Wow that's scary, what is it that you are paying extra for? Surely a value should be agreed and then it's paid when it's paid ???

Hi goneunder.

It comes down to circumstances and the trustee's professional judgment.

I think you and your trustee are trying to work around the risk of losing your home otherwise?

why is it possible for you to have a trust deed for so long...doesnt sound right!!

It's a very unfortunate scenario involving equity in a home littlemo.

Did you not make an agreement on how your equity would be dealt with at the start...sorry if youve already stated the story in another post already.

Oh right i see what you mean...i really hope you get it sorted soon it must be such a strain having a trust deed since 2008!!!!

I don't think they would goneunder but, as we've discussed here previously, that doesn't alleviate their responsibility to tackle the equity.

Is this a final position now? The lump sum plus one more year of contributions and you'll be discharged?

Hi goneunder.

With respect, I think the issue is that the experts have covered this same ground previously.

It obviously doesn't seem fair that anyone is in a trust deed for eight years.

Equally, it doesn't seem that your trustee has been unreasonable. They've no option but to gather in what's due to the creditors and they've arranged things to help avoid the loss of your home.

Tda , to be honest the silence told me all I needed to know .

Of course it's unreasonable on my trustees part .

Like I say the silence said it all .
Thank you

The silence may be due to kindness.

It's not easy for people to say something like "Your trust deed could have been a lot shorter than 8 years - but you would have lost your home".

That must be a hurtful thing to hear.

So, most people just say nothing.

That doesn't mean that they share your view that your Trustee has been unreasonable in extending your trust deed to allow you to pay back the equity and keep your home.

For anyone confused about the flow of this thread, a number of earlier posts that others (including myself) responded to appear to have been deleted.

There's no problem with that - just wanted to explain.

Hi goneunder,

Candlewick has put across a very well worded response.

I'm unable to recall the specifics of your case but from what I can remember you entered your Trust Deed with equity in your property and it was anticipated that at the end of the Trust Deed you will re-mortgage, pay the equity and the Trust Deed could be closed off and you would be debt free. As a result of the credit crunch it removed the ability for you to re-mortgage. Due to this your Trustee has extended your Trust Deed to allow for you to make payments towards this equity.

It must be a very difficult position to be in especially when you expected that the Trust Deed would be for 3 years. Unfortunately no one could have predicted the credit crunch and the significant change in the mortgage market.

A Trustee has a responsibility to the creditors and to try and ingather as much money as possible to repay the debts. That being said the Trustee also has a duty of care to their clients. I don't think any Trustee wants to run a case for 8 years but unfortunately they have a responsibility to the creditors and to repay as much of the debts as possible.

How much was your debt when you first entered into the Trust Deed and how much will you have paid back by the conclusion?

Can you remind us, how much equity was it agreed at the start that you would try to raise via a remortgage? And how much will you end up paying in for that equity element by the time the agreed proposal ends?

Thank you for your responses . I appreciate candlewicks points however i need people to be frank not kind . In my opinion my trustee had not been motivated by kindness to allow me to keep my home . After my 3 year contributions a simple calculation would have shown that I would have needed to continue to pay for another 5 years . I don't expect that this is kind to the client at all . Would an extension of this length be allowed in practice ?
I would have lost my home but I wouldn't have needed to contribute any more.
In addition I could not pay off any equity at this point so if my house had been valued it would have had no equity at this point . So it was not in the trustees interest to sell it .

By allowing me to make payments I created equity which in now being pursued. So by allowing me to make payments and pay my mortgage I have contributed on both fronts.

If I continue to make the contributions I would have repaid all the equity barring selling costs . If I just made the lump sum payment with no further contributions I would fall short by roughly 5000. The required equity is 21000. I would have paid 13000 and it would cost 3000 to sell . If I continue for 1 more year there would be a shortfall of 1000.
I have read on here on many occasions that people have been encouraged to make offers and many people have been successful .
I feel my offer was significant or am I way off mark ?
I do feel misguided both at the start and after the 3 years . Surely there must be a point where a halt has to be called and in my opinion that was in 2011. At this point however I will not give up .
I really appreciate you taking time to comment and please do not spare my feelings as it's facts that will help me weigh up my options