Notifications
Clear all
Topic starter
23/05/2013 7:45 pm
I've been in a Protected Trust Deed since 2008, all contributions are paid and now I have to release the equity in my home. My financial advisor says that lenders won't lend until the trust deed is repaid, and I wouldn't pass their credit score. The say I would need to have a 12 month period beyond the discharge date before further borrowing would be considered.
Do you have any advice as to where this leaves me? I am worried that I may now lose my home. I'm not sure how I can be expected to find the funds given this situation.
Thanks.
23/05/2013 7:58 pm
Hi petal24
How much equity is required?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/05/2013 7:59 pm
Hi Mark,
Around £15K.
23/05/2013 8:16 pm
Welcome to the forum petal24.
How much have you been paying each month?
I'm afraid it's been a long time since mortgage or secured lenders have been willing to lend while someone remains in a protected trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/05/2013 8:18 pm
Hi,
Thank you. I have been paying £200 per month.
Topic starter
23/05/2013 8:23 pm
Hi again,
Would this mean that I have to sell my home to raise the equity? I'm just not sure how this can be concluded.
Thanks.
23/05/2013 9:01 pm
Hi Petal
That will always be a last option. Could you increase the payment as the trustee may look to extend this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/05/2013 9:27 pm
Hi Mark,
Thanks. Yes I am in a position to do this. I will contact my trustee regarding this.
Thanks for your advice.
23/05/2013 10:57 pm
No problem, I hope it works out. 90% of the time it does.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
24/05/2013 9:11 am
Could you borrow money from say a family member, even a lesser amount and try to negotiate with your trustee?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
24/05/2013 12:26 pm
Plasticdaft is right - trustees will usually be open to negotiation where equity is concerned. Legal action to sell properties is always a last resort and is actually quite uncommon in practice.
Maybe a combination of a lump sum from a helpful family member and some additional payments might work?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
27/05/2013 8:31 pm
Hi All,
Thank you all for your advice, that has been really helpful. I have contacted my trustee and will post back with the outcome.
Thanks again.
27/05/2013 10:47 pm
Good luck with any negotiations.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
31/05/2013 8:42 am
This is the same stage we are at. As it is now equity can we say what amount we can pay. We haven't paid anything since the trust deed finished in February 2013/August/2012.They have come back to us suggesting we go back to paying the full amount per month which was 525.I know paying the higher amount would release us earlier but my fear is that we would struggle. I would far rather pay a lower amount to make things a bit more comfortable for us. Would they accept this ? Any tips would be great. Plus does it matter that there has been a break in the contract ie the fact that we haven't pay any money since February ?
31/05/2013 9:30 am
I am sure they would accept a lower amount as long as its repaying the equity in a reasonable timeframe, even if this is a few years.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Page 1 / 2
Next
