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Topic starter
05/12/2012 7:50 pm
I've signed my trust deed based on their being negative equity on both properties I have an interest in. However my ex wife now seems to want to sell the house we lived in, but she can't afford to take anything less than what we paid 18 months ago.
Whilst I think it's unlikely she'll get it, if she did manage to sell at that price then we'd effectively get some of our £16,000 deposit back. The problem is, it was her mother that paid it for us from insurance money after her father's death and my wife wants to give it back to her.
So my question is, if that happened would it be possible rather than "my" half going directly to my TD, that I could pay it at the end of the deed, much like I would have had to if there had been equity in the house? That way my ex-MIL can get her money back, the creditors still get the equity money, and I'll still be allowed to see my kids!
05/12/2012 8:59 pm
I think your trustee would struggle with that mathlete.
My understanding is that if they failed to collect this cash, and you then didn't pay it over later, they may become responsible themselves to the creditors for paying it.
If a valuation has already revealed no equity it does sound this might be a theoretical problem rather than a real one though?
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05/12/2012 9:34 pm
Hi Mathlete
As it stands, in terms of the actual proposal there is negative equity. So creditors are expecting nil.
If there is a decision to sell, then it should be easy enough to agree a split of net equity. That way the creditors gain as does the individual. As I keep saying its all about balance.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
05/12/2012 11:24 pm
Bird in the hand and all that, I think trust deed assistant is probably right in saying that most trustees would be reluctant to pass up a lumo sum now for instalments later.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
06/12/2012 10:43 pm
Thanks for the feedback. I do think it's highly unlikely, but I'm on a run of the kind of luck that would see this happening! 🙂
