Welcome to the trust deed forum gczuczwa.

I'm sorry to hear that your father is unwell.

Speak to your trustee and let them know all of the circumstances. Also let them know about any settlement offer that your family could make for you.

Doing this will give your trust deed firm the information they need to consider what the best thing for your creditors will now be. That may well include showing you some flexibility.

Thank you for your advice.

Do you thing it is better to let Trust Deed firm know in advance that I may get to the stage when have difficulties to pay monthly because of going to look after my father in home country? Or wait until it becomes for sure and I will know if I take unpaid leave or will be going back and forward and then let the firm know.

If my unpaid leave from work will not be agreed and I will have to travel abroad very often is there any chance that my travel cost will be taken into my trust deed living costs?

If my debt was originaly for over £17000 what would be the smallest amount that it could be accepted to finnish my trust deed earlier? My family comes from the country where currency is weaker than in UK and salaries are five times smaller than in UK. I know it will be very difficult for them to lend me a lot of money to pay it off now. Trust deed was signed for 4 years with £137 a month with original dept over £17000.

Happy New Year to all of you.

Also how long it will take to get it sorted from the time when I offer a lump sum from my family?

Hi gczuczwa.

I think it's best to go through this in advance so you know what your choices will be. Your trustee has quite a bit of discretion so we'd only be speculating here and the answers you actually get could be quite different.

To finish a trust deed early you'd normally need to offer the remaining due contributions. For example if you pay £200 per month and there are 20 months left your trustee might accept £4000. They don't have to accept this though, they might want more and they might take less.

Ask your trustee also how long your discharge will take after any agreed lump sum is paid over.

Thank you Amy, I will write a letter now along with my annual review.

How much equity is in your property?

Paul

Hi Paul

I cannot see any equity in any documents. Where should I find it? And how is it called?

The equity figure should be mentioned in the paperwork. Its the difference between what your house is valued at and how much you still owe on the mortgage. It should have been discussed properly before you signed anything but is often skipped over.

Paul

Is it called equity? Or it can be under different name?

Do you think your home would sell for a profit after your mortgage was repaid gczuczwa?

My home has share mortgage and at this moment I pay all myself as my boyfriend left UK. Apart from that my home was bought with Homestake (later Lift) and main and my boyfriend's share is 69%. 39% is owned by House Association. The mortgage has been only paid for 4 years. Do you think Trustee may want me to try to sell the flat?
The only thing that I can see in my first annual review is Property Abandonment Fee £500. What is it?

This would suggest that your trustee has assessed the equity in your home to be low enough that they are willing to accept payment of £500 to abandon any further interest in it.

This would be separate from your normal monthly payments and you are usually meant to find a third party (eg family/friend) to pay it for you. If this hasn't been paid already then it will probably have to be added on to any lump sum payment that your family make to settle your trust deed early.

Thanks Kevin for explanation. I started being worried that I will have to sell my flat. Should I request any further documents from my Trustee to make sure my home is safe?

Has the £500 been paid already gczuczwa?

Was it ever discussed with you?

Hi
No £500 was not paid yet.