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Scottish Trust Deed Forum
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Topic starter
14/02/2011 9:13 pm
I started my TD 2 1/2 year ago and unless i can get a re mortgage which looks unlightly it will be extended for a further 2 years.
Im better off now thanks to new job than I was when I entered the TD. My contriutions have doubled and are now higher than what I was origionaly struggling to pay.
Is their any way to stop the trust deed and contact my debtors and sort out paying them what I owe rather than carrying on with the TD.
14/02/2011 9:27 pm
Hi tam0410
No, the Trust Deed can only be wound up by the Trustee.
You should remember that the Trust Deed stops interest, charges etc. Will your combined payment be greater than the total debt?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/02/2011 9:38 pm
If i cant get a re mortgage and it gets extended then yes. I owed a total of ?ú11600 and made 24 payments of ?ú150 and to date 6 payments of ?ú350 which as I understand will be made till my trust deed is finished. so who gets the extra money?
14/02/2011 9:43 pm
Hi Tam0410
How much equity is due to be paid? Are they looking for a further ?ú350 x 24 months extension?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/02/2011 9:52 pm
To be honest im not 100% sure. The valuation that was done at the start of my trust deed was that their was aprox ?ú30000 equity so the the creditors would be payed back in full. (I think) Im coming close to the end of the 3 years and was put in touch with a mortgage advisor who told me no banks are lending to people in trust deeds. so I was told my TD would probably be extended for 2 years, Never asked if thats what i would be paying for those 2 years. I never worked it out and only just realised it would be more than I owed to start with when you asked me that.
14/02/2011 10:07 pm
Hi Tam0410
I think you'll need to have this clarified as I can't see a Trust Deed progressing where the debts are ?ú11k and the assets are shown as ?ú30k plus ?ú5400 (36 x ?ú150).
Best advice would be to speak with the Trustee and have them explain exactly what they are looking for in terms of equity.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/02/2011 10:11 pm
OK thanks. I think ill phone them tomorrow and get this cleared up. The lassy I was talking to sounded like she couldnt wait to get off the phone to me, I thought maybe it was me being thick and not following what she was trying to tell me but im not so sure now. No point losing sleep over it. In hindsight the trust deed was a bad move for me. However 2 1/2 yr ago it was probably the best idea. But i wasnt to know whats round the corner.
15/02/2011 1:17 pm
If there was ?ú30k equity in your house at the time then I doubt the trust deed was ever a good option for you - it sounds as if you may have been given duff advice unfortunately. Let us know how you get on will you tam0410?
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