Hi SH1589.

I haven't really got very much to add to my responses to your other thread at https://forum.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=7883.

The way homeowners protect their position is by there being a written agreement upfront about how their assets will be dealt with, sticking to the terms of their trust deed, and keeping up with their mortgage payments.

You may have seen it already, but there's more on this general topic at https://www.trust-deed.co.uk/equity-homeowner-house.html

You are essentially quite correct, SH1589. However, your prospective Trust Deed firm should have warned you that up until the point that your Trust Deed becomes protected then you are classed as what is termed "apparently insolvent". This technically means that it is possible for a creditor to raise sequestration proceedings against you which would supersede the Trust Deed and therefore put your home at risk.

The chances of this happening are vanishingly small, I would say, and it really isn't something that you should worry about - I have never seen it happen this way in my many years of insolvency experience. The only reason I mention it is that you seem to be looking for 100% guarantees here and unfortunately it is rare to be able to provide these.
Hopefully your trustee firm have already made you aware of this, as they do have an obligation to do so prior to signing.

Hi,

Thanks for clearing that up, In the very rare chance that it does not get protected, can I then release myself from the trust deed and return to pay my creditors?. I am going to be paying £454, my total debts are £51k, I have a sustained income but my debts were spiralling out of control and want to put a stop to all of it now. I have just moved into a new house 6 month ago, and have 3 young children. I will have no problem paying my TD payments a long with my mortgage.

Thanks

As long as your Trustee is happy to terminate the Trust Deed then yes you can certainly enter another option instead. I don't see any reason why they should not allow this, we certainly would. A Debt Arrangement Scheme plan should be viable based on those figures, which would leave your home out of it altogether, though it would be over a longer period than the Trust Deed as you are not getting the benefit of any debt write off in that solution.

Either way, it is a big step entering into a formal debt solution, especially if you have a home you wish to safeguard, so I would urge you to take your time and only go ahead once you have had everything clarified to your satisfaction by your chosen Trustee firm. Try to think through the worst case scenarios (eg job loss) and ask them what would happen in those scenarios. You'd be surprised at how differently different trustees operate in these circumstances so I would also recommend speaking to more than one firm and proceeding with the one you feel happiest with.

The experts on here represent various firms and I or any of the others would be happy to have a look at your situation in more detail if you wish - it can be done very quickly by telephone. If nothing else it might just put your mind at rest that the firm you have spoken to already are giving you as good a service as you might get elsewhere.

Thanks Kevin, Is it possible to have a chat over the phone for some advice and talk more in depth before I sign anything? Thanks

My Trust deed is going to be with Campbell Fraser Wallace. Has anyone had any dealings with them?

quote:

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Originally posted by SH1589
[br]Thanks Kevin, Is it possible to have a chat over the phone for some advice and talk more in depth before I sign anything? Thanks

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Of course - if you click through the contact button then this can be easily arranged