How much were you paying a month to the td and how much is the equity figure? Is this equity figure accurate? When was it agreed upon?

Paul

Hi Paul paying 400 pm and the equity payment is 42.500.

Was it ever discussed with you how you would raise such a figure?

Hi Paul no at the start of the trust deed there was no advice on how to raise the equity just the usual you may loose your home!

Thanks for words,

Ian

I don't think there is an easy answer I'm afraid as the current paymemnts would take around 8-9 years to complete and I'm not sure it is feasible to extend the Trust Deed by this period.

Does the £42,500 represent the full equity or your half share?

Mark

is the figure an accurate one?

Paul

Hi Idunc,

Equity can be the biggest problem in someone's Trust Deed and I'm sorry to read that your now having difficulties regarding this issue and the possible threat of losing your home.

At the start of your TD can you remember discussing the situation regarding your property? Normally a valuation is obtained along with a redemption figure and from this discussions should have taken place about how much equity there was and how this would be dealt with. If you can't recall this your best to ask for a copy of all paperwork you signed at the start which should hopefully show what the position was with your home and equity.

Unfortunately as Mark has said there doesn't appear to be an east answer or solution. If your property does have the level of equity that your Trustee claims then a sale of the property could be something that they need to consider if your unable to make a suitable proposal to them.

If you disagree with the Trustees valuation you can obtain your own one and then try to negotiate with the Trustee.

In situations like this I always think it's best to sit down with your relationship manager/Trustee to discuss things and to try and find a way forward.

Have you heard of the mortgage to rent scheme? The Scottish Government created this to help homeowners facing homelessness. It' basically where the Local authority or a housing association purchase the property and you can remain as a tenant with a secure tenancy. There are all sorts of obstacles and rules but it could possibly be a way to stay in your home. I suggest you contact Cab or Shelter to discuss this.

OMG I wish I had some advice to give, I really hope you get this sorted out. This must be one of the worst equity to raise cases I've seen here! Hopefully the equity figure can be halved or if it wasn't agreed at the start and it doesn't sound like it was then hopefully a current valuation might reduce it. Good luck.

Thanks for your suggestion, downandout. the mortage to rent scheme can be a very useful option. However, I'm not sure the trustee would accept the use of it in this case because the amount that would be paid out from the proceeds is capped at £8000 (or £12000 for over-60s) - a lot less than the amount the trustee seems to be expecting.

Hi folks thanks for all the advice and with the help of friends and a very understanding and listening insolvency practitioner I now can go back to the trustees fo maybe get another two years payments against the TD. Let's hope will keep you informed.

Hi IDunc

Glad it's worked out in the interim, hopefully the additional period will allow you to resolve matters.

Mark