have a fixed rate mortgage over a fixed term, there would be penalties that would no doubt be in excess of that for early settlement.
I honestly think if you have yet to sign, you should arrange a face to face meeting with one of the experts who post on here.
I am with Mark's company and couldn't recommend them high enough.
Topic starter
15/12/2012 3:07 pm
Yeah maybe should speak to another company to see what they can do i just feel that i still will be extremly broke when i sign with this company and need something to make it less stressfull not the same
richard law
Topic starter
15/12/2012 6:54 pm
Yeah maybe should speak to another company to see what they can do i just feel that i still will be extremly broke when i sign with this company and need something to make it less stressfull not the same
richard law
