I'm glad that seems to be working out Dollybee.

There is no issue mentioning the lender. I'll be very interested to hear, as I'm sure will others.

Please tell the name of the company this would be great for all of us in the same boat.

The name of the company is Central Capital, they are a broker. The interest rate is higher obviously and they take a broker fee, but we dont have any other option. I can then maybe re mortgage in the future and clear it off and save paying all the interest, but in the meantime, I get to keep my home. They will only lend if yout TD company will take the lump sum as full and final settlement with the agreement of discharge. They are paying the cash over direct I wont see the cash. Amdelighted, I got the answer within 24hours after it had been looked at for consideration. Hope this info helps and if anyone else needs any info, let me know. Ive been stressed out since taking on this TD, ive had my car removed and payments increased to amounts I just coulny keep up. But all is good now. Ive got a car and now I can try and get my life back on track.

Do you know which lender (rather than broker) this has been arranged with Dollybee?

Is it a new mortgage, or a secured loan on top of your existing mortgage?

The lender is Shawbrook Bank Ltd. Its a secured loan on top of my current mortgage.

Is this not a bit out the frying pan into the fire?? I know that if you need to free up an amount for equity then a secured loan of some sort is the only way?

Are there any tie in clauses/fees?

Paul

Meant to add good news that this has gone through!!! And its positive that a lender is willing to lend,as long as its affordable for you.

Didnt mean to sound like a doom merchant on previous post!!!

Paul

dollybee i am delighted for you. I have watched your posts over the last year as i too finished paying my trust deed for the three years and was left with no options on how to get the £22,000 to pay off the equity . Did you pay off all of your equity or did the trustee accept less?
plastic draft , i also read your posts and have valued advice , do you now of any way to release equity ?
I have paid off £2720 off the equity i owe which is £22,000. I have not managed to get any lender to give me any , I am hoping to raise enough to make the trustee an offer so that i can get out of this soon . So far I have spent one year worrying before the trust deed, three years in the trust deed and 8 months later still paying equity . it annoys me that all the adverts advise people they could be debt free in 36 months !
Any advice would be greatly appreciated.
Well done dolly bee i have worried about you many times !!!

dolly bee , would it be possible to give an idea of the payments ? don't want to be rude but any info would help

I agree goneunder it would be handy to understand what may be acceptable,clearly there is equity in the property or no lender would be silly enough to secure further lending onto any property in negative equity or where they would lose out in a default situation.

Unfortunately this is where the english system of trust deeds ,IVA's is better,as if equity cannot be released the debtor simply continues with 12 months of payments in lieu of the equity!!! Although even now many insolvency firms appear to be pushing clients to get a secured loan instead.

Paul

thanks plasticdaft it makes sense to pay for an extra year. putting people into further debt at the end of a trust deed is a bit of a failure of the system if you ask me.
i should be paying another 19,000 , but to be honest my house is a mess , and needs a lot of work internally and externally at the moment, i could easily spend that amount to get it to market. new kitchens and bathrooms , doors , guttersetc all needing attention. i resent going back into debt to release equity but i see no other way out and on previous posts on the forum , noome has been able to give any me hope of getting out of this .
thanks again

Hi Plasticdaft,

I know what you are saying, but am paying £400 a month which is unaffordable. Ive been paying it for a year and I can do it anymore. Am now missing payment on other things to try and pay this, so whats the point. I explained this to my company last week and that why I had to go for a secured loan. I tried to offer the company a lower payment and it was refuse, I was told it wouldnt be acceptable, so what else can I do? Ive got till next July and £400 a month, but I cant do it. They add on a couple of thousand fees, but can come out it any time with 28 days notice, which means ill owe more when I settle than what I actuallt borrowed because of the fees.

Hi Goneunder,

Yes I owed over 20,000, but been paying £400 a month since last year. I also gave them my car and did a deal with them re my private plate, so since then and now less all deductions which ive mentioned I still owe over 13000. I offered them 9000 and they accepted, But they have to write out to creditors ensuring no one objects (which they dont think they will), its either they take that or nothing cause I cant pay them £400 this month again, no way. They monthly payment is £169, am no saying its ideal, but once it drops off my credit file then I can release equity from my lender and pay that off, but ill justhave to be patient. Basically trust deed arent what they seem and I was just so desparate at the time.

I explained to my mother that they have accepted a reduced sum and she has offered to get a loan in her name, it will be cheaper and then its not secured, so shes waiting on a reply online. Fingers crossed. Please be aware that if anyone goes to the company willing to lend you only get 1 week to change your mind or you will be tied in. Ive already stopped the process in the hope my mum can get me it and ill just have to pay her.

Trust deed Assistant,

Can you confirm if I would need to let the TD company know now that my family are going to borrow for me? I was thinking money is money, they wont be bothering where am getting it from right? They have agreed it and sent a report to my creditors.