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Scottish Trust Deed Forum
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Topic starter
05/06/2015 11:31 am
Hi,
This is going to take some typing and I am sorry its such a long tale but to start myself and my husband stupidly signed a trust deed July 2012 everything was great for the first year we made all the payments and everything was going good, my partner then was forced to take early retirement due to illness. He was a fire fighter so received a lump sum for his pension we then put this into paying off our mortgage stupidly I know. looking back on it now I so so wished we have paid off the trust deed, but at the time we receive no advise about how this would effect us. The trust deed company found out we had paid money into our home and to cut a massive long story short they have now 3 years later decided they want the house. I have tried EVERYTHING from realising money from the home, to a secured loan on the house. My children have even tried getting a loan to pay the trust deed off. Dean Smith who owns the trust deed has decided he wants £50,000 or he is taking us to court to get the house. Although the trust deed to start off with was £34,000 and since they have £14,000 back from me. I have offered to pay £1,000 a month for as long as it takes to pay if off but he will not accept this.
Sorry its such a long winded tale, just wondering if anyone has any experience of this. I don't know were I stand now or what to do everything just keeps going round in circles. I have a lawyer but to be honest he has not been much help.
kind regards
Mary
05/06/2015 12:08 pm
Welcome to the forum mary_keddie.
I'm sorry to hear that you're in this difficult position.
I think I know the answer from the content of your post, but could you please confirm whether you informed the trustee about receiving this lump sum at the time?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
05/06/2015 12:19 pm
Hi,
No at the time of receiving the money we never let the trust deed know as we were never informed we would have to tell them by any one when we signed it. We let them know when we received our annual review from them. We paid 700 pound per month and no one from the trust deed company EVER advised us this would change if we come into money. I have been advised now by my lawyer that this money would not belong to the trust deed as it was a pension but because I have paid into my house they can now try and demand it.
Thank you for your help.
Mary
05/06/2015 12:49 pm
Hi mary_keddie,
I think it would be useful to wait until Mark, Kevin or David get chance to add their thoughts to this thread.
Where a lump sum from a pension is actually received (while in a trust deed) I think it might be a little different to being technically entitled to a lump sum that could potentially be drawn from a pension (but which hasn't been).
As I say though... I think some input from one of the others would be valuable at this point.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
05/06/2015 12:51 pm
thank you
05/06/2015 1:02 pm
The lawyer is correct in suggesting that pension sums do not automatically vest in the Trustee, however the guidance from the Accountant in Bankruptcy is that the funds can be classed as a one-off income receipt and therefore the trustee can seek a contribution from it. So effectively it amounts to the same thing I'm afraid.
There might be more of a case to argue in court if the funds were not then paid into the house, but again I think your lawyer is probably right that it actually makes it further removed from being pension funds and is essentially now equity and could be sought on that basis too.
It is not what you want to hear I suppose. I am not a lawyer, however, and if you aren't satisfied with the one you have then you could seek a second opinion. There may be other grounds that you could defend an action to repossess and sell your home too.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
05/06/2015 1:39 pm
thank you for the advice
