Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
6
Users
0
Reactions
1,533
Views
Topic starter
09/05/2013 10:06 pm
hi, im very very confused and have been reading this forum, for the last few days, was hoping one of the experts can help and advise me of my situation. i have over £30,000 of debt, i am self-employed, and have a total of 4 properties, 1 of them being my family home, the others were bought as buy-to-let properties, as investment also, that has not happened as 2 of them are in negative equity. being a builder and self-employed my wages can vary significantly depending on work and time of year, ie seasonal work is better than the winter months. work has been rather slow, and have been using the credit cards to make ends meet, and when the properties were lying empty or need work done to it, was using the cards to make payments, and do all the work. my question is, if i take out a protected trust deed, can i protect all of my properies? what if i dont declare all of my properties, just my family home, will they show up on the database?
help what should i do. i have worked really hard all my life, and now it is all falling apart? help please.
10/05/2013 6:18 am
Hi VE
Could you provide a bit more information, as you mention 2 of the properties have negative equity. Could you confirm the position with the other 2? A rough valuation of each and what is outstanding on the mortgage for both would greatly assist. Also are all the properties in your name or joint.
It is never a good idea not disclosing information as it is easily available from land searches etc. any solution is best with a full disclosure, that way there is no historical baggage going forward. The self employment shouldn't be an issue as income can be averaged and adjusted.
I'm sure there is a solution somewhere. If you can provide the above, hopefully we can assist further.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
10/05/2013 8:26 am
Hi very worried,
A trust deed may be right for your situation if you can provide equity estimates on all 4 properties as each one shall require to be dealt with in the deed. Every trust deed differs and should you have no surplus income to contribute to it, but instead have a sufficient level of equity in the properties then this may be utilised to fund the trust deed. This does not necessarily mean selling the properties there are tools available to prevent this for example third party funding, third party contributions. The trust deed does however require transparency to make it successful. Please provide a little more info to allow us to best advise you.
Rob is not currently posting in the Trust-Deed.co.uk forum.
10/05/2013 9:45 am
I agree with the other experts. Of course the other option that you might wish to consider is to give up the properties in negative equity. Of course their value may well come back in time, but if they are proving a drain and you would rather cut your losses then this might be the best time to look at getting rid. Any shortfall could be included in a trust deed or sequestration.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
10/05/2013 12:02 pm
That's a good point you make Kevin regarding the properties and negative equity. Sometimes people feel trapped by the negative equity and trying to deal with the property and management of these can often become overwhelming and difficult.
I recently dealt with a Sequestration case in that the client had 40k of unsecured debts and investment properties all with negative equity. Some were rented out and some were vacant. He decided to allow the properties to be repossessed as he did not see a point in time in which the properties would move from negative equity to positive. He advised that the relief of not having to worry about the properties was the best thing for him. It's something to think about very worried.
A good advisor will be able to cover all of your available options including the possibility of allowing some of the properties to be repossessed.
David is not currently posting in the Trust-Deed.co.uk forum
11/05/2013 6:36 am
Hi
Tell them everything!! The Trustee is there to help you and if they found out you hadnt told them 'everything' it may well make matters worse further down the line.
I know its hard especially when you have worked hard all your life to get what you have (I know that) but sometimes honesty is the best policy.
