I'll be hiring you as my PR Man! Heading to my meetings now with a big red face.

If you look at it logically though, it's a couple of quid spent and hopefully it gives some peace of mind. It's not exactly chaining myself to the Land Registry gates.

Mark

Mark, every little help goes a long way, and it is excellent customer service and something that will stand you in stead not only with myself, but as you see everyone else that uses the service, thanks for this, really hope it bares fruit

Mark thanks very much for doing that for me it is really appreciated and takes a bit off my mind, it at least sets me on the correct path. I'm now looking at £84000 for the price of the house, I took a £10000 top up one month after getting the mortgage and the property was recently valued at £90 - £92K, so I'm in negative equity if that's the case and if I'm eventually getting my head round this, now I need to look at where to go next and how to take things forward. I did ask a question away at the start that i didn't get answered, after the 3 years is up, what happens, someone told me that you need to re-mortgage, is this indeed the case ?

Hi Steve

It depends on how the Trustee deals with property. It should be that there is no equity, so that's the end of it as far as I'm concerned, but this needs to be confirmed in writing to put your mind at ease. If there's no equity, then no need to remortgage.

Mark

I know I seem to keep saying it, but thanks again Mark, this web page is truly priceless, there are so many other sites making huge promises but giving very little information, I fear many people get pulled in to deals that perhaps are not all they seem to be, its really helped me to take some time to read over the forum and its even showed me points I would not have thought about, So a big thanks to you and the rest of the team.

Would my next step be to contact a company and look at my options? What is the cost of this and are the up front fee's ? Can this be done at my home ?

Hi Steve

As I always advise, sit down face to face & discuss all the options. Ensure all questions are answered and nothing is signed until you get it all confirmed in writing. Only then decide what suits you and no one else.

Yes, a meeting in the house should be requested.

Mark

Hi steve40scotland.

Just to add to Mark's comments, there are always fees for a company handling a trust deed for you.

The three companies represented in this forum (by Mark, Kevin and Shona) have advised us that their fees typically range from £2500 to £4500. On top of that will be added the cost of their outlays (which includes things like a property valuation) and VAT.

Companies charge various amounts in fees. We were contacted last year by a couple who had each been quoted £7500 (plus outlays and VAT) to handle entirely straightforward trust deeds. The cases would have run over five years (rather than the usual three) just to pay the huge fees being requested by the Trustee. Needless to say we were able to help them into three year trust deeds elsewhere!

The fees are deducted from the contributions you make to the trust deed. Lets say you pay £300 per month (the amount it is assessed that you can afford) for 36 months. There will be £10800 in the "pot". From this the Trustee will deduct their fees and costs, with the remainder distributed to the creditors.

The creditors have to agree to the fees (or object to them) when they are given the ability to influence whether or not the trust deed will become a protected trust deed.

Because of the influence on the amount of fees on the potential length of a trust deed, and the potential acceptance of it (or otherwise) by creditors, we advise visitors to take an interest in the fee levels being proposed to them before they decide to go ahead with any particular firm.

There is no need to pay any upfront fees whatsoever. None of the firms represented here nor most other actual trust deed providers would try to charge you anything other than the fees for the trust deed itself.

A big thanks to everyone involved on this forum, it has been priceless to me and I would think this goes for everyone that comes across it, this is a very stressful time for people and having a resource like this that comes over as constructive and impartial, and most of all informative goes a long way to help reduce that stress, it has highlighted to me and my family that we are not alone and it has also let us look at other people's situation and prepared us for what lies ahead, hopefully this will be a god send going forward and I am personally looking forward to a better future.

Thanks

Hi Steve

No probs, always glad to help.

I think the site owners should start a legal site and get a group of solicitors to post on various subjects. Just think how informative that could be.

Then again, getting a straight answer from a solicitor.....

Mark

Hi Mark,

We'd just end up with a forum full of disclaimers!