Hi debs

I certainly wouldn't be making an offer till its resolved.

Easiest way to find out if they knew or did not know about the property/equity is to ask for a copy of the statement of affairs issued to creditors at the start of the trust deed. This will either show it or not. If not, your trustee has some explaining to do!

Mark

Will do thanks Mark.

No probs. The initial Statement of Affairs contains the proposal set out to creditors. It will document the contributions, any assets/equity and the proposed dividend. All based on the information the Trustee held.

Mark

Is that the same as the statement of affairs in my trust deed.

Hi debs

Yes, you should have signed a copy and creditors will have received a copy. This will list assets, creditors and your income and expenditure.

Mark

Hi Mark I was sent an email with the assetts listed today It has the house listed on it dated the 12th November as 50'000 this is not on my assets list in my trust deed of the same date and the valuation was done in December. How can that be ?

Hi debs

The trust deed document itself will not list assets. When the initial circular is sent to creditors it will contain;
A copy of The Trust Deed
The Edinburgh Gazette notice
*Statement of Affairs
Claim Form

You should check what was detailed on the statement of affairs send out to creditors at the start. This will either show the property with a value beside it or show no property at all.

Can you advise what was shown on the original circular?

Mark

I have the statement of affairs as of 12th November it has everything on it except the house. It also has liabilities and the advertising in the Gazette . I gather this is the information they were sent.
That document sent to me yesterday yesterday with assets had 12th Nov on it with 50'000 equity but the house wasn't valued till late in December. Does that help.

The house isn't on the summery sheet either

Hi debs

The thing you should be asking yourself is, if the trustee knew about the house, irrespective of value, why was this not on the statement of affairs send to creditors! It's either a major and incredible error or its been left out for a reason!

Mark

Thanks Mark, not sure what to do now.Also I don't understand how they have the valuation on a document of 50'000 on the date I signed the trust deed it's not anywhere in any of my paperwork and the house wasn't valued till december.

The other issue is that the value of the property is greater than the debt, so unsure why a trust deed was proposed in the 1st place.

I think you need to ask the trustee why the house did not appear on the 1st creditors circular and why the trust deed was an option if you were solvent!

Mark

Hi Mark
l asked my trustee why I was given one and he said he didn't know and that I shouldn't of been given a trust deed.!!
So now I have a letter stating my old trustee did not know about the house until later in the trust deed and I now have another letter saying he knew all about the property at the beginning and he told me he would want the equity out. They sent a document that said we had discussed the equity and it would need to be released. I have never seen this document before.
Also a third party offered 3'000 on Thursday by email to stop the trust deed being extended in November and and were told yes within 20 minutes minuits that they would accept that.
And it should be fine with the creditors. Is that normal ?
I think I'm going to go into Glasgow and see them as none of this adds up.Thanks again ,hope I haven't confused you too much .

Hi debs

It's difficult to comment with any degree of accuracy without having full sight of a file, however it looks, in my opinion, that whoever you spoke with on day one was going to tell you anything to get you to sign, whatever the circumstances.

I don't see how an offer of £3k could reasonably be accepted in the circumstances you describe.

Please keep us posted on developments.

Mark

Thanks again Mark. It's just knowing what to do .

1. they accepted the offer of three thousand instead of six thousand four hundred and my last payment will be October and that will be it finished and I just let it go.
2 I pursue what I was originally told that no equity would be released and I have documentation to proove it and fight not paying any extra.
My solicitor thinks they have a lot of answering to do but it could be expensive taking this to a sheriff.
The thing is I now have a document stating 50'000 equity that he never sent to the creditors and was left out of all my paperwork on the day of signing.