Hi Mark
They have denied knowing about the house until much later into the trust deed making out I didn't tell them. The house was bought outright by my parents which is why I gave them the money. My parents were retired and my dad was in bad health. A while later my husband left and wouldn't take on the car loan as it was in my name though he took the car which is how I had the trust deed. Now I find out they did value it at 150'000 which is probably about right and that was the only valuation . They never put it into my trust deed as they agreed to keep it out which is why I took the trust deed out. Hence a year later they decide they want it .hope that clarifies it a bit .

Also the original company said I could pay 500 pound !!!! This was all done in Nov 2010 . Everything went through in January 2011 with no mention of wanting equity out the house . They also know I wouldn't of took the trust deed out . I would not of put my parents in a situation with the house and would not of agreed to a trust deed of five years. I have also complied with everything in my trust deed ! Thanks Deb

Hi debs.

An insolvency practitioner acting properly cannot pick and choose whether to leave a property out. If they're aware of a property with equity of which you're a part-owner I cannot see how it could be properly left out without gaining the consent of your creditors (which they're unlikely to give).

This obviously raises questions about how things were handled at the start.

The worry is, if a new insolvency practitioner is involved, they'll not be in a position to turn a blind eye to an asset like this even if you have been treated unfairly or given incorrect information at the start.

I think taking continuing to take legal advice would be a very good idea.

Hi debs

Reading through your last couple of posts may have changed the picture.

At the time of the initial meeting was the property in your name, joint names or in the names of your parents. If it was in the name of your parents, was this sold or transferred into their names prior to or subsequent to you signing the Trust Deed?

Mark

No it was in my parents and my name . Me and my husband put 40'000 in . Just received valuation from trustee today was dated 10th Nov 2010 my trust deed started 12th Nov with no equity to be released. Why are they lying and saying my property was much later established in the deed which I have in writing, they were the ones that requested the valuation. My husband now wants his 20,000 out of our contribution of 40'000 as we are getting divorced. The property is not worth the valuation of three years ago. thanks

Hi Mark I also meant to say there's no mortgage on the property. Not sure how I stand with ex partner wanting money out the property

I doubt there is any prospect of your ex-partner being able to get this money back, debs

Well at least there's some good news then ,thanks

Hi heard back from the AIB today today they are investigating my trust deed also gave my solicitor the valuation today which shows they did know about the property before I signed. My solicitor is waiting to hear back from AIB as to what we do next. Wanted to say thanks for all your responses.

Just a quick question after reading some other posts. I had 50'000 equity and 23'000 debts should I of been given a trust deed ,thanks

Hi debs

In a word, no as you were not insolvent.

I am amazed that this could proceed to a trust deed signing on the basis of the information provided. Based solely on what you have said, it stinks of get the Trust Deed signed at all costs.

Even allowing for the signing, the Tustee appears to have been in possession of a valuation of the property and I assume was aware of there being no mortgage, yet reports this as having no value to the creditors.

Please keep us updated on the progress of this.

Mark

Hi Mark, spoke to my trustee today and informed him there is an investigation into my trust deed, and I have a letter from two weeks ago saying my original trustee never knew about the share in the house until later into the trust deed. This is the same person who had a valuation done two days before my trust deed was being sorted to sign in November, and even up until February when it was protected, both forms had nil equity to be released. My trustee actually agreed with me today that I shouldn't of had a trust deed and asked what date the letter was from the original trustee who denyied knowing about the property. My original trustee now works for this company. He also said his manager had received paperwork from the AIB today regarding my trust deed.I have to say today was the first time my trustee had time to speak to me, wonder why!!!Hope I haven't confused you and thanks

Hi debs

Please keep us posted as it is very intriguing to say the least!!

Mark

I'd agree Mark I'm also very interested to see what the outcome of this will be.

Hi been a while since last post. I heard from aib who informed me there wasn't anything they could do as there's a supervisory role. Anyway I received a letter from my old trustee stating he was well aware of the property at the beginning of the trust deed and we discussed the equity. I also have a letter from a month ago where he did not know until later in to the trust deed and now this one !!!! He also sent a document where I had filled in at the beginning about the money in the property and added underneath is we discussed this and equity would have to be released. I have never seen this bit on this document before and is not in my trust deed he also sent a signed signature on a piece of paper attached which is not even dated. My trustee now can't find this document and doesn't understand what's going on. How I got the trust deed and why knowing about the property it was not in the assets.Also not being made aware that my parents property could of been at risk.Also doing the valuation after the trust deed was signed stating nil equity.
Anyway I have a good relationship with my trustee now and a third party has made an offer of three thousand to end my trust deed instead of 6,400 over two years. Fingers crossed it will be accepted. My solicitor thinks we have a good case but to be honest I'm exhausted with it and they are debts that were owed, also there's no guarantee it would go in my favour and could end up being expensive if its not proven.
I think from reading between the lines my old trustee has been made to answer to all of this mess. Anyway thanks for all your help and will let u know if the creditors accept the offer and that's me free from November