A shocking story, Debs. Let's hope the AIB's involvement helps - let us know what they say will you?

Will do and thanks for all your comments.

I meant to ask say my equity had been agreed in the trust deed as 2,000 to pay at the end could they alter that figure .

These things can be set up in different ways debs.

Sometimes there will be an estimate (for the creditors to use to judge whether the trust deed will work for them) which will later be revised towards the end of the arrangement according to a further valuation.

Sometimes a figure is set in stone at the start and will not be revised provided that everything else goes to plan.

In all instances a trustee will retain the right to deal with assets that they discover exist but which they contend they were previously unaware of.

So surely if it was agreed that nil equity be released at the start and was left out the rest of the trust deed and the creditors agreed to that trust deed, would that be it I was also asked to pay 500 at the end by the first trust deed company. I feel very misled as I have done everything they asked off me ,thanks.

Hi debs

I think you are right to be concerned. I would certainll point the AIB towards the middleman and the Trustee and have them investigate exactly waht valuations were undertaken to make such a statement.

Mark

Thanks Mark and everyone, will let u know the next part of my trust deed saga as soon as I hear .

Hi Debs,

I'm sorry to hear about the difficulties that you are now having regarding your Trust Deed. Normally we would always stress the importance of getting everything in writing before you proceed so there are no surprises but it appears you have and now there are problems.

When you first considered the Trust Deed and then entered into it was a valuation carried out on the property and a redemption figure obtained?

The £50,000 equity that the new Trustee has calculated exists in your parents property do you agree with this? It might be in your interests to speak with a local estate agent to check what the valuation would be. It could be the case that you are able to get lower valuation and then negotiate with them over the equity. I know this isn't the route you would want to take but it's best to be prepared with as much information as you can.

You may also want to request a meeting with the new Trustee to discuss your concerns in person and what you were originally told by the first company and Trustee.

Hi when I was agreeing to sign the trust deed they said they wouldn't count the property especially with my parents living there. I had my dad come down to witness this as it was on loud speaker to put his mind at rest. I was also told about 500 pound would protect the property. Which they now deny. Anyway I went through the trust deed showed a solisitor whose a friend and and he saw that it had nil equity to be released and was not included in my assets so I signed.They did a property search and valuation at the beginning and that was that . I then received a letter stating the equity a year later just as they were being taken over. I didn't put as much money into the property as My parents it was just to help them. I suspect the valuation is maybe over a bit as properties are just not selling here. Hope that helps, saw the solicitor today and he has spoken to someone who said look into taking it to a sheriff .

Sorry David meant to say there not interested in meeting me and he just keeps saying the same thing on the phone. I have just received a letter from him stating that I'm happy to extend my trust deed for another two years !!!! I gather I don't have to sign a letter to say I'm thrilled to be extending it.Thanks again .

Hi Debs

My first port of call would be to obtain a copy of the original valuation carried out and check this against the redemption figure for the mortgage at that time.

Mark

Thanks I will give it a go. I have a feeling they got it wrong or didn't follow it up as the last letter we received stated we had shares in a different property which was a house I use to rent and its not the first time they have done that. I'm now wondering how I got a trust deed having that much equity seems I would of been better choosing something else . I would never taken out a trust deed for five years had I known .

Hi Debs,

As Mark said you want to obtain the valuation and redemption figure which should have been carried before or at the start of your Trust Deed.

You also want to be careful about extending the Trust Deed for another two years and at the end of that they still look for more equity out of the property. You want to make sure you get everything in writing which gives you an exact timescale, precisely what will happen to the equity and that after an additional two years of payments the Trustee will have no interest in the property.

Hi David/ Mark.

The valuation was done right at the start of the trust deed in December 2010 . This was before it went to the creditors and they still put nil equity to be released but they have also wrote to me saying they knew nothing about this property till later . I'm even more confused now !!! Why have they sent a letter saying I never told them about the property and they didn't know till much later yet they had a valuation done , thanks.

Hi debs

I think you need to see the valuation which was carried out at the start to assess if this was an accurate reflection of the value. If this was the basis of the Trust Deed, them I'm unsure why a further valuation was carried out! Especially one that comes in £50k more.

Mark