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14/03/2014 1:01 pm
Grant Thornton told me at the beginning of the TD in 2010 that I had 6 months to pay £500 to secure their interest in any future positive equity in my home. They said if I didn't pay it, the property would be revalued at the end of the TD. I never paid this due to the fact I knew my property will be in negative equity for some time yet! The property was revalued and is still in negative equity. I paid my last payment to the TD last November but they are now saying I still have to pay this £500 to release me from the TD. I can't find anything on the paperwork that suggests they can hold their interest, they have just stated over the phone that they will not release me until the £500 is paid. Their argument is that I agreed to their conditions, therefore I have to pay it. I have tried speaking to the Financial Ombudsman but they say they cannot help with complaints against accountants. I asked GT who to complain to and they didn't know, just put me through to a manager!
I'll pay the £500 if it means getting away from this, I just want to make sure they are correct with their words and I'm not paying it if I don't have to! Any advice would be appreciated. [:)]
14/03/2014 1:22 pm
Hi LessonLearned10 and welcome.
It sounds as though GT believe that the initial agreement was that you'd pay this £500 during the first six months and that this formed part of the commitment that you made to your creditors in the trust deed proposal.
You have the ability to make a formal complaint to your trustee about this if you wish. At this stage it might be better just to ask them to evidence the initial agreement made though. That should enable you to conclude whether or not this did form part of your agreement with them and your creditors.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
14/03/2014 2:18 pm
Hi lessonLearned10
I work for Grant Thornton so would be happy to look into this on your behalf if you'd like to get in touch with me via the "Contact Kevin" button below.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
17/03/2014 4:33 pm
Hi
I have just made my last payment to Wilson Andrews. My TD was extended to pay the very same £500. My wife has also had her TD extended to pay the £500. So that is £1000 between us. Wilson Andrews states this £500 each is in order for them to discharge there interest in our property, despite it still being in negative equity. It sounds to me that this is quite the norm. The money has to be paid either in the first 6 months or at the end of the TD with your property being revalued again. Any information on whether this is normal practice or not would be greatly appreciated.
Regards
Ken Macleod
17/03/2014 4:45 pm
We are paying the £500 in the first year of our trust deed - £50 a month.
17/03/2014 5:59 pm
Hi kenmac06.
It's hard to say what usual practice is, there are huge variations around what firms do in this respect.
Some charge £500 once, some twice, some £550 (or other amounts) and some (an increasing number) not at all.
Some need the money within a certain timeframe, others it's more flexible.
Sorry this isn't a very helpful reply.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
17/03/2014 6:40 pm
Is this the same as a property abandonment fee?
17/03/2014 8:32 pm
I think it probably is Black Night.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
17/03/2014 11:39 pm
Thank you TDA.
18/03/2014 9:21 am
Hi Tara
That's another interesting point as you can't pay this in addition to the contribution, otherwise creditors will ask why the contribution is not being increased.
It's the same as having equity in your home and rather than dealing with it at the end, you reduce your contribution payment and use part of it each month towards equity.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
18/03/2014 9:29 am
My TD AG Taggart added a fee for tile at the start of the process £500 but never made any mention of timescale to have it paid I assumed it would be at the end prior to discharge however they advised me this fee would protect my property and as such I would be OK having read some of the posts recently around this subject I am begining to get nervous of the possible consequences I am sure there will be some equity at the end of my TD will this effect me
18/03/2014 9:33 am
Hi Gallows88.
I'd strongly suggest that you contact your trust deed provider regarding their expectation of when this needed (or needs) to be paid.
We'd be guessing as to what the original agreement was.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
18/03/2014 10:46 am
I think this is another case where we can only advise to a certain extent, however the final decision will lie with the Trustee.
If there was an agreement at the start and this was confirmed in writing, then it is likely that this is how it will be dealt with.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
18/03/2014 2:58 pm
Hi Kenmac06
Congratulations on reaching the end of your Trust Deed.
Your Trust Deed and your wife's Trust Deed are two separate arrangements, therefore we do require £500 from each of you to release our interest in your property. These payments should have been discussed with you when you started your Trust Deed (prior to signing) and are also set out in your TD paperwork.
We can of course get in touch if you'd like to discuss this and the next steps in completing your Trust Deed.
You can find our contact details including email address in the contact us section of our website, you just need to include your reference and mark it for my attention.
Thank you
Sarah
Sarah ÔÇô A member of the team at Wilson Andrews.
18/03/2014 9:52 pm
Thank you Sarah
However I would have thought it would have been you (Wilson Andrews) that should be contacting me, since I have made my final payment. Alas no......
But that has been the case throughout unfortunately.
It would be nice if someone was to tell me what happens next, and if there is anything I should be doing. Hence the reason I looked up this forum.
Regards
Ken Macleod
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