Hi Tracy

which firm are you dealing with. Do you have anything confirmed in writing regarding the equity and how this will be dealt with?

Mark

Hi Mark,
Im with Buchanan Roxburgh. After looking through the paperwork last night I found this:
' explained to you the various methods by which equity can be realised.... you agree that you would prefer to deal with the equity in your property during the term of your trust deed period. You will be required to either borrow the sum determined or re-mortgage your property'

In fact was one of the people that I questioned about the matter originally and they told me equity would be released after the 3 years, I certainly did not agree to find equity during trust deed as this would not possible for us.

Hi Tracy

Do you have a partner/ husband or third party to assist.

My advice would be to offer ?ú135 per month from a third party for the remaining 30 months to deal with the ?ú4k

Mark

Hi this is all new to me.This is me facing my debt problems.I have to say i have had a lot of good advice. I thought it would be straight forward,my husband and i would go for a TD.I gave all info that was asked,had a drive by value done on my house just so they could have a rough idea what equity there was and if a TD was the way to go the IP would arrange a proper value done.Well the drive by said their value was at ?ú130,000 the IP value was ?ú145,000 i could not believe it.They said i could get my own value done and would have a look at both figures and might go between the two,but there was no point as I have at the moment got ?ú43.000 equity but in two years time my fixed rate will be finished and i would have paid off more to my mortgage so the equity would be ?ú63,000.I dont mind giving all my equity as i took on the debt, and want to pay it back,but if(a big if )i got a loan i could never repay the payments back and i would be back to where i am today.Also my IP has told me the house would be valued at the end of the TD and that would be the equity that they would want.Not what i wanted to hear but i thank god i got told all this before i signed I am now back to where i started in December but with the support i am getting from the company i went with I am sure something can be done to help me.I just want to say no matter how desperate you are please look at the whole picture not a quick fix.I will let you know how i get on.sorry for going on bit.

Hi again
Thanks for your advice. Both my husband and I are in trust deeds with the company, the equity they want is ?ú2000 each. Unfortunately there is no 3rd party to help us. We could try to come up with extra monthly payment to cover equity but the papererwork states that payment in full is required in 6-12 month period (?ú350-?ú650 per month!). Why the rush considering creditors dont get money until end of trust deed?
Something tells me they would prefer we remortgage with the company they recommend, call me suspicious....

Hi Tracy

my advice would be to ask them exactly where in the legislation or guidance the 6-12 month repayment time is stated and you consider the offer to be rasonable. If they refuse, advise that you will ask their governing body to mediate in the matter.

Mark