Hi maverick267,

Was your car on hire purchase?

If your car is required for purposes such as work I would think that your Trustee would be open-minded about you retaining personal transport. Have you discussed this with them directly? If you rely on a car to generate overtime I would have thought this would be in everyones best interests.

Am I correct in thinking that you are required to cash-in an endowment policy that you had previously intended to use to clear part of your mortgage? This would be normal but I would have thought that this would have been discussed with you?

yes i discussed the car(loan from santander) and keeping it but the new paperwork that i have and under advise from my fianicial advisor indicates the car is included in the trust deed the endowment was to clear off remaining in mortgage,but i have been advised that the mortgage would have to increase by ?ú500 per month so i keep the house
it was discussed i should sell the house and end of mortgage but where am i going to live

Hi Maverick

My advice would be to speak directly with your IP and not your the financial advisor as I would be surprised if any paperwork would be issued to state that the car must be returned, particularly if this is required for work.

Also, you appear to have just signed the Trust Deed, per your post of 21 May, so I think the position with the house is slightly premature.

My advice is speak directly with the Trustee.

Mark

Hi maverick267,

I suspect that this situation has become confused with different advice being received from different people.

I completely agree with the last post that you should contact your Trustee directly to find out exactly where you stand for sure.

so much info to take in,not sure what my employer means by helping me out they have advised me to try and get out of the trust deed and they
would help me out
is it possible to get out of a trust deed once signed i would,ve thought there would be still be a large payment to trustee not to mention hacking them off.
thanks for the quick replies so far

Hi maverick,

The subject of Trust Deeds and much of the language that accompanies it can be confusing. This in particular will be true for financial advisors and employers who are unlikely to fully understand the situation.

There are ways to exit a Trust Deed but, depending upon your circumstances, there could be consequences attached to this.

I'd still suggest that you contact your Trust Deed company to run through the subjects that you are concerned about. They must have felt that a Trust Deed was appropriate for you when you signed, as did you, and perhaps running through these issues with them will help to put your mind at rest.

In my experience financial advisors are not usually very well clued up on trust deeds maverick 267, and whilst the trust deed paperwork may well make reference to assets such as your car, that does not mean that the car is necessarily included. If your trustee has assured you that the car can be retained for work purposes then there is no reason to doubt that. I agree with the others though - seek clarification from your trustee.

i have now found out that my council tax has gone up by ?ú160 a month they say because i,m in a trust deed will have to speak to them again is this right?
mortgage has increased by ?ú120 a month due to my arrears so my unsecured loan 3233 which would have brought it down is looking bad
i cannot see ?ú50 trust deed getting me out of this deep rut as things are getting far worse.

Hi maverick267,

I haven't heard of council tax going up because someone entered a Trust Deed. I suggest you ask them for clarification about the reason for the increase and discuss this with your Trustee.

I don't really understand about the unsecured loan and the ?ú50 Trust Deed. Could you explain a little more?

there is an unsecured loan on the mortgage,?ú233 a month which i presume is paid by trust deed,the trust deed has been set at ?ú50 with ?ú14000 in equity to be paid at the 3 year point i obviously cannot pay that in 3 years so i guess the house has to be sold leaving me no where to live
thanks for the replys so far

Hi maverick267,

Some of the information being provided leads me to believe that you do not currently have a full understanding of how your Trust Deed is working. This may well be because you have received conflicting information from different sources.

As mentioned a few times earlier in the thread I think it's really important that you contact your Trustee directly to run through all of this in detail.

Hopefully that will resolve a lot of the concerns that you have.

There is no way your council tax would rise as a result of going into a trust deed - it could fall if you were repaying arrears prior to entering the trust deed but I can think of no circumstance connected to a trust deed when it would rise.

Regarding your unsecured loan - is this a Northern Rock Together mortgage? The unsecured payment should not be getting paid any more, so even with an increase to cover arrears on the mortgage side of things your payment should have decreased. If it hasn't you should check this further - they may still be deducting the unsecured element too. Or maybe I'm reading this incorrectly?

regarding the mortgage increase i beleive they have capitalised this so i am paying more to catch up on arrears,councill said i was in atrust so i will get a new bill soon so hopefully they have made a mistake
regagding the ?ú14000 in equity no idea how i can pay this as remotgaging is out of the question as i have missed payments.

spoke to trustee and ref ?ú14000 i will have to sell my house as i have no way to pay this in 3 years
ref council tax i have a new bill now so not as bad as i thought
as for mortgage that has increased significantly by over ?ú150 a month
so payment for mortgage has significantly increased