Hi billyboy and welcome to the forum.

Unless there were significant complications (for example the need to realise equity held in an asset) this really should all have been done within a few weeks of the last payment.

Have you asked for an explanation?

quote:

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Originally posted by Trust Deed Assistant

Hi billyboy and welcome to the forum.

Unless there were significant complications (for example the need to realise equity held in an asset) this really should all have been done within a few weeks of the last payment.

Have you asked for an explanation?

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Thanks TDA.
Any time I contacted them they just said they would be in touch.
After trying to contact them numerous times , I let it slip.

it now seems to be coming to a conclusion, but I was under the impression that they would have done all this at the end of the 36 months

It does seem unusual billyboy.

I hope it's all sorted out to your satisfaction very soon.

Kind of think its bordering on Negligence. Reading through some other posts many people mention an annual statement. Never had one of these either. Hopefully I will get answers soon.

quote:

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Originally posted by billyboy

Kind of think its bordering on Negligence. Reading through some other posts many people mention an annual statement. Never had one of these either. Hopefully I will get answers soon.

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Sounds similar to my situation with regards no annual statement and only once being asked for pay slips, etc in 3 years.

Wonder if we have the same firm? What letter does it start with?

BDO S H

Hi billyboy

There are a few things here:

I cant understand why the advert was in July if you signed in May. The normal timescale is within 7 days.

You should have received status reports, normally every 6 months.

The case should have been wound up after the final payment was received. At worst 2-3 months after the final payment. 5 and a bit years is incredible.

Mark

they have now asked after 5 yrs and a bit yrs asked for 10 thousand pounds house was not value as much they say 2008 what can can i do to stop them taking my house.

Hi billyboy,

Do you dispute their valuation?

How much equity do you believe that there is in your house if you had to sell it quickly?

You you own the home alone or is it jointly owned?

The letter I just received from Trustee astounded me.
They have admitted that they should have dealt with my discharge in 2008. They have then went on that they will "calculate" what I would have owed on my mortgage in June 2008, what I would have owed on a secured loan in 2008 against an April 2010 valuation. They have worked this out as ?ú25000 in equity. But because they have taken so long they will settle for ?ú10000. Now whether these figures are correct or not I am astonished about the lack of professionalism of this firm. Its as if they are plucking numbers out of a hat.

To answer TDA. I've no idea about the equity in the house. I am trying to get a settlement figure from my secured loan company, which I think will be a lot more than that calculated by the trustee. Throw in all the expenses and legal fees, mortgage repayment,I would doubt his conclusion very much.

After reading other threads on this forum I have a question.

Should the value of my house - mortgage/secured loan have been calculated at the time of signing the trust deed to work out available equity?

Hi billyboy,

There are a number of complexities involved in how exactly this should all be sorted out now.

I'm sure one of the experts will be able to add their thoughts soon...

this is certainly a complex issue billy because my friend had the same problem with a company who had said that it would cost x amount and then continued to increase the amount over time. I think he ended up just paying it to get rid of them but i think you should definitely seek further advice before making any decisions and i wouldn't just take their word for it when it comes to the amount to be paid.

Hi billyboy

It a difficult one as the equity position should have been fully explained and confirmed at the onset of the Trust Deed. That said, they can't just pull a figure of ?ú10,000 from nowhere.

If it were me, I think I would have get a note of the redemption figure for the mortgage and secured loan for the date around the 3rd anniversary of the TD. I would also get a Trust Deed valuation and ensure whatever surveyor you use, you explain the circumstance that it is for a Trust Deed. DON'T use an estate agent as they will look at this as a bit of business. Then deduct both redemptions from the value and see what you are left with.

Please keep us posted.

Mark