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Scottish Trust Deed Forum
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Topic starter
10/08/2010 10:11 am
Hi
We have recently been made bankrupt after trust deed did not become protected due to our main creditor not agreeing to it. Things are going fine but we have been told that we need to pay ?ú500 each to release our home(12,000 + negative equity) from the bankrupty agreement. Is this normal to do if you have been made bankrupt, I understand that it is for trust deeds. Also finding it hard as this money has to come from a family member or friend and is not easy to find someone with the money to help us out. Was also told if we did not pay the money then the rights to our home would stay with the company for 5 years and they have the right to sell our home if it has equity.
Just want some advice on where legally we stand before continuing to find someone to pay this for us.
Many Thanks
10/08/2010 10:30 am
Hello again jayne9989,
Mark touched on this question in his response to your post back in May. In this he suggested that the ?ú500 payment was possible to protect your home, as described, in sequestration:
http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=456
I appreciate that it's a lot of money but, depending upon what happens with property prices over the coming years, might turn out to be a very worthwhile investment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
10/08/2010 11:05 am
Hi
thank you for your quick response I just wanted to be sure. Just difficult to get money but will have to be done asap.
10/08/2010 11:50 am
Hi jayne
not sure if this would help, but I would be tempted to write to your Trustee and ask why they are requesting 2 x ?ú500 for a single asset. This payment, was historically to cover the cost of the Trustee discharging his interest in the property. I am sure the Trustee has not registered his interest in the property and therefore the work involved will be the releasing the form of inhibition which involves minimal work.
Also, they will hold an interest for 5 years if you don't pay?? They are making this up. Ask where the 5 years comes from.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
