would you rather have your debts out in the open , than lose the house ? I had that choice to, I chose to try and save my home after it was all out in the open I felt alot better afterall when its in the open there is nothing to cover up or hide . Which takes a huge amount of pressure off you and will give you back control .Depending on what the amount owed is there might be other options , such as selling assets within the house , or insurance policies etc , have a deep breath and look at possible options , after all we are a short time living but a long time dead . Think of your situation like this once you have taken control again . But always get the best advice you can and never rush into things , best thing I ever done was admit my mistakes and took control again , belive in yourself ! , regards Pinalta [8]

Hi gresgow

Does your gran have a Power of Attorney?

Mark

Mark

My Gran does have a Power of Attorney.

Is it you gresgow?

No TD assistant it is not me - it is another member of the family

And that isn't someone you feel able to confide in gresgow?

I do understand your dilemma and concerns about discussing the trust deed. However, as much as the sale of the property would be a last resort, can you envisage any other way to raise the sum if you did inherit before you're discharged?

I would inherit the whole estate as far as I am aware. As well as the house this would also include a cash amount. Whether this would be enough to clear the TD amount I am not sure.

My family have really taken a dim view of my debt, or rather the circumstances surrounding how I got into this position. Over the last few years things have settled down somewhat as regards that and I am just worried that the prospect of having to sell the house to repay debts would only open old wounds which I would rather avoid if possible.

Hi Gresgow

Can you tell us what the original level of your debt was, how far you are into the PTD and what your monthly contributions are?

Regards,

pb

Hi Poorboy

Original debt was £11000 - £11500 have paid contributions totalling just over £3500. Trust deed period was extended and have 24 payments still to make. If monthly contributions are kept at the level they are at just now will pay of just under £8600.

Hi gresgow

I think, looking at the figures, that the Trustee could certainly look at an extension or something, without resorting to selling the house which would be a bit of overkill.

Unfortunately you would need to pay debts in full plus interest at 8% and Trustee's costs.

Mark

I agree Mark.

Would it be possible to get a secured loan against the house to pay off the debts whilst in the PTD? With no mortgage on the house there would be 100% equity.

Would the value of the other assets within your grandmothers estate be enough to pay the original debts, trustee fees plus 8% interest (£920 on the £11,500)?

If so, or if it comes close you may not need to worry about it and, as Mark says, I think a reasonalble trustee would allow you to extend the duration to make-up the difference.

pb

Remember that through the duration of the PTD as is you will have already contributed £8,600.

Do you know that your estimated trustee fees are from your original PTD paperwork?

If so this will give you a pretty accurate indication of what the final cost will be and allow you to calculation what (if any) extension is required.

pb

That should be calculate (its a good idea to preview before posting!)[:)]

Hi Poorboy.

There is a little icon with a pencil on it when you're signed in. That allows you to correct a typing mistake. I use it quite a lot!

Its an interesting legal point concerning POA's. Do they have the power to change a will? I would have thought no, but if the request for the change was from the main beneficiary, then there is no detriment to any other beneficiaries and therfore would certainly seem to be a possibility.

Interesting.

Mark