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Scottish Trust Deed Forum
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Topic starter
21/01/2012 2:01 pm
my husband received his letter to say that his last payment had been made however we know that on ending his 3 year term he would still owe nearly £10,000 from his share of equity in our home. my concern is that he works on a month to month basis at the moment because hes been informed by his company that his job will end soon so now we are worried if we dont get a remortgage that our house will be taken from us is this possible as the house is in both our names and i dont have a trust deed can u advise what will happen next thankyou
21/01/2012 2:23 pm
Welcome to the trust deed forum molly.
I'm afraid its very unlikely your husband will be able to get a remortgage as he is in a trust deed.
My suggestion at this stage is to ask the Trustee what options exist to deal with the equity. For example, some people carry on making monthly contributions to pay over the sum due.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
21/01/2012 7:19 pm
Hi molly
I know this is a terrible worry for you. You should contact the Trustee to see if you can realise the equity over a period of time. This can be through payments after the 3 years, or by you starting to make payments now, as you don't have to wait until after the 3 years. Some Trustees will disregard the first £5k, but it will all depend on what was agreed at the beginning. You could suggest a meeting with the person managing your case, your husband and yourself, to try and come to an agreement. Let us know howyou get on.
Shona is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
24/01/2012 4:26 pm
thank you for ur reply my husband did contact the poeple he has his trustdeed with and to be honest he didnt offer anything other than to say the goverment has a scheme were they buy ur house then rent it back to us which frightened me to death because selling my home just isnt an option it isnt me who has the trustdeed after all so can they make us sell even though the house is in both our names im getting worried as they dont seem to be willing to discuss any other options a michael
24/01/2012 4:30 pm
Hello molly.
How much has the payment to the trust deed been each month for the past three years?
Do you have an exact amount that needs to be paid to cover his share of the equity?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
24/01/2012 4:34 pm
first he paid £250 a month then when he changed job we paid £350 a month but thats only been in the pastmaybe 9 months the equity owed is £9800
24/01/2012 5:08 pm
Hi molly.
If £350 remains affordable to you I'd suggest making a written offer to repay the £9800 over 28 months.
The fact is that it would be difficult and expensive for your husbands Trustee to force a sale of the home, expecially if you (who also have some rights) were to be obstructive about it.
In comparison, an offer that promises to repay the sum in just over two years might be attractive and a better deal for creditors.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
