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Scottish Trust Deed Forum
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Topic starter
22/05/2009 9:58 pm
I was released from a t/d 2 years ago. Member of family has recently completed the 36 months of their trust deed. There is an equity payment on our property outstanding and for the last 6 months we have been trying to remortgage or get a loan for the balance. We left this until the end of the term as we thought we would have a better chance of getting the remorgage as I would be in a better financial position.
Did get a morgage offer on the stipulation that we proved that the person in question left the property and didnt return. We turned this down. Trying for a secured loan came back the same. Have spoken to a couple of banks and they cant help because of the t/d's even for normal loans.
Any suggestions on where we can go from here?[:(]
23/05/2009 9:36 am
Hi gill
It depends on how much is required.
If the figure is low enough, you could agree with the Trustee to make ongoing payments in reduction of the equity.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/05/2009 2:10 pm
My sister offered that when they advised that they wanted ?ú12,500 as she was the only one at the time able to pay anything as I was still in the trust deed but she is not on a high income. They told us that a trust deed couldnt go on forever and the best way to go would be to remortgage at the end of the 3 years. Which we have been trying to do.
Like everyone else we dont have a lot of spare cash every month and this would take us a few years to pay!
Any idea's?
25/05/2009 12:28 pm
You could try to come to an instalment arrangement for now and try again to find a lender in 6 months/1 year to pay whatever is left then. Hopefully it will be easier to get a loan at that time.
I would be surprised if a trustee went to the lengths of forcibly selling a property for that kind of sum as the costs of doing so are considerable, so you should hopefully be able to get something sorted out by negotiation.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
25/05/2009 7:40 pm
Okay thanks. I will give that I try. I noticed on your site that you say a trust deed stays on your credit record for 6 years. Is that from the time that you sign up to it or is it from when you are released from it.
Many thanks
26/05/2009 10:11 am
Hi gill75,
We know that an entry on your credit file is made around the start of a Trust Deed and that this will no longer be viewable after six years.
There has been some conjecture on the site as to whether (or not) an entry is made on a credit file that signifies that a Trust Deed has been succesfully completed.
We don't have a definate answer I'm afraid; the subject of the fine detail about how credit reference agencies operate is on the margin of the expertise of the site. You may wish to contact Experian or Equifax to establish the position (remembering of course that this could change in the future).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
