I think you'll want to agree a figure and get it confirmed in writing.

You will however also need to agree a method by which the money will be paid over and what the timescale will be for that.

Thanks everyone for your replies . One thing I have learned is get everything in writing from now on.

David I just contacted the firm dealing with our trust deed and they have said it is 14,000 grand each for me and my wife as we are on separate trust deeds and that is why the equity was low compared to the redemption figure as its actually £28,000 grand equity between us . I'm now wishing I didn't go on this from the start and just tried to pay what I could as it appears I'm not any better off over the long term.

Hi Golfer66.

I think we all wondered if that was the case, the numbers didn't make a lot of sense otherwise.

Was there any discussion about how it would be dealt with?

reading this has got me triple worried i too have 8500 equity i dont have that under me mattress as trusstee says you need to pay it so looking like house will go after all cannt see how i can pay £708 a month

Hello maverick267.

Has your trustee told you that you will need to pay £8500 for equity?

yes letter states so

OK.

Have you discussed payment arrangements with them?

thought you only could extend td by another year not sure how many payments this would take to clear all equity?

Trustees have some flexibility maverick267.

That's why talking it through is important.

TDA we spoke yesterday about extending it for a year and see if the creditors would agree too this or if we could offer a lump sum each but we are in no position to do this so basically will have too see what they come up with and just get on with it .

Hi Golfer66.

Was the suggestion of a year made in terms of completing the trust deed, or was it more of a "do this for a year and we'll see where we are then" suggestion?

It was the later says pay it for a year and then look at it again and hopefully the creditors will be happy with what they have received . It just feels as if it will be never ending to we actually clear everything we owed in the first place .

Hi Golfer66.

I'd check with your trustee when they're going to ask the creditors that question.

Now? After a year? Not at all?

Ok thanks for your help she is going to phone me on mon or tues so will question her then can you advise me what I really should want to know ???