Hi lizmil.

Lots of people that have posted here over the years have been allowed to have a third party settle their remaining obligations, not least when they're already a good way through the arrangement.

There are arguments against allowing this though, so we've also heard from a number of people that didn't get approval.

I hope you get an answer soon so that you know where you stand.

Thanks TDA

It's the not knowing that's the worst thing. Just now it feels like I can see the light at the end of the tunnel, but worried that someone is going to switch the light off 🙁 hopefully a decision will be made soon !!!

Hi there,
I asked if my father in law could pay our last 6 months contributions to complete our trust deed but was refused. I was told I would have to pay the whole debt if i wished to complete early.
Good luck!!

Good news 🙂 iv been told today that my mum can make a 3rd party payment 🙂 jyst waiting for clarification of equity payment and the cheque can be sent 🙂 feeling relieved 🙂 the end is in sight 🙂

Mollykins10 sorry to hear your proposal was not accepted 🙁

That's great news lizmil.

Did you get any confirmation about how long it would take for your Form 5 (discharge) to be sent to you after the payment is received?

Thanks TDA. Cheques have been sent and received, I have been told it will take 5 to 6 weeks to complete everything and for me to receive form 5, will all be sorted for Christmas and looking forward to a new start for new year 🙂 good feeling to know that this is nearly finally over.

I disagreed with the equity figure I was given, which is different from what I believe was agreed at the start, and clearly written on my statement of affairs, but was told that was non negotiable and the higher figure had to be paid. My 3rd party agreed to pay this. Feeling a bit stunned that figures can be changed soo easily, just goes to show that things agreed at the start are not set in stone and apparently never are, I was told my statement of affairs is an estimate and that equity is always clarified at the end.

So I don't think I will relax until my form 5 is in my hand.... just incase anything else gets changed on a whim !!!!!

Thanks TDA. Cheques have been sent and received, I have been told it will take 5 to 6 weeks to complete everything and for me to receive form 5, will all be sorted for Christmas and looking forward to a new start for new year 🙂 good feeling to know that this is nearly finally over.

I disagreed with the equity figure I was given, which is different from what I believe was agreed at the start, and clearly written on my statement of affairs, but was told that was non negotiable and the higher figure had to be paid. My 3rd party agreed to pay this. Feeling a bit stunned that figures can be changed soo easily, just goes to show that things agreed at the start are not set in stone and apparently never are, I was told my statement of affairs is an estimate and that equity is always clarified at the end.

So I don't think I will relax until my form 5 is in my hand.... just incase anything else gets changed on a whim !!!!!

It'll be too late for you I'm afraid, lizmil, but thankfully from the end of November onwards the treatment of equity will be set out in legislation. A valuation will have to be done and equity agreed at the start of any protected trust deed, giving people a lot more clarity and protection.

Hi lizmil

A valuation is always instructed at the start which fixes the value of the property. The equity is then assessed on receipt of the redemption statement for the mortgage. The equity is calculated by deducting the redemption statement from the valuation.

Mark

Hi lizmil,

It's good to hear that your Trust Deed is going to be finalized and closed before Christmas. 2014 will be a fresh start for you.

As Mark has said, a valuation should be obtained along with a redemption statement and from this equity can be calculated and then documented on the statement of affairs and any other paperwork. That way it should never change. It could have been the case that this wasn't done which is why the equity amount changed during you Trust Deed.

It's good that the legislation is changing Kevin as hopefully this will ensure that there is more clarity and protection and the amount of posts we see about problematic equity situations will reduce. I guess it's like a lot of things in society nowadays when something goes wrong or there are problems a review takes place and the necessary changes to legislation or guidance is made to improve on things.

Good luck for the future and let us know when you receive the Form 5 lizmil.

The valuation was carried out and I had a copy of my annual mortage statement which was produced 2 weeks prior to the trust deed starting. I was told that these figures were fine and equity was agreed from this.

If a later redemption figure is being used then I feel a further valuation should also be used, as using a later redemption figure is comparing two different periods of time. A valuation from 2 years ago and a recent redemption figure which will obviously be less as 2 years of mortage payments have been made. This doesn't make any logical sense to me!

Hi lizmil

The easiest way to resolve this is to request sight of the valuation and mortgage statement.

Mark