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Scottish Trust Deed Forum
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Topic starter
22/01/2015 11:10 am
Hi folks
It's more than a year now since I was released from my trust deed however things seem to be dragging on as the trustee has not yet been released. This issue has been raised from time to time on the forum but there seems to be no real answer. Given that any interest on payments collected will be passed to the creditors(I think) it's difficult to see a justification for taking so long.
I have recently received an annual statement which suggests that the trustee will not be seeking his release for another six months however he will be reviewing the position regarding equity. This is a shock as it was agreed at the outset as per advice on the forum and all the more alarming in the light of difficulties experienced recently by another contributor.
Can I be expected to sell my house or make equity payments so long after my release?
What's to stop any trustee remaining in position indefinitely and waiting on mortgage payments, house price inflation and the economic recovery producing equity which did not exist at the start of the agreement. Am I being paranoid?
Apologies for the "speculation" but debt and trust deeds are life changing situations. That said, I've stuck to my payments and the trust deed seems to have worked well. I just wish it would go away now.
Regards to all.
22/01/2015 1:43 pm
Hi Snowball.
To be 100% sure, you've been formally discharged from the trust deed?
I can't imagine the trustee would have done that unless they were totally satisfied that there was no home equity issue to deal with.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/01/2015 6:24 pm
Hi Trust Deed Assistant.
Thanks for your reply.
Yes I received my discharge letter around the end of 2013 along with form 5. I am shown as discharged on the AIB website at the same time.
22/01/2015 6:29 pm
Hi Snowball.
I cannot see how equity can be an issue here and I really don't think you have anything to worry about in that respect.
Any hold they had over your property will have gone with your discharge.
For you I think the trust deed probably has gone away now, albeit the trustee hasn't finished their work (which is probably PPI related).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
22/01/2015 6:36 pm
Your quite right. I've just sent off a load of authorization forms to check for mis-sold PPI.
22/01/2015 6:44 pm
Hi snowball
The Trustee can only issue Form 5 when he can confirm that you have fully completed the trust deed and also ( and more importantly) he has discharged the inhibition which is the hold over the property/equity.
No Trustee can proceed with Form 5 unless they have stated the above and this is not open to interpretation. I suspect you have received a generic circular and they have failed to delete the equity part.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
22/01/2015 6:47 pm
Thanks Mark. That sounds like a reasonable explanation.
22/01/2015 7:01 pm
Hi Snowball
No problem. It's amazing how many times it happens.
I know of a firm 20 years ago where the standard letter should have stated that a person 'could be subject to a fine or imprisonment or both' but actually stated 'could be subject to a fire or imprisonment or both'
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
