Thank you Kevin, I understand. This was my concern and I do believe a trust deed is the best course of action for me. I would not be comfortable signing until we had confirmed an equity figure and as long as I felt it could be dealt with at the end of the 3 years without having to sell my home.

Hi billbaiilie

I think this is the single most important aspect of the Trust Deed.

If carried out propertly, it takes away all the unknowns and that is essential in moving forward.

Mark

hi billbaillie,
I was feeling very similar to you around 9 months ago.Equity was my biggest fear and barrier to TD or not.. however, once you get you head round a TD valuation being different from regular valuations and allow your IP to instruct same,before signing anything of course !you will hopefully be pleasantly surprise with outcome.Its the only time probably you will be delighted to have no equity in your home!!!once your clear about that it seems to put the rest of process into perspective.Once you have your confirmation in writing from IP re confirmation of no equity in house there should be no further surprises. signing for me became the easy part after all that and its the best thing wee ever done! good luck

Thank you Cal, yes my concern is that they will find equity. I am frequently being told that a TD valuation is lower that a regular valuation but by how much! There is only one way I am going to find out, I am expecting a call this morning from an IP and hopefully get the ball rolling.

Deleted my post since it wasn't helpful.

Hi all

The last post only confuses things.

My Advice is have a valuation carried out by the Trustee, obtain a note of the redemption figure and deduct one from the other. Then ask the IP to confirm absolutely what the final equity figure they will be looking to recover.

Mark

Hi billbaillie

Please be very careful. I had a client before Christmas who came to me after having a visit from this firm. She had no assets and was a single parent, yet they wanted her to signa 4 year Trust Deed.....just to cover their fees! NOT good advice. They get you to sign the paperwork on the day, but fortunately for my client, they had spelt her name wrongly, and she couldn't sign it. They have not returned the documents they took away- insurance documents, wage slips etc. Both citizens advice bureau and myself have spoke to them regarding this, and now they don't answer the phone to my client!!

Valuations can, and should, be carried out before signing anything. You will find myslef, Mark & Kevin follow this procedure, and it makes for a much safer outcome. Please dont sign anything on the day.

Thank you. I am more confident now that I am on the right track since finding this forum. I was receiving mixed advice before and felt like I was being pushed into making a decision without having all the facts.

I did not think that the advice from custardcream was entirely unhelpful. One persons opinion based upon their personal experience.

I have spoken to an IP and after some further discussions, including a desktop equity figure, next week I will hopefully be one step closer to sorting out my debt.

WEll done, and good luck.