Just out of interest Carol

1.Did you have the equity figure agreed at the start and just
pre-pay £500 and..
2.did someone else pay that?

Hi I'm On My Way & Pamjo.

This sounds like the £500 (or sometimes now £750!) fee some trust deed firms want to prevent a revaluation later of a home that has no equity at the start of a trust deed.

The money should come from a third party.

Okay, I don't know if anyone has said it yet so I will.

Sign with any of the firms that the experts on here work with. They don't charge the equity protection charge, discharges seem to go smoothly and they don't appear to be involved in the current PPI racket. I've still got my trustee in office as they research the PPI thing even though I told them I wasn't mis-sold.

Read the posts of people who've had the experts act for them and they're positive experiences. If I'd known about this forum I would have signed with one of them and not who I went with even though there were no major issues.

Hi gillian.

Just so you know, at least one of the featured firms here is now investigating whether PPI claims can be used to increase the return to creditors from a trust deed. Others may follow.

I don't see any problem with that if it's done in the right way, and also not left so late that discharge is affected. There is a way to deal with PPI professionally and fairly, though as we've read that doesn't seem to be in effect everywhere.

I have no objection to PPI being investigated where there is a chance that it's been mis-sold. The creditors need to get something out of a trust deed as well as the person setting out on that road getting to be debt free. It's just the firms that wait till the point of discharge to start dealing with these issues seem to be lacking in ethics whereas there doesn't seem to be any indication of that from the experts we have.

Hi Pamjo,

In answer to your questions.Yes my home was valued at the beginning of my TD. Thankfully my equity was very little and can easily be paid at the end of TD.Secondly my parents paid the £500.

Carol

This sounds like a variation on the same theme.

A small amount of equity is established at the valuation at the start of the trust deed. It sounds like £500 is requested to prevent there being a further valuation later. Quite properly, a third party pays over that sum. The small amount of equity is dealt with later.