On what basis is this Indebt999 - has a proper valuation been done? If not, then try not to panic just yet, you should insist that this happens.

Unfortunately this is the reason why I always bang on about getting the equity position clarified before signing anything, ie insist on a valuation before going ahead.

Fingers crossed this turns out for the best!

We had a valuation through the financial advisor.
Would we have to pay it up front??

Hi Indebt999.

I think you have recently signed the trust deed?

Is this the valuation your Trustee will be using?

Equity doesn't normally need to be dealt with at the start of a trust deed so I don't think there's any need to panic at this stage.

I think it is. I just don't know what to do. One time your being told one thing and the next another. I'm so stressed it's making me ill. Don't know if I can cope with all of this anymore.

Hi indebt999

Is this 2 trust deeds or just for you. Do you know who carried out the valuation and have you met with the IP company yet?

Sorry for all the questions, but it gives me a better idea of where we are at.

Mark

Hi Mark. We didn't meet with the company but had dealt with things through a financial advisor who has used the same company before. We have signed the td.
The mortgage is in my name alone but we have both applied for tds for combined unsecured debt.
I now know we should have met withthe company. They did send a man out to go over the paperwork.
I have just had it! We are trying to getthings sorted and it all seems to go ok so far then fall apart. Now completely paranoid that we won't get it protected. !

Hi indebt99

I think the position with the equity should have been fully discussed and agreed before you signed anything.

Best advice is to speak with your trustee and ask exactly what the equity is and how he expects this to be dealt. Normally this will be by an extension to the Trust Deed.

Mark

Hello Indebt999.

I'm not sure that any of this makes it more or less likely that the trust deed will become protected.

Perhaps you should call the trust deed firm themselves to confirm where everything is currently?

Thank you guys. Have just heard that there had been a mis communication between the surveyors and the valuation is the original one so we have negative equity! The trust deed company has called me and confirmed this! A whole day of mega stress! Thank you again.
Oh and tda I am just super worried it wont go through to be protected.
It's just me. A born worrier!!

Hi again.

I'm really glad to hear you've had this good news about the equity.

Try not to worry too much on the protection issue, threads on this forum about trust deeds failing to become protected are very few and far between.

Assuming you had a valuation at the beginning, do the Trustees have to stick to that - or can they ask for a re-valuation? Not that it's likely it will have gone up...

There should be no revaluation, unless I guess if somebody had stopped cooperating in which case matters would be reviewed.