Hi armani

The whole scenario is unusual. Who are you dealing with and did you sign the Trust Deed document. Also is the property jointly owned with your wife.

Mark

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Originally posted by Mark McFadyen

Hi armani

The whole scenario is unusual. Who are you dealing with and did you sign the Trust Deed document. Also is the property jointly owned with your wife.

Mark

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sorry, itchy trigger finger
Property is jointly owned
Dealing with back to black via credit fix
to be honest I think I did. It felt such a relief to make a move on the debts that I wasnt thinking straight

sorry, just rememebered, there was talk of them coming back for a 2nd signing??
I dont have a problem paying off my debts, but some of the literature from them states that we sign the house over to them??

Hi armani1981, sounds asthough you are going through one of these advertising companies that will put you onto a company to deal with your trust deed. The same happened with me until I called Julie Heaton from this site and since cancelling all contact with them I have signed a trust deed using Julie and its next Friday I hear if its been protected. The first company I was using was through Moneysupermarket.com Independent Financial they were called and they put me onto Invocas. The representative came to the house to collect the necessary paperwork and my husband and I signed that we are happy to use them for all correspondance to creditors. This was not an actual signing of the trust deed. That would come later. Sounds like you are in the same position. They worked out my payment to be ?ú300 including my husband but on speaking with Julie she told me my husband would not get his trust deed protected as he had a Brain Heamorage and stroke in November and is currently on sick pay. Im assuming this other company knew this but they never said. I would use one of the experts from this site armani1981 if you have not yet signed the trust deed. These companies will take upfront fees. I did not pay any fees upfront they are all included in the trust deed monthly payment. Also my house is in negative equity which is a bonus for me but I did have to pay ?ú500 to Julie so that the trustee does not have any interest in any equity that may build up over the 36 months so I know my property is safe. If you can I would use either Julie, Kevin or Mark from this site they are very good. Hope it all works out for you. Good Luck!

Hello armani1981,

It seems very unusual that these things are only coming to light so late in the process, and very unfair on you.

Good Scottish Trust Deed companies will take as much time as it needs to ensure that any potential client fully understands their commitments should they sign a Trust Deed.

Upfront fees are often charged by agents who then pass a case to a Trust Deed firm. There is absolutely no need to pay such fees; by approaching a Trust Deed firm directly no such fees would normally be payable resulting in a cheaper, shorter and more secure route to dealing with the debts. This is not a criticism of you if you have paid such fees; many people do so as they are not aware of the alternative route.

Another common theme in this forum where agents are involved are things/numbers changing late in the day. This has caused many visitors a lot of confusion and worry. Normally this will result from the Trust Deed firm reviewing the case put together by the agent and taking a different view about how everything should be handled. Other readers will note by avoiding agents this kind of confusion can also be avoided.

Given the late stage that you are at I would encourage you to contact another Trust Deed firm to get a second opinion. This would be based upon a detailed understanding of your circumstances which is hard to gain via the forum.

You are correct that only your half of the equity would normally be taken into account. There are certain circumstances in which your home could be at risk which should have been explained to you in advance. Getting the right advice before signing a Trust Deed should ensure that you enter into it aware of your responsibility in terms of your home and confident that you will be able to meet it.

I would be very wary of entering into an arrangement which relies on you remortgaging in a few years. The mortgage market has changed significantly in the last couple of years and it is very difficult to release any equity unless there is a significant amount of equity in the property and your credit rating is good. I think this sort of deal is just storing up problems for the future, where you may find it difficult to release the funds and your home may well be at risk. It should only be done as a very last resort in my opinion.

Hopefully you haven't signed a trust deed yet, armani1981, and can get a second opinion before going any further.