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Scottish Trust Deed Forum
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Topic starter
14/03/2013 7:10 pm
Hi.
I entered into a TD and paid my agreed monthly amounts for the full three years, which ended last year. I never missed any payments.
I have now been asked to pay a further amount over another 3 years for half the equity in my home and for a car I sold (due to extensive repair costs at the MOT). The money I got for the sell of the car purchased another one to allow me to get to work.
Anyway, I have been told if I do not pay this amount, my creditors will force me to sell the house so they can have the money I still owe. My TD company changed hands during this and I am very unsure now of what I do.
Can someone please advise me or would I be best going to the citizens advise?
I have tried talking to someone within the TD company, but he is very abrupt and just told me it needs paid.
Thanks for any help.
Molly
14/03/2013 8:21 pm
Hi MollyM and welcome.
What was the original agreement you made at the start of your Trust Deed and that was proposed to creditors?
The value of an asset and any equity in that asset should have been established at the start and an agreement made for this to be paid over in your Trust Deed perhaps at the end by extending your payments.
If you agreed that you would pay over the value of your vehicle even although you have sold this you are still required to pay what was agreed. Did you tell your Trustee about this?
Chris is not currently posting in the Trust-Deed.co.uk forum.
14/03/2013 10:55 pm
Has your house been valued, MollyM? Do you think that the valuation is fair?
As Chris says, your share of any equity would normally have to be gathered in, but this should really be quantified at the start and agreement made at that point so that there are no surprises at the end.
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