Welcome to the forum Ros.

Unfortunately, even if you could prove misselling had taken place, it would be unlikely to help you.

When you sign a trust deed or assets vest in your trustee. You've made them responsible for using your assets to help repay your creditors. They have no choice but to do so.

For this reasons trust deeds might not be suitable for some homeowners with a significant amount of equity.

The idea of buying equity, as you describe it, applied only where there was no significant equity in the first place. If there was equity when you signed this wouldn't have been an option.

Do you agree with the valuation that your trustee has now presented?

I don't understand how it can be so different from the report that was done in 2011, which said the house was valued as £120,000. They now have got an in dependant valuation (done June 2014) which is backdated to 2011 saying £145000. When we signed there was £9750 equity split between myself and hubby, there is now around £37K. What would you think our options are? Many thanks for your reply ..

Hi Ros.

Was that a report from a surveyor in 2011?

Who provided the figure back then?

How were you planning to pay the £9750?

Sorry to ask questions in response to your question but it's helpful for providing useful answers.

We were told when we signed that the equity could be paid at the end of the TD. There was no rush for this!! So we planned to pay the TD then concentrate on the equity. This was discussed in our home with the original trustee present The original report was from a surveyor that the financial advisor organised. I really do appreciate your help and advice - I do think though we have been so badly advised in the past - and as a result we are going to lose our home. #128078;#128560;

......Sorry was :-(((. Sad face - thanks so much

Hi Ros.

Do you feel that the new valuation is inaccurate?

How much have you been paying into the trust deeds each month?

I think yes it is, the surveyor instructed by TD company didn't get entry into our home, how can he make a fair valuation. We trusted the TD company and Financial advisor and trusted the valuation that we were given, why would we doubt it? We pay £100 each per month, this was over 36 months. This was supposed to be a new start for us, it certainly doesn't feel like it - we are so worried, and it is such a struggle financially in a TD. It just doesn't seem the answer to our problem that it was made out to be - thanks again .

Hi Ros.

If I were you I'd be asking for a very specific explanation of why your trustee is not relying on the valuation that was done originally.

There must be a specific answer to this or they would not have instructed a retrospective valuation now.

Thank you - I will do this.

Hi Ros,

I'm sorry to hear of the difficulties you are now having with your Trust Deed's.

As TDA has advised the first thing you want to do is clarify why an updated valuation is being used and they are not sticking with the original done at the start. Normally at the start of a Trust Deed a valuation and redemption figure is obtained to confirm the level of equity and then an agreement is reached on how this will be paid.

It's unusual then for an updated valuation to be carried out and for the equity amount to change.

If you can find this out and let us know we can give you some further advice.

Thank you

This is horrendous - I entered into a trust deed to protect my home - I was told it was the way forward - best thing for us !!!! We could get our lives back on track - three - almost four years down the line and the situation is making me ill - we are no further forward - only more debt as the fees are now added on - think carefully before entering into a TD it is not the garden of roses it us made out to be

Hello Ros.

Obviously I have no way of knowing how things were presented to you in advance of starting your trust deed. Trust deeds certainly can help to protect a home but it all depends upon unique client circumstances fitting in with this. In other specific scenarios trust deeds are unlikely to protect a home and might achieve the opposite - typically where there is equity and no ready way to pay over a sum equivalent to this.

Have you had any response as to why a new valuation has been sourced?

The new valuation (at the moment) seems only to be for my husband. The reason they gave is, the original valuation was six months old at the time my husband signed. We got the house valued when I signed. In checking paperwork today. The trustee signed the TD with the original valuation and there is no mention of this being out of date. We spoke to TD today and they have advised we can get an Independant survey done. My TD is four years old this month - the original paperwork says 36 payments plus £4750 equity.