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Scottish Trust Deed Forum
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Topic starter
09/02/2013 10:15 am
At the start of my td,I was asked to pay £250 so that the td would have no interest in my house,as house prices go at the moment for a 4 bed detached,around £185,000ish,we owe N/ROCK £191,387 and a secured loan of £30,298.00,TD got a valuation 2yrs ago of £120,000,this was to show the creditors there were no equity in the house,I have been in the td for 2yrs now and scared that at the end of it in 18mths time that they want some kind of equity from the house,I dont see where they can getting from as all the figures dont show any equity at all,am I in a panic for nothing or do I have a problem
09/02/2013 10:32 am
The Equity position is required to be established as soon as possible at the outset of a Trust Deed.
If you have paid £250 at the outset to protect your property then the Trustee should have discharged his interest in this and should not revisit this at the end.
Check your paperwork but I would say you don't need to worry.
In addition you have substantial negative equity as well which goes in your favour based on the figures you have said.
Chris is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
09/02/2013 10:38 am
Thanks TDA,didnt pay the £250,but I did think that the negative equity in the house didnt warrant the payment,but as the current climate goes and my figures it should be ok
09/02/2013 12:59 pm
Its hard to predict but cant imagine a positive equity figure anytime soon.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
09/02/2013 4:14 pm
I agree withe the guys, I was in at the other side where there was equity in my house,at the time of my trust deed,but when My trust deed was near completion it was not at the same amount due to the downturn,I managed to agree a figure with the trustee to settle what was I think very fair. So I wouldn't worry all the best.
09/02/2013 7:00 pm
I wouldn't be surprised if they insist that the £250 is paid at the end instead though, johnd, as it may have formed part of the proposal to creditors.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
10/02/2013 9:50 am
My Trustees simply refused to revalue my property at the end when I knew the equity would be less. I had agreed the figure at the start, but then who knew what would happen to the housing and mortgage market......[:(!]
10/02/2013 9:19 pm
To be fair, creditors agree to a trust deed o the basis that they are likely to get a certain amount back and the trustee should really try and ensure that this is gathered in if possible.
Like you say, who predicted the slump in house prices? If your trustee had known that would happen at the start then they could have insisted that the equity at that point was realised by selling the house back then rather than wait until the value had diminished!
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
11/02/2013 10:39 am
I would agree with Kevin in that if the proposal to creditors contained the £250 payment then this should really be ingathered at the end of your Trust Deed.
In addition, it will also give you piece of mind that you have done everything that has been asked of you and stuck to the original Trust Deed proposal johnd.
Chris is not currently posting in the Trust-Deed.co.uk forum.
