I wish I could be more positive, annmarie, but if your trustee has had a valuation from a qualified chartered surveyor then it might be difficult to challenge it and they could insist on the higher amount being found.
Looking at you previous posts, the figures seem to have decreased - from £31k to £21k - has the trustee moved downwards to some degree already?

nope they say from the £31k i need to release £21k. i have said all along that the valuation they had done did not reflect my property. there company only did a drive by. we paid for a proper one. the valuation they did came in at the price other propertys in the street are selling for at the moment. could you also give me your views on the repos thread i made earlier in the week. i cant take any more of the stress its making me ill.

Hello annmarie.

I think Julie has added some thoughts on the other thread you mention.

If there is a dispute over the valuation and you believe you are being treated unfairly you're going to need to follow the official complaint channels.

In the first instance that means a formal complaint to your trustee. If it isn't then resolved you can approach the professional body of your trustee. You can also approach the Accountant in Bankruptcy or the Financial Ombudsman. Finally you have the option to get some legal representation.

The other option, as you have elsewhere indicated that you're prepared to give up the house to bring the trust deed and stress to an end, is to work with the Trustee to make that happen.

thank you for your reply. i have written to the ombudsman but they felt it was bad management was my biggest problem, in theory they legaly havent done anything wrong. i think my next step will be accountant in bankuptcy. i am worried sick feel badley let down. i really would just like to know that if i gave back keys would i still have to find i have to pay mortage etc or would that bring it all to a close.

Hi Annemarie
I was in the same position the TD valued this house at 10k higher than I knew it was worth. i got my own report, like you. i also down loaded similar houses in the street to show they sold for a lot less than the asking price. I sent a letter in to the td with my valuation and info on local house prices. My letter was very clear- saying I would challenge their valuation and take legal action if necessary. It seemed to work because they accepted my valuation and my lesser final repayment of 3k. You need to be strong and be prepared to challenge their report. it can be done. mac

hi mac thanks for your reply- we have decided to hand the keys to trustee and rent. we cant take any more of the stress that goes with the situation. we are still going to carry on complaining to anybody ie everybody who we can. so glad it worked out for you. ive had three and a half years trying to complain but all resulting in paying for another 33 months ( never).

Hi Annemarie,

Ive to find £22000, I read on on of your threads that you have been offered to extend the trust deed by 33 months, please correct me if am wrong. I asked them if I can extend mine to try and clear the equity and was told it wouldnt be an option, think I owe too much, am worried sick as am on my own with a yound child. Can I ask how much you have to get and what your monthly payments are and I might offer the same to them, anything to stop me losing my home. Its a nightmare. Are they selling you home? Ive tried to speak with them and they keep saying they've not had a chance to look at mine yet, my TD finished last month.

hi dollybee,

sorry to hear you are having a nightmare of a time too. i was to find 16000. i had made two offers both refused, as they told me it had to be repaid within 2 years. then we got a phone call saying they would extend by 33 months at the same payment of £454 per month. i have had enough though we are sending them the keys back and renting.i have argued with them for three years saying the equity was wrong.now its affecting my health and my husband and i decided this was the best way to bring it to an end.not had a chance to look at yours yet is so wrong. makes me so angry and upset that we are treated like this. its our lifes that are being put on hold and making us ill with worry. i really hope things get sorted for you. for us entering this trust deed was the worst thing i have ever done in my life.

Hi Dollybee, I hear what your saying. I'm in the exact same position. They do not care at all. I thought I was coming to the end of my debt but then got a phonecall to say I owe them £15237 on the equity on my house. Its a joke. I'm going to fight this as what they told me was I had to get a loan from friends or family or speak to a bank about a loan. Eh sorry but I thought the whole idea of the trust deed was to get you out off debt not keep you in debt. I'm waiting for my letter then am going to look to see what I can do. Right now i stay with my 11 year old daughter and I can't make her homeless so dont want to sell the home but might have to. Its disgusting. I wonder if the government know that this is how these trust deeds are working..

Hi again tompie1980.

Clearly, anyone entering into a trust deed should be fully informed of their responsibilities, including any commitment relating to equity in their house, before they proceed. It's impossible to justify that not happening.

Where this information is provided, and people are made aware of the alternatives as well, they are in a position to make an informed decision about whether a trust deed meets their circumstances and needs.

I'm writing this for the benefit of other readers that might be assessing how to deal with their debts. Using a good trust deed company that explains everything to do with equity verbally, and then confirms it in writing before the trust deed is signed, will prevent these types of issues from happening. The person signing the trust deed has had the opportunity to make an informed decision for themselves and has written confirmation of what has been agreed should there be any misunderstandings later.

As you'll see around the forum the experts and members have been trying to help fellow members that are having difficulties in this area. We need to be a little careful though not to put people off trust deeds where it is actually a solution that meets their circumstances and needs.

We also need to be mindful that a Trustee has regulatory obligations and a legal responsibility to creditors. If they believe that there is equity in a property they are likely to have no option other than to request that the creditors benefit from this. Of course, they really need to be very careful to make sure their clients understand this before signing a trust deed in the first instance. Most do.

tompie1980... if you haven't found it yet the following thread might make interesting reading for you:
http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=1257

hi tda. your thread about equity sorted before trust deed signed would have been perfect for me, first i knew about equity was about seven weeks later, not good eh. wish i had known about this site before hand. also would like to say a big thanks to i think his name is andrew ive spoken to him twice via phone, good info given, ta !

Hi Annemarie,

Shame your also in this position and reading through a lot of posts most people are. I called them today again and was told again they still havent spoke with the Trustee - Nightmare, I feel physically sick. I cant understand why they wont let me up my payments and then give them a lump sum. The banks have offered me only £6000 which would take me upto 75% mortgage, but obviously the creditors wont accept this when in total they want £22000 or I dont think they will, but who knows trustee hasnt even looked at my case yet, seemingly.
Can I ask you are wthey willing to extend your for 33 months after the 36 months and was you £16000 including any cash in a car you may have? As my £22000 is my house equity, car and arrears from increases on my salary in the last 36 months.

Hi Tompie1980,

Hopefully by the time yours finishes the banks may be lending again, I know its basically getting into a debt again. When I hear about mine and what they are intending to do to me, ill leave info and you can maybe use it.

yep dollybee my trust deed finished in december ive paid another six months towards the equity. then they said another 33 months. today i signed the lease to a new property and moving out prob tommorow then sending keys bk to ip.i think tompie has a very interesting point wonder if the goverment does now about what happens to people like us. dollybee we didnt have car. just the house and now they have it too.