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Scottish Trust Deed Forum
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Topic starter
20/11/2013 10:21 am
Hi all,
I have made my final payment to my TD [:D]
I spoke to the company the other day as I was expecting a letter to confirm it had all ended. They say they're still waiting on my mortgage redemption statement to prove I'm still in negative equity (which I am), but also, if I am, they say I will still have to pay the £500 to protect any future equity in my home. I was told at the beginning that I had a year to pay it but knowing full well I'd still be in negative equity, I never paid it and took the risk. Now they say they have now began investigating the PPI to all my debtors and the trustee will not discharge himself until that's done. They say they cannot give a timescale on it. They're also being hazy when I ask how long the trustee will hold his interest in my home.
So my questions are:
If PPI is sorted out, will he have to discharge himself at that point, or can he continue to have a future interest in my property?
Do I have to pay the £500 even though I know there's no way the equity will increase for a long time?
I feel they are on purposely stalling. I even asked if I can write to my debtors to sort out the PPI but they say no.
Thanks in advance for any help!
20/11/2013 11:01 am
Hi Lessonlearned
I suppose a lot will depend on what was agreed at the start. It would be difficult for the Trustee to do anything to be honest or justify an unnecessary extension if this was not paid and if the property remains in negative equity, I don't see how the property is at risk.
It's another one of those unfortunate situations where the payments are all paid up and then the Trustee decided to look at PPI or something else which delays matters.
As mentioned in other posts, there's nothing to stop you being discharged and the trustee remaining in office, although the £500 thing may make them less likely to agree to this.
It may well be that you will have to wait till the PPI issue is finalised before matters conclude.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
20/11/2013 11:32 am
Thanks for the reply, Mark. I have just read a few other topics and see this looks normal for these companies to do this so this puts me a bit more at ease. As far as I can make out, they said at the beginning if I don't pay the £500, they will continue their interest until they discharge themselves. I have 4 debtors, one of which was an overdraft so I hope the companies respond quickly and they can discharge themselves ASAP.
Is there any particular reason why I can't contact the companies myself? I'm worried that the TD company will "forget" to contact them, therefore delaying the process even more?
20/11/2013 11:50 am
Hi Lessonlearned
There's no reason why you cannot contact them. The obligation to pursue this lies with the Trust Deed, however this does not stop you speaking with creditors.
Once the PPI issue is complete, I don't see any reason why the Trustee can continue with the Trust Deed if everything has been concluded, although the forum over the last 5 years has told me otherwise!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
20/11/2013 12:10 pm
Thank you for your help. Hopefully I'll annoy them that much they'll want rid of me ASAP!
20/11/2013 12:27 pm
It's amazing how constant pressure from someone tends to get you to the front of the queue.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
20/11/2013 1:41 pm
Once the non-PPI matters are resolved point your trustee in the direction of the new ICAS PPI advice note which states that the Trustee should discharge the client, PPI notwithstanding.
20/11/2013 3:10 pm
Hi Lessonlearned.
When did you originally sign your trust deed?
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