I think you just need to know the cold hard facts so that you can start to think and plan accordingly.

This seems like a tough situation, the trustee is likely to feel that they need to raise the full equity and its a lot of money to find via an extension.

If they genuinely will put some form of compromise to the creditors (soon) then all well and good hopefully.

Is the property in joint names , and are both of you in a trust deed .
If the property is in joint names and only one of you is in the deed then they will be looking at half the equity , ie your share .
Though they might look at a possible alienation .

Plus , argue your case as to the exact valuation minus any selling fees etc , as this will reduce the equity amount .

Hi Golfer66,

That clarifies things now. As I understand it, you have both been in your Trust Deed for 3 years paying a total of £310 per month. You now have a total of £28,000 of equity in your property.

If you were to extend your Trust Deeds for a further 2 years paying £310 per month, a total of £7,440 would be paid towards the equity. Unfortunately I don't think this would be a sufficient sum for the available equity in your property.

As TDA has said, if they are going to propose an offer to your creditors then you want to establish when this will happen and make sure you get everything in writing to confirm this. It would be best for this offer to be made to creditors sooner rather than later as you can then try to deal with the situation. My concern is you extend your payments for a further 1 or 2 years and then a sale of your property is considered or things are extended again. You need to have a concrete plan for the equity and a light at the end of the tunnel and not a ÔÇ£let's see where we end upÔÇØ plan.

Unfortunately for the amount of equity in your property a sale of your property could be a possibility and this is something you need to be aware of. I'm sorry that this isn't better news.