Hi Kerry

It does seem a bit of a mix n match of procedures. Did you ever pay the £500?

I can see how they can use 2005 valuation figures, but current mortgage. From memory you were having issues getting a response, however every Trustee should be able to clearly outline their thinking.

My 1st step would be to have him recite chapter and verse on the way he is dealing with the equity. Ask very specific questions and demand specific answers. IN PARTICULAR ask him to state the part of the legislation or guidance against each of his answers as to why he is going down this road.

I can't believe he hasn't resolved this.

Mark

Thanks for replying so quickly.

I havent given him the £500 yet, he said he would take it at close of trust deed. But as soon as I asked him again when this should be paid he changed his mind.

The latest response as to why he never answers my emails is that they have technical problems with email system and ask me to call. WhenI call and leave a message I never get a call back. And I woyld think that a reputable company would get their technical issues fixed within two years, which is how long they have been ignoring me,

Which specific questions do you recommend me to ask? I have a lot of queries but my head is such a muddle with stress just now that I am worried I may be thinking the wrong things. One thing I did come across in re reading previous letters was that when I asked him where the figure of £500 came from he said it was based on an equity figure of £2000 in october 2005.

Hi kerry.

Hopefully Mark, Kevin or Julie will be able to add some further thoughts soon.

Do you have it in writing from them that a payment of £500, at some point during the trust deed, is all that is required in respect of the equity in the property?

Hi Kerry

In the past, we asked individuals to pay the £500 as soon as possible after signing the Trust Deed as this prevents the situation you have found yourself to be in.

As TDA states above, I think the outcome will fully depend on what you have in writing from your Trustee about the £500 and when it required to be paid.

Julie

Hi Julie

When I signed the trust deed the man that came to see me with the paperwork told me that there wouldnt be a problem with the property as there was little or no equity in it, and not to worry about it. About two years into the trust deed I came across information that mentioned some people paying the £500, and I emailed my IP. He replied again by email saying that as he didnt expect there to be any equity in the property a sum of £500 may be raised to discharge his interest in it, and he would let me know when it was required.

The only mention of it I have in writing from him is the letter Ihave in which he said that he came to the sum of £500 in conclusion to there only being £2000 equity available at the time of signing. But the creditors signed the deed which read that there was no equity available. No one ever told me that there would be a valuation required, just that they accepted the figure of less than £2000 and "not to worry"!!!

I have also just realised that he sent me a copy of the balance of my mortgage as of oct 2005, but although the details seem to be mine, the address is for number 3 (my street) and I live at number 9! And when I bought my house I added the solicitors fees onto the mortgage, which brought the £31000 cost of the house up to £32780, which is what the mortgage insurance was set at, but he is saying that the money borrowed was only £31000

Is there a possibility that Mark could help me out again too, as to the specific questions he mentioned? Thank you all for your help and advice, dont know what I would do without you!

And should I be going to a solicitor about this?

Hi Kerry

Could you email or call me Monday and I'll see if I can help. I know the case and the IP involved and am disappointed by how you've been treated.

Regards

Mark

Thank you Mark, I will email you tomorrow, very limited access to internet tonight, and only just got your reply.