Did you have it in writing that there would be no interest in the property. If you don't, and there's equity in it they may very we'll look into realising the equity for your creditors. Check your original paperwork to see what was agreed and you and the TD company signed to.

Hi Deeddone,

When someone enters into a Trust Deed they also enter it with any assets that they have i.e. home, car, policies etc. If you own a property then the Trustee needs to establish the equity by carrying out a valuation and obtaining a redemption figure for your mortgage to calculate how much equity there is. If there is equity then an agreement should be reached prior to signing the Trust Deed on how this will be paid over.

As upstream has advised the first thing to check is what your paperwork said at the start when you signed your Trust Deed. This should show what the position was with your house. If you don't have this then contact your Trustee and ask for them to send you a copy out.

How much equity is your Trustee asking for?

Thank you David and Upstream for your replies. I am seeking legal advice as I made it clear that I didn't want my property involved, the representative from RSN Tenon assured me 'verbally' when I asked him " That my property would not be affected" I was assured this would be the case".I made the 36 payments and I would be debt free.I guess I was taken in and signed up.

quote:

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Originally posted by Deeddone

Hi there, new to forum. Last payment made and now another company is trying to take equity from my property saying that they have taken over from previous company. Anyone experiencing the same as I signed for only 36 payments of which I have made in the understanding that my property would not be involved.

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Hi Deeddone

It is critical that the position with property is discussed and agreed in writing before you sign anything. If not, then the trustee can seek to recover any equity irrespective of legal advice etc.

How much equity is involved? I assume they have obtained a redemption and valuation for the property.

Mark

Hi Deeddone,

I was also with RMS before the TD were passed to Apex.

I had it confirmed as part of my PTD that they had no interest in my house as there was 0 equity in the property. This was included int he paperwork and confirmed in writing after the PTD was set up based on the valuation etc coming back.

With my first review with Apex (which was a very painless affair it has to be said) it was confirmed that they had no interest in the property.

RMS were good at confirming their interests and what you would have to pay etc at the end from what I have gleened from others who were with them.... So as said before - Check your paper work and take it from there.

My only question towards Apex is what will they do when I reach the end of the PTD. RMS used to discharge the people in the TD but remained in place while they chased protection insurance. This in their words meant they remained in place for up to a year after I was discharged. I just hope Apex take the same attitude.

Hi colski.

We hear of very few firms that aren't prepared to discharge their client while they get on with the PPI claims process.

My guess is that this will not be a problem for you based upon what I know and what I've read here in the past.

Thanks TDA 🙂

Hi, I am in exactly the same position, I agreed everything at the start before signing with RSM. Tenon, however Apex are trying to change the terms. The amount calculated and agreed with RSM tenon for the equity in our home was £5500. This was shown on the original paperwork and each annual statement. I have been paying monthly contributions for over 3 years and my husband agreed to pay a monthly amount towards my share of the equity, which he has done also for more than 3 years. I asked Apex for a final balance, as RSM tenon said I could pay the outstanding £5500 at any point in the 4th year, but apex are telling me there is £32k equity in my home which is not correct. There seems to be a lot of posts relating to the takeover from RSM tenon by apex, and differences to what was agreed at the start of the td being made. I have never tried to shy away from my responsibilities but what was sold as a godsend is turning into a nightmare with the possibility of us losing our family home when my daughter is going into the most important year at high school. I have a meeting next week with apex, and hope we can resolve the situation, as I am also suffering for depression as a result of this situation and just want it all to be over. I think there should be an investigation into how trust deeds have been promoted and recommended by companies, and how another company can change the terms and conditions of the original contract. Surely there is some contract law that would cover this?

Hi lily2511,

Hopefully your meeting with Apex next week will be able to clarify things for you.

Let us know how the meeting goes and we can give you further advice if you need it.

Hello lily2511.

As mentioned on other threads, the key issue for you seems to be whether it's just you on the title deeds or both of you.

Have you got to the bottom of that yet?

You'll certainly want to know in advance of your meeting.