Hi Tallhotblonde.

I'd like to understand how you justify these broad assertions?

There's little doubt that something has gone very badly wrong in this instance, but this seems to have been as a result of poor practice at an intermediary rather than by the trustee?

Please explain the "sell them off when you're not worth anymore to them" comment. I don't believe that you an substantiate it.

Please explain the evidence that you've identified that supports there being a mis-selling culture throughout the industry.

Ahhh... sometimes the answer is just staring you in the face!

"Tallhotblonde" is the poster formerly known as "Scrappy318".

"Scrappy318" recently earned the rare accolade of being one of the tiny number of people we've ever had to suspend from contributing to the forum.

This suspension occurred after extensive rudeness followed by accusing two identifiable firms of a serious criminal offence (which we removed for the poster's own protection).

Some things just don't change.

no valuation was ever done they just asked me if I had ever had a valuation done and I said yes 5 years ago when we had a garage and it was valued at £100,000 and she said ok that's close enough it wont really matter anyway its just to fill in the paperwork.

Hi dlareg32.

You can ask your trustee if they have carried out a recent valuation. If they have I'm sure they'll share it with you. If they haven't I'd have thought you could encourage them to do so. If they're asking for a specific amount of money they must be basing it upon something.

You also have the option to source your own professional valuation if you think that you can challenge the amount of equity that your trustee believes exists in your home.

Should we start to call you Columbo TD?

With anything in life unfortunately problems will crop up and this is the same for Trust Deeds. The fact remains though and this shouldn't be lost or forgotten about in the problems that people are currently having with their own Trust Deeds that if set up correctly and for the right reasons then a Trust Deed can be a very effective and excellent tool for dealing with an unmanageable amount of debt. As I mentioned earlier over 6,000 people per year enter into Trust Deeds and the vast majority of them run smoothly and without any problems. The legislation has been tightened up also and a lot of the problems are from Trust Deeds that a number of years old.

dlareg32, I would speak with your Trustee and ask for an up to date valuation to be carried out against your property to determine the amount of equity. You should also speak with your mortgage company about obtaining a settlement figure. This will be able to show you how much equity your property has.

quote:

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Originally posted by goneunder
[br]Dla32reg
I have always argued I was misinformed at the start by the trust deed company . I was informed I had equity to release but that would be no problem as I would be able to " remortgage without a problem " . Both my husband and I questioned this as we sat in their office , totally vulnerable , trying to keep our home . Not a problem they repeated !!!!
Not the case . I am now over 6 years on having made contribution monthly for 5 years and battling to save my home.
Now have an excellent credit history but can't borrow a penny as some of the companies didn't put a default on me til a year after the trust deed was in place ! Catch 22 all round.
Totally misinformed at the start . Debt free after 3 years !!!
Since July 2008 I have been crippled with fear and embarrassment at the thought of losing my home !

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Goneunder,

The date of defaults on your credit file shouldn't be any later than the date the TD was signed or became protected (usually around a six week difference). There are template letters on the site to help you do this.

just out of curiosity how can you remortgage your home to pay off your trust deed equity if you are still technically under a trust deed

Hi dlareg32.

Prior to the credit crunch this was fairly straightforward for many people.

Since then it has rarely been an option due to the lenders perception of risk.

Hi dlareg32,

As TDA has advised prior to the credit crunch is was common for a remortgage to take place in a Trust Deed to clear the equity and then the Trust Deed could be brought to a close. There was a big sub prime market available to people in Trust Deeds but when the credit crunch hit almost overnight this market disappeared along with the majority of sub prime lenders. Even main stream lenders prior to the credit crunch would consider someone in a TD.

Nowadays it's extermely difficult, almost impossible to remortgage whist in a Trust Deed. I've heard that there is one sub prime lender returning to the market but will only consider clients who are on a DAS at the moment for a remortgage.

I spoke with someone today who thinks things are changing (slowly)although he was more referring to secured loans as opposed to remortgages. It was interesting that even allowing for the criteria to be met, the individual would require to have been discharged from the Trust Deed which I think most trustees would be reluctant to do as they would require to discharge the inhibition over the property which then puts their position in safeguarding the equity in doubt.

So in summary,there are some lenders possibly willing to provide secured loans to individuals who have been discharged from a Trust deed, but not to obtain funds to clear equity to a Trustee!

I think this makes sense.

Mark

so where do you think I will go from here.if I have £16000 equity how long will it take for me to pay this considering we have very little extra income and between my wife and I used to pay £350 and struggled at that.

Did you ever instruct a valuation or contact the professional body of your trustee dlareg?

Regarding the amount to pay in total, and the speed that you can afford to repay it, the period that this might take could be considered too long by your trustee.

It's their decision though, so you'll need to seek clarity directly from them on that.

Hi dlareg32

I think whatever way you look at it, it will be extremely difficult to raise equity at that level and as TDA says, the time period will depend on your Trustee, although the time period may be too long.

It will be interesting to hear how/if the revaluation went.

Mark

after all this time they've got back to us with a valuation of £112000 and offering us 4 options,there is an equity of £51000 but we were told that they would be looking for £16000.1 borrow £16000 of a friend.2remortgage,3pay £400 over 44 monthe 4 sell property on open market.i was told by the person dealing with our account that we can put forward any offer which he will put to the creditors.so myself and my wife are going to offer £10000 one off payment or £400 over 36 months what do you think considering we were conned into this

Well dlareg32, they're both substantial offers.

If they're the best that you can offer then put them forwards. It's difficult to predict how your creditors will react, but hopefully they'll take a positive view.