Welcome to the forum Colzer1971.

The equity agreement you have only applies if your home is not sold I'm afraid.

If the home is actually sold your trustee will look to gather in the full surplus that arises from the sale.

If you don't mind me asking, why is it that you are planning to sell, Colzer1971? Is there a pressing need? If not then you would be better waiting until you are discharged from your Trust Deed and then selling as you would then keep any free proceeds.

Thanks for replies will look at renting my house instead , I still feel that with paying trust deed I am struggling to get by as I was before I took out a trust deed I feel that talking to the company dealing with it don't want to listen to me when asking any questions

Hi Colzer1971 and welcome to the forum.

Sorry to hear that you are still struggling financially to get by even although you are in a Trust Deed.

How much is your payment per month to the Trust Deed and do you feel this is too high?

A payment is always meant to be based on affordability and its key that a thorough budget is completed with a client to work this out at the start. If you feel that you are struggling email your Trustee to ask for a review of your finances.

As TDA and Kevin have pointed out it would be better financially for you to wait until you have successfully completed your Trust Deed before selling the house. If you sold it whilst you are still subject to the Trust Deed then all of the net free proceeds would be paid over into the Trust Deed.

How much is your mortgage payment per month? If you sold your house would alternative accommodation be cheaper i.e. the rent on a new property?

Thanks for reply David , my mortgage is £300 a month I also pay child support and due to that I can't do any overtime at work , after trust deed and other bills I have nothing left to save , I could move in with my partner but again would end up paying more to trust deed so same outcome no extra cash , my car is included into trust deed and I asked if I can sell it I was told I would have to get what trust valued it at which was to high so stuck with that to. Will try arrange a meeting go over figures again.

Hi Colzer1971,

If you were to sell your house and move in with your partner then the Trustee would receive the full net free proceeds from the sale. You would need to balance up if there would be a saving per month if you did that.

If you did do that then obviously you would be required to assist your partner with their bills i.e. rent or mortgage, council tax, utilities etc. If could be possible that your expenditure could change that much that in fact your payment to the Trust Deed wouldn’t change. You could have extra travel costs to get to and from work etc. Going over this thoroughly and then discussing with your Trustee would help.

Regarding your car, is this on finance? When you say it’s included in the Trust Deed is it valued at more than £3,000? If you felt you couldn’t afford to keep the car with the fuel, insurance and mot costs etc. you could give this up. Again though if you did do that what would your alternative transport costs be.

I think the best thing to do is reach out to your Trustee about it and even ask for a meeting to discuss everything and go over the figures and possible scenarios. As an advisor and I’m sure Kevin will be the same, I want a client to be able to afford their Trust Deed but also have a reasonable standard of living. If that’s not happening for a client it should be reviewed to see what adjustments can be made to find more of a balance.