Hi dlareg32 and welcome.

I suppose only you'll know whether you've been misinformed. The fact is that assets like equity in a home vest in a trustee if you sign a trust deed and they become legally obligated to deal with them for the benefit of creditors.

That's why we suggest people get everything confirmed in writing before they sign. I'm guessing from your post that you don't have confirmation of these promises in writing?

Hi dlareg32,

I'm disappointed to read that your experiencing difficulties with your Trust Deed's and feel that you could have been mislead with information at the outset.

As TDA has advised when you enter into a Trust Deed your assets vest in your Trustee which is why thing should always be confirming in writing so there are no surprises during or at the end of the process.

Did you get anything in writing at the start advising how your property would be dealt with and looked at? If you didn't get anything specific, you should have received a copy of the proposal to your creditors. Within this it should list your property, the value of this along with the outstanding balance on your mortgage and also what the Trustees intentions were in dealing with any potential equity. If you don't have a copy of this give your relationship manager/Trustee a call and ask for a copy to be posted out.

Do you think that you could have equity in your property dlareg32?

Hi dlareg32

This is similar to the posts from debs on the forum.

I think the position with the property is the single most important issue and I would recommend anyone looking at the Trust Deed as an option to ensure they deal with a firm who has a valuation carried out before signing anything, then compare this to the redemption figure on the mortgage. They should then make sure that they have the position regarding equity absolutely clarified in writing with no 'might' or 'could' answers.

Dealing with equity should be straightforward. The IP should state in writing:

*We have had the valuation and it came back at ????

*We have the redemption and it came back at ???

*As a result there is no equity/there is equity of ???

*No further valuations will take place and the matter is finished; or

*We will deal with the equity on the basis of the following ???

Mark

our equity is mentioned on the paperwork but we were told this would just be standard practice but this wont come into play so when we seen it we ignored it I get the feeling this is going to come back and bite us

Hi diareg32

Unfortunately it has the feel of another case of getting the trust deed signed at all costs, without the position on equity being explained in full.

Mark

Hi dlareg32,

What did the paperwork say regarding your equity at the outset? Was there a valuation carried out against your property and a redemption figure obtained?

How much equity do you think you have in your property now?

I would request a meeting with your relationship manager/Trustee to discuss your concerns and to establish what the way forward is.

there was no valuation but it had been valued at 100,000 years before,theyve put in 85% loan to value 85,000 less first ranking-56288 and second ranking-11145 leaving-17567 equity then est overall equity-8783 but I don't think the house is worth 100000 anymore more likely about 80000

Hi dlareg32

I'm guessing the figure of £8,783 is the equity split between you both and shown in each trust deed. Therefore the trustee will be looking for this figure each.

If it has been documented on the paperwork which went to creditors, then this would form part of the proposal and the trust deeds will look to receive this. I think this is something you will need to take up with your trustee and if you think that the property has dropped in value, then see if he will agree to a new valuation, although I suspect he may hold you to the original figures anyway.

Mark

It would surely be difficult for them to hold you to a non-existent valuation. I think you should ask for a copy of the valuation and if there isn't one then it is fair to insist that one is done. Hopefully it will come in at a lower amount.

Sorry to hear what's happening with your trust deed. I had very similar except their was no mention of my property in the paperwork. At least if they do a valuation and it is lower hopefully their would be minimal equity. I sympathise my experience has been nothing but stress.

can someone enlighten me or were insurance salesmen that visited peoples houses to give advice not taken to court and prosecuted due to misinformation or have I got my facts wrong.

Hi dlareg32.

I think you're referring to several types of mis-selling of financial products including insurance products?

There have been numerous examples recently where this has been exposed years afterwards and affected clients compensated.

Is your question what you can do if you believe you have been misinformed?

yes if you can help please

OK. You can:

1 - Complain to the company that set-up and manage your trust deed.

2 - Complain to the professional body of which your trustee is a member if you're unhappy with the way your complaint to the firm was dealt with.

3 - Ask the Accountant in Bankruptcy to look at your case.

4 - Take your own legal advice and consider legal action.

Was the adviser you met with definitely from your own trust deed company or from an intermediary firm that they work with?

I presume you're going to hold on at the moment to see whether this does indeed become a problem?