Hi ghostofricco69.

That's a question only your trustee can answer.

There is no firm rule about how long this can take, but we have sometimes seen one or two years mentioned here as being the guideline some trust deed firms use.

What were you paying into the td?

Paul

quote:

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Originally posted by plasticdaft

What were you paying into the td?

Paul

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I was initially paying £200 per month and my wife £150 for the equity
It was reviewed last year and I am now paying £284 and my wife £150
We are awaiting the decision for this years review with dread as we have only survived the monthly increase with help from family !
Mark

quote:

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Originally posted by Trust Deed Assistant

Hi ghostofricco69.

That's a question only your trustee can answer.

There is no firm rule about how long this can take, but we have sometimes seen one or two years mentioned here as being the guideline some trust deed firms use.

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Thanks for that.
Do you mean 1 or 2 years beyond the total of 5 years I have mentioned ? IE is there room to negotiate ?
Thanks
Mark

Is the £24k still required despite the payments made by your wife, Mark?

I think there may be some room for negotiation. They certainly can't expect you to pay across money you don't have. Trustees are usually very reluctant to force properties to be sold if there is an alternative option

Hi Kevin,

Yes, The 24k is over and above that as there was a fair bit of equity in my property when the Trust Deed was signed and the house was valued.

Seems to be an ongoing issue where decent amounts of equity exist. Clearly its nigh on impossible to remortgage to release it so many people will be struggling,especially if even after say 36 payments are made they still don't have a particularly high disposable income. It could take years to make up 20k plus of equity!

Paul

Ghost, I'm shocked by this! How much debt were you in when you started the Trust Deed? I'm just thinking that if I knew I had to address £24k+ of equity at the end of my PTD, I'd have opted for a DAS. Unless DAS's weren't around at the time of signing?

Where the heck do they expect you to rustle up £1000 a month from?

I don't think they were Pam. You can see this being a major issue for many people,sitting on decent amounts of equity that creditors want to get at but without selling up many would find it impossible to raise!

Paul

Most trustees do try to be flexible, selling a house in the current climate is best avoided. You have to make it a realistic offer which you can sustain, at the same time creditors won't wait for ever, so it is getting the balance right. Just for information, the Debt Arrangement Scheme Act was 2002, and it was implemented in 2004.

A DAS was never raised as an option by my company (KPMG). I did voice concern about the equity aspect but was assured it would not be too much of an issue to release same. This is obviously not the case. I will only have to hope that my Trustee will be flexible as £1000.00 a month would ruin us and I would have been as well selling the house two years ago and paying off most of the debt. We have struggled through for the last two years as we were desperate to keep our home. It would be a shame if we loose it in the end due to bad advice !

I feel that if I could extend for 36 Months at the end of three years I would be able to pay all that I owe including the 24k equity but would this be considered ?

Hi ghostofricco69.

All you can do is to put forward the best realistic solution that you can.

If it's the best possible deal for your creditors then serious consideration should be given to it.

Thanks TDA !
I hope so cause we love our home and where we live.

I am also due to retire from my current occupation in 5 years with a generous lump sum which could pay the equity and pay off my mortgage so it would be a tragedy to loose our home with only a couple of years to go !!