Hi Den

welcome to the forum

The process should be that the Trustee at the 3rd anniversary sends a Form 5 to you and the AIB's office advising that you have met the conditions of the Trust Deed and agreeing your discharge. This should be recorded and you are discharged.

The Trustee will then make a final dividend payment to creditors and seek his own discharge using a Form 6. His discharge is 14 days after sending the creditors the Form 6 (unless there are objections which are extremely unlikely)This must be within 28 days of the final dividend payment.

I hope this help.

Mark

Would there be any issue or matters which would prevent the end of a Trust deed?

Hi Martin

the only things that could delay matters are:

The Trust Deed was over a longer period
Payments were missed and it needed to be extended
Assets need to be addressed
Your Trustee dies right on the 3rd anniversary!

Generally if none of the above apply, it should be fairly smooth.

Mark

looking to settle my deed.Trustee valued house at £170000, based on that made a final offer of £15k Halifax came to value house but at 160k so back to square one,paid 3k and gave lapsed pension policy to trustee which is worth 4 to 5.7k so possibly paid 7k with another 1k to follow offered trustee a monthly payment to clear debt but has just blanked me and letters becoming more threatning.Need to protect my home as he is looking to sell it , offering monthly re payments plus what I have paid so far but nothing from trustee what can I do very worried about house.

Hi norrie and welcome to the trust deed forum.

How much is your Trustee asking you to pay in lieu of equity for your home?

How much having you been paying into your trust deed each month?

Hi norrie

In addition to the information TDA has requested can you please confirm when you signed your Trust Deed?

Julie

deed was signed on 14th march 2006 paid a lump sum in at the start as could not afford a monthly payment due to being at uni and not in a full time job.deed was extended to allow me/wife to finish uni. looked to settle the deed and trustee accepted 15k as a final payment. I made that offer on the valuation of 170k which they said the house was worth.was very lucky to get a offer from the halifax who then said we have to value the house. valuation came back at 160k so halifax not interested. As current mortgage 132k sent the trustee the valuation but not much heard from him. On my statement of affairs stated house value of 150k , so that figure plus his valuation and the halifax valuation came back at different amounts. So what is the house worth ?.Inital debt was 97,186.39, paid 70,433.49 so far minus his fees of 11,164.74 leaving a current balance of 59,298.75.Trustee looking for another 12k as he states there is equity in the property.Still do not know which valuation is correct.Also asked for a copy of my notes on three occasions and nothing recived as I wanted to know what was agreed at the start about my house.Can pay £300 pm to clear this but trustee very unhelpfull and stress about possibly losing my home is getting to me.Just want to agree a monthly payment now that I am able to do this and keep paying to clear the balance off.Not sure which way to turn and really need some light at the end of the tunnel.

Hi norrie.

I think the starting point is to pin down exactly what your original agreement was. This may well define what you now need to do to deal with this. Have you put your request for this information in writing yet?

Are you saying that Halifax now values your home at £160000 but your Trustee is relying on a valuation of £170000?

Yes, have asked more than three times for what was agreed at the start of the trust deed regarding my house. Nothing forthcoming from trustee as I can find nothing in writing. Regarding valuation Halifax says 160k trustee says recently 170k and last starement of affairs says 150k very confusing.Last house in Cadzow place sold for 161.500 (10/2) Cadzow place.Really feel that I have been given bad advice regarding my options before the trust deed.

Hi norrie.

It's quite difficult to express an opinion on this without understanding what you agreed to in the first instance. I think you need to stick to your guns about getting a copy of the original paperwork. This is an entirely reasonable thing to ask for and I cannot see any reason for it not to be provided to you.

One of the experts might have some thoughts to add...

have asked three times for my paperwork. All I got was a short what do you want it for. I replied to meet my obligations under the deed I need to gather all information to do so , plus getting advice from CAB who asked me to get the information. A letter stated previously that my wife was not entitled to her share as her name was only on the house for two years before the deed was signed. When the agreed final sum was accepted was told this was a comprimise due to a POSSIBLE alienation, so one letter says we conducted a enquiry into alienation and we conclude we are entitled to all the equity then another says possible seems like backtracking to me.Plus offered monthly payment and heard nothing. I am showing I am willing to pay but trustee just blanking me. Really need to wrap this up as stress getting to me.

Hi norrie.

As we're in a pretty technical area I think we need to hear the thoughts of Julie, Kevin or Mark.

Hopefully one of them will visit the forum soon and share some more information on this scenario.

look forward to getting input from them. Is it possible to change trustee's during a trust deed ? have lost confidence in mine and just got a bill for £4357 for 23.50 hours work yesterday ouch !.

Hi norrie.

I'm afraid that it isn't generally possible to change Trustee.