I have reached the final hurdle in my TD believing I had a choice in whether I needed to pay this only to be told I have to pay it and have no choice. I wrongly was led to believe I only paid this if I thought there would be equity in my property at some point in my TD

The figures should already be detailed in your paperwork which you have signed and agreed to so check there for answers.

Paul

I think Mrs Mac's experience might be a common one - best check with your trustee sam84 as you may not have a choice. A lot depends upon what they proposed to your creditors at the start of the trust deed.

Hi sam84.

As covered in many other threads, plenty of firms (including those represented here) don't charge that £500 at all.

I cannot remember reading a scenario on this forum over the years where the £500 has been reduced to £250 because the property is jointly owned.

Both of us had a TD and had to pay £500 re equity, it was £250 each. Think I read on here before, though could be wrong, that each of the couple pd £500 re equity.

My husband and I have to pay £500 each

Hi sam84.

Did the other owner(s) of the properties also sign a trust deed?

Wow Mrs Mac some difference from firms who do advocate making this fee payable. I really think there should be tighter regulation within TD for this and other differences I have read on here.

I think this post spells out the problem totally.

One house, jointly owned. Is it £250 each = £500. Is it £500 each = £1000 or is it nothing.

Mark

I agree Mark, this is just plain wrong. I would have thought that there would be a set of guidelines by a coverning body that each IP must adhere too. Though from reading posts on here it doesn't seem clear cut.
Don't get me wrong we were willing to pay, it went into the pot for our creditors we owed and couldn't pay, they received a fraction of what we owed back.

There needs to be uniformity in all aspects of a TD for IP's not what we have at the moment, a kinda of pick n mix regarding what some IP's do or don't do.

I agree with you twizzle but we were told this £500 each only needed to be paid by a 3rd party to buy any equity that developed during our TD. Now we are told that's not the case we have to pay this even though we are still in considerable negative equity!

Whilst there are indeed a whole host of regulations and guidelines that trustees should follow, it is also inevitable that there are many areas that different trustees will have a different take on.

I don't think there is necessarily anything wrong with that, but what is important is that whatever is being agreed is made crystal clear before anything is signed and it sounds as is if this often isn't the case.

All the more reason for anyone thinking about entering a trust deed not to just sign up with the first firm that you contact (or who contacts you!)

I agree with the others in that there are variations out there of what figure is being paid, if any, and at what point ect. Each case and each firm have different guidelines. For the avoidance of doubt in this case I would simply refer to the statement of affairs and schem of division which you signed at he start and whatever you have signed you have agreed to pay. I am sorry to hear that the basis of this was not clear and I understand that the trust deed document is a lot to take in. I hope you can have the equity (or negative therein) position dealt with soon.