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Topic starter
10/04/2014 4:18 pm
Hey all,
Not posted here for a while. I checked out the Insolvency Register today and found my details for our TrustDeed's which are now listed with Apex since RMS passed on the deed's.
All seems fine on it part for one piece. On the information it says...
Exclusion of family home - False
Can someone explained what this part means...?
The reason I ask is when we entered into the TD with RMS it was agreed the house had no equity in it, this was verified with a survey and the documents for the TD listed they had no interest in the house as a result.
My worry is now Apex has the TD they will change their stance on this and the reason it says false is that they haven't excluded the house and any value in it (should it go up) will now get taken into account on the TD to close it.
Any experts care to give an opinion or explanation on this?
Half way already!
10/04/2014 4:45 pm
Hi colski
Don't worry it just means that there was no exclusion of the property under the Trust Deed. The Trustee can make a proposal to creditors and formally exclude the family home which is quite rare.
The fact that there is no equity solves the problem without doing the above.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/04/2014 4:50 pm
Thanks for that Mark.
My worry stems from selecting to having my TD with RMS and then having it moved to APEX outwith my control.
I am sure APEX are good and the terms and conditions of the TD will remain as they are. It my fear of the unknown which has me on tenterhooks especially any time I see something like this.
Half way already!
10/04/2014 5:04 pm
It's a pretty standard entry there colski.
Look up some common surnames - I doubt you'll find a trust deed case there that says anything different on that line.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
10/04/2014 5:37 pm
I'm not aware of any Trust Deed cases where the property has been excluded formally either in our own or with any other firm. Like a lot of things, it's a nice idea in theory!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
11/04/2014 8:46 am
DOn't worry, Colski - as the others have said, this entry is perfectly correct even though there is no equity in your home. It is precisely because there is no equity that the property can be ignored without having to be formally excluded.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/04/2014 10:39 am
Great. Thanks for the feedback all.
The house was worth exactly what the mortgage value was when surveyed so it was agreed to be excluded and was documented in the agreement as so (No interest in the property I think was the wording).
With the speculation in the market that house prices are potentially going to start going up (and it is already being seen in the prices being paid for similar houses in our estate) I am being a wee bit paranoid about wither the position on my house can change. I was confident that RMS's position wouldn't have changed but with things now sitting under APEX I am not sure if the goal posts may move etc...
Im sure I am over thinking things as always... Just being a tad paranoid hence the original question...
Half way already!
11/04/2014 10:47 am
Hi colski
Don't worry, it the fear of the unknown thats the killer. Even allowing for the transfer of the Trust deed to APEX, the agreement at the start was the agreement you entered into and that in itself should be binding.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
