Hi Joni,

Well done on taking the first step !! It's normal to feel like this...I felt like the most anxious person in the world when we were at the start, I'm a worrier by nature !! But I can honestly say that with regards to our debts (which were HUGE) it is the best thing we have ever done.

You will get great support from the team on here as well as others who have experienced the same issues and concerns as you have !!

I'm sure you will make the right decision for yourself, and wish you every luck !!!

boys1211

Thanks Boys this forum has really helped me hugely. My debts are huge also but mostly from a mortgage shortfall where they seem to have just made a figure and given it to us- a bit of me thinks i should i go argue the toss with them - they got my house and my marriage not a lot else to give- another bit thinks lets just try the trust deed route and see if its poss and if the mortgage comapny will play ball with it- which i doubt but gotta try eh
J

Hi Joni.

Well done on taking the first step.

Irrespective of whether or not you go ahead with a trust deed I'm sure you'll feel better once you are advised about all of the options that are open to you. I think (and hope) that this will give you more of a sense of control over the situation.

Well done on traking the first step, I can totally empathise with head iin sand syndrome but you are doing the right thing! One thing I would say is make sure youa re thoroughly happy with the company who will bewcome your trustee if you do go through with the td. We wish we had gone to someone else as although the td was the right option our trustee has been less thatn helpful in all matters so I think it does make a difference to be happy with your trustee.

Yeah ive kinda sat on it all too long
Id be really interested to hear anyones experience in entering a trust deed with a mortgage shortfall as a creditor and how open the mortagage company were to agreeing it- its my one worry- i only need the trust deed because the shortfall they are quoting is ridiculous otherwise i could manage but given the size of it they could put a stop to it all- im not really sure if mortgage companies do that so any experiences would be welcomes
J

Hi Joni.

A trust deed should really be considered as being a last resort and an alternative to bankruptcy.

The case that your trust deed firm will put forwards to your creditors (if you go ahead) is partly one that shows the creditor that agreeing to your trust deed makes better commercial sense to them than the alternative of you deciding to become bankrupt.

It's a very personal situation for you, but for the mortgage lender with the shortfall they'll be looking at the situation commercially.

Thanks TDA, and yeah it does feel very personal for me as they were so awful to deal with but the sum they have come up with is a mortgage in itself and no way is it payable so either way they will see little return, probably the same from trust deed or bankrupcy so im not sure if they would take the view that they will in all likelihood get very little anyway and agree the trust deed- im hoping that once i meet with Mark he will know this company and how they usually operate and be able to give me a steer- they havent officially told me what i owe them they have made no contact at all with me in 3 yrs i only know the shortfall from my credit report- is the fact that they havent asked for the money an issue here at all?

That's no issue with that Joni.

Unless you take some form of action to deal with the debt, time is on their side.

They understand that in the aftermath of the creation of a shortfall debt their ex-clients are likely to be in a tough financial position in general. Often they'll pop up many years later in the hope that circumstances will have changed and improved (for example you've become a homeowner again and equity has developed).

Hi Joni

Don't cry, as TDA says you have sought advise and that is the first step to sorting things out.

The only thing I would say to you is to check the Prescription & Limitation Act 1974, which can prevent a company from taking legal action after 5 years - you say the mortgage company have not contacted you for over 3 years. I am not a legal expert so check it out, but i think it is if they have not written to you; you have not serviced the debt or acknowledged the debt in writing. The debt is never extinguished, but they cannot take any legal action. I did have a case once where the mortgage company were barred from taking action for a shortfall for that very reason. You said your other debt was very manageable. Mark will be able to advise you on that.