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Scottish Trust Deed Forum
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Topic starter
20/01/2011 7:55 pm
Hi im looking for a bit of help,
I have been in a protected trust deed for 35 months now and the final payment is due to come off on the 1st of Feb '11. I have been paying ?ú275.00 per month towards this. My partner has been paying ?ú100.00 a month towards this "as a third party with an interest in the property". The property is in my name and I am the sole owner. I decided to give my IP a call just to see what happens after the 1st of Feb'11. When I spoke to my IP I was informed that there was still a balance of nearly ?ú18k to pay ! My dedbt at the start of the trust deed was nearly ?ú40 so taking into account the money we have payed over the lasy 3 years together with this "outstanding balance" I will nearly have payed bacl all of my debt ! This does not seem right to be as I thought the whole point of signing the trust deed was that after a 3 year period at the end of it I was debt free ? Any respone would be most gratefully received. Thanks.
20/01/2011 8:12 pm
Hi Alfie
you'll need to get more info on what the ?ú18k relates to.
Is this for equity? If so, what was the valuation/mortgage at the start.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
20/01/2011 8:29 pm
Hi Mark thanks for getting back so soon.
The ?ú17,676.00 is the equity in the property. The trust deed was signed at the start of Jan'08. The house was surveyed by the IP's agent in March '08 and it was valued at ?ú110,000.00. I disagreed with this valuation and had one carried out seperatly and the valuation came back at ?ú92.000.00. The IP was prepared to meet me half way and the valuation was confirmed at ?ú101.00.00. My dedt due to the Chelt & Glous. at that point was ?ú83,324.00.
20/01/2011 10:21 pm
Hi Alfie
if you agreed to pay the equity as stated, then there's really no option.
I assume this was discussed and agreed at the start of the Trust Deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
21/01/2011 9:21 am
Hi Alfie
The purpose of a Trust Deed is to repay part or all of what you owe to creditors.
Unfortunately if it was agreed at the onset that you would have to come up with ?ú18,000 in respect of the equity, there is no way round this.
If your partner has been paying ?ú100 per month towards the equity I would of thought that there would only be ?ú14,076 left to realise?
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
