Thanks FIFEROVER,

I know that Mark McFadyen (who has been away for a few days) will be visiting the forum later today and he may be able to offer some suggestions to you.

Hi Fiferover

Your IP appears to be making it up as they go along. 8% interest on equity? The Trust Deed can only be extended by a year? According to which part of the legislation or guidance does this come under I wonder.

I am unsure how much you can afford after the Trust Deed is finished, however I would suggest that you write to the Trustee Recorded Delivery and advise of your concerns as to the inclusion of the 8% and request what guidance or legislation allows this. I would also query the 8% interest figure over 3 years as I cannot see how they arrived at this.

Finally I would make a proposal over 1.5 - 2 years for payment of the equity.

I hope this helps.

Mark

thanks for the advice

The 8% is 8% per year not overall

Hello FIFEROVER,

Have you had chance to write to your Trustee as Mark suggested?

I HAVE BUT THEY ARE SAYING I SIGNED THE TRUST DEED, SO BASICALLY THATS THAT

I have been looking at Mark's previous comments on this. Did they provide any explanation on the guidance or legislation that allows this?

They say it's part of the insolvency laws. Spoke to the manager he has told they me they won't accept a repayment of ?ú300 per month he wants the ?ú4898 paid by September next year.

Hi Fife

Could you ask him/her to point you to exactly the correct section in law.

On the equity front, our guidance states the following:

'5.2 Equity in property, including matrimonial homes, must be established as soon as practicable by obtaining a professional valuation and obtaining confirmation of the secured liability. Trustees should note that the trustee can only accept income contributions from the debtor during the period prior to the debtorÔÇÖs discharge. These contributions must not be applied to heritable property.

Where however it does not prove possible for a third party to buy the property in accordance with the Accountant in BankruptcyÔÇÖs guidance notes, the trustee should give consideration to extending the debtorÔÇÖs contributions beyond three years allowing the subsequent payments to be treated as payments for the heritage.'

Taking account of the above, I think your offer is more than reasonable.

Mark

If he says he's not going accept it what can I do. He said today that my only option really is selling my flat. I even suggested paying ?ú300 per month for a year and a lump sum for the rest but he said this wouldn't be accepted either.
I wish I knew then, what I know about trust deeds.

Hi Fiferover

My advice would be to advise that you have sought advice and would like it confirmed in writing where in the legislation the 8% appears. Also you will be making the payments in terms of SIP 3 (above), do not consider the period unreasonable and will defend any action to force the sale of the property.

I know it probably seems like a hard line approach, but it is not. You are well within your rights to proceed as stated. The suggestion is stated in the SIP's which we are ALL required to work under, regardless of which company you are with. I think they have been taking major liberties and perhaps now is the time for this to stop.

Mark

Can you tell me who regulates trust deeds?

It's your Trustee that is regulated as an individual.

He or she will belong to a professional body. The details of which body will probably be on the bottom of paperwork that has been posted to you.

If it isn't I'd suggest you call the firm and ask, or visit the website of the Institute of Chartered Accounts of Scotland to see if he or she is a member (this is the most likely organisation that they will be a member of).

Looks like I will just have to do what they want. Went to rights office and they basically said that the IP can do whatever they want.
It seems some companies try to look after there customers others want to make as much money as possible without a care about what they are doing to peoples lives.
It looks like Invocas are one of the latter. Hope this is a warning to others.
Thanks for all tha advice you have given me.

Hi
I find this interesting as I am in kind of the same situation but much worse in the long run. I signed my first on 6/7/05 and the 2nd on 17/02/06 and have issues. Good I am not alone. Something has to be done about these crooks! This site is great...