I have been coping acted recently too by my trust deed company who told us in our first meeting with them the exact same thing that after 3 years we would be debt free and we asked them about equity and was told not to worry as after 3 years we would be finished our trust deed and we also told them we had a secure loan on our property which would be finished after 2 years of the trust deed and was told we will just not tell them it's finished till after the 3 years . And I said to the advisor but pour mortgage would come down a good bit of money after the loan was cleared and he told us not to worry as it will all be over after the 3 years . Now they want to extend it another 2 years and I feel as if we were definetly mislead by the advisor .

yes thanks again we are going to hold on to see if this is an issue and the advisor was an intermediary but she said that the company was a good company and that we would have no problems with them,i hope so cause we could not afford to hire a lawyer and our wages are too high for legal aid so fimgers crossed

Hi dlareg32.

Sadly this is an issue we've seen many times here over the years. There are some decent intermediaries out there, but there are also some who will say or do pretty much anything to get someone to sign up (so that they get paid).

The issue is that these reassurances sometimes stop people from asking their trustee the same questions and of course it's only actually the view of the trustee that counts. That's why we suggest that people get everything in writing from their actual trustee in advance of signing a trust deed rather than relying on verbal statements from an intermediary.

As an intermediary is involved you could also complain to them and approach the Financial Ombudsman if you're unhappy with the outcome of your complaint (to the intermediary only - for the trustee you'd need to go to their professional body normally). I guess you'd need to think through how you could verify your position if you choose to do this.

Hi just been reading your posts again. I'm in a similar position regarding your complaint going to the account and bankruptcy don't bother I spent a lot of time and effort and all I got back was they couldn't do anything and to talk to my trustee. I'm about to do a complaint with my trustee regulators will keep you posted. We had to pay an extra three thousand or have my trust deed extended two years.

well that's my wife and I made our last payment now lets see what happens wish us luck

Good luck dlareg32.

I hope this doesn't turn out to be a problem.

Hi dlareg32

I hope it works out and they can bring the trust deed to a speedy close.

Irrespective of the intermediary statements, the trustee still has an obligation to assess the equity position. If you have a copy of the statement of affairs issued at the start, this should give you some indication of the position.

Mark

could someone tell me why they used 85% of the price of the house because if this is standard practice and my house is priced at 80000 then I am in negative equity as the house around was priced at 80000 and I have a second mortgage on my house

Hi dlareg32.

I'm not sure where 85% comes into it and don't believe its common practice.

surely if the paperwork says 85% then they cant change this so they would have to use this with the 80000

Hi dlareg32.

Having paperwork that supports your case should be helpful if there is a dispute.

a week has passed and I haven't heard from them do you know what this means

Hi.

I wouldn't assume that means anything in particular.

2 weeks still no contact one way or the other

Maybe time to chase it up next week dlareg32?