Hi alder6

Firstly it is not mandatory. It will depend entirely on what was agreed at the start before you signed.

It may well well be a case of your word against that of the IP. That is why in all cases we deal with ( and we don't charge £500 for having no equity) we ensure every aspect of the case is highlighted in writing and agreed before anyone signs. That way we don't have any surprises at the end.

Mark

Welcome to the forum alder 6.

Well done on completing the monthly payments.

I think the key to the situation is whether an agreement was reached at the start that this £500 would be paid.

As you dispute that this is the case, you may wish to ask the company to provide you with their records of this agreement.

Have you actually been discharged? Which company are you dealing with? Why should you have to pay £500 for something that doesnt exist,ie no equity!?!

Paul

hi
thanks for your replies
all they keep refering to is paragraph 7.of the trust deed
which doesn't help as it was not the way that the agent descibed what the third party buying out the rights and the way that their para.7 can be interpereted.
i just want to be finished
and i never agreed to paying the £500.
i understood that it made sense but thats the way me and now separated wife understood it .
thanks again

hi paul
no im not dis-charged but thought it was over and now hit with the unexpected £500.
not impressed
bit like being given a mis-sold ppi

quote:

---

Originally posted by plasticdaft

Have you actually been discharged? Which company are you dealing with? Why should you have to pay £500 for something that doesnt exist,ie no equity!?!

Paul

---

what has been discussed between you and anyone is one thing,but what is written in black and white is what is binding in the agreement,and for this reason nobody should be happy to accept anything by word of mouth from agents or middlemen.

If its been agreed that you would introduce this £500 to remove your trustees interest in your property(regardless of the rights and wrongs of charging a fee if no equity exists),and you havent been formally discharged then I think your Td firm has you over a barrel.

You could try to argue the case,but at the end of the day until you hand over the £500,I very much doubt you will be discharged.

Its a pity so many people are told one thing but dont notice whats in the actual documents,understandable due to the complex nature of them!!

Paul

Hi Alder6

I think, as stated, it will depend on what was agreed. However I would ask the following and advise you expect precise answers;

1. You are aware that the £500 payment is not mandatory as stated, if this is not the case, please tell them to advise you where this is stated as mandatory.

2. Provide exactly what the £500 is for. It is your understanding that this may be for the additional work required in discharging their interest. Ask if they recorded title to the property. If not, then the process is sending Form 14 to the registers of Scotland to discharge the inhibition. This costs £15 and takes approximately 2 minutes.

Mark

Mark

thanks mark
the letter i received from them states that it is for as per my letter of engagement in para .7 that a nominal sum will be reuested if there is no equity and they say that £500 is per the accountant in bankrupcy guidelines as an appropriate amount .
and is it the accountant of chartered accountants that i take my complaint to ?
or where /what do you suggest next?
fergus hughes

quote:

---

Originally posted by Mark McFadyen

Hi Alder6

I think, as stated, it will depend on what was agreed. However I would ask the following and advise you expect precise answers;

1. You are aware that the £500 payment is not mandatory as stated, if this is not the case, please tell them to advise you where this is stated as mandatory.

2. Provide exactly what the £500 is for. It is your understanding that this may be for the additional work required in discharging their interest. Ask if they recorded title to the property. If not, then the process is sending Form 14 to the registers of Scotland to discharge the inhibition. This costs £15 and takes approximately 2 minutes.

Mark

Mark

---

Hi alder 6

There is no such guidelines in Trust Deeds. I suspect they are using the sequestration guidelines as a comparison. If that's the case the AIB suggests:

If there is little or no equity, can title be transferred for a NOMINAL sum? The Accountant recommends that the trustee should not wait for it to appreciate in value.

The guidance before the update also highlighted nominal as 'A payment of a nominal sum sufficient to cover the trustee's costs in relation to the property and its disposition' In a Trust Deed this is issuing Form 14 @£15.

Mark

thanks again mark
but its getting a bit technical for me
. the jargon sometimes can do my head in .
plain english/scottish be fine
but where do i take this to further my cause and get it sorted ?
or at least find out if i stand any chance ?
as i feel very strongly buout this as it should be made crystal clear at the beginning .. as nobody wants this at the end , or what they hoped would be the end

quote:

---

Originally posted by Mark McFadyen

Hi alder 6

There is no such guidelines in Trust Deeds. I suspect they are using the sequestration guidelines as a comparison. If that's the case the AIB suggests:

If there is little or no equity, can title be transferred for a NOMINAL sum? The Accountant recommends that the trustee should not wait for it to appreciate in value.

The guidance before the update also highlighted nominal as 'A payment of a nominal sum sufficient to cover the trustee's costs in relation to the property and its disposition' In a Trust Deed this is issuing Form 14 @£15.

Mark

---

Hi alder6

Best ask them to clarify exactly what the £500 is for, where in the legislation it states this and do they consider this to be a nominal amount per the AIB's guidance on sequestrations.

Mark

thanks again
looks like im going to have quite a list of questions for them tomorrow , my fingers are crossed but im not expecting miracles just for them to admit that it wasn't put over correctly and get there wording fixed so that its a lot clearer for someone else .
so much for 3 years ..
i appreciate your help
fergus

quote:

---

Originally posted by Mark McFadyen

Hi alder6

Best ask them to clarify exactly what the £500 is for, where in the legislation it states this and do they consider this to be a nominal amount per the AIB's guidance on sequestrations.

Mark

---