Presumably the equity situation will have been discussed with you prior to signing the trust deed, maverick267. What was the plan originally?

equity was discussed but not how to pay ,as trustee has said cheque before trust deed finishs or after which i cannot do so i have to sell the house.

Looking at previous posts, I understand that:

*The position with the car was resolved inasmuch as you had not being asked to sell this.

*The position with overtime has been resolved as you had use of the car to do this.

*The position with the Council Tax has been resolved and this did not go up by ?ú160 due to the Trust Deed.

My advice would be to wait until the equity position has been clarified and then look at the options at that time. I understand that there was a Nortnern Rock together loan which is now part of the Trust Deed and the payment saved from this should/could be used to increase the monthly payments to the mortgage.

In summary, the Trust Deed has stopped creditors interest, charges and more importantly legal action. If they had pursued for bankruptcy, then the property would almost certainly have been sold. At present however, you appear to be making minimal contribution payments, making no payments towards debts and have breathing space to look at option 1,2 or 3 years down the line.

Mark

The Council Tax which you advised was double

so until the trust deed becomes protected i will still get letters that i legally have to pay to stop court action beig taken agaist me
as at least 2 letters today have said someone may come visit me or cort action is the route varios creditors will be advised to take
the car may still go back as santander have said if you are in a trust deed we will take the car

I don't know if there's much point in elaborating the answer, but quite simply the answer is no you don't. Do you have a letter from Santander advising that they will be repossessing the car?

it was over the phone but no letter
thanks for your reassuance

ref equity i find some answers to ask family(i have none) friends for ?ú14000 is not within anybodys means as i would not be in this position.
obviously i will have to sell the house at the end of the trust deed but contents will have to be dealt by trustee as i will have nowhere to live so do they auction the contents of the house

I think it is perhaps time to draw a line under this, looking at previous posts. You appear to be looking at every possible worse case scenario. At the moment you are worrying about a Trustee auctioning your furniture which just doesn't happen.

If, as a worst case scenario, the house was sold, I assume you would no longer pay the mortgage and therefore in a position to rent a property. However as Trust Deed valuations are normally less that estate agents or mortgage valuations, then the most likely scenarion is that the Trustee looks at a possible remortgage of the property to release the equity calculated at the start. Any increase in value over the next 3 years or so, you will benefit from and thefore I see no reason why a remortgage would be out of the question.

Hi maverick267,

I appreciate that your are very worried about your situation and how everything will develop.

I think you need to go through all of this in detail directly with your Trustee so that you know exactly what to expect in the future.