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Scottish Trust Deed Forum
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Topic starter
22/10/2012 7:13 pm
Hi
I posted sometime ago regarding releasing the equity I'm due to pay over at the end of my PTD. It was agreed at outset the amount etc.
I was under the understanding that I could perhaps settle this in installments (hopefully within a year as my PTD finishes end of Nov)via a 3rd party.
I've found one of the letters that my trustees send on regular basis confirming the amount to be released and it says
"you are required to re-mortgage the property at the expiry or earlier in order to release the xxxx equity for the benefit of your creditors as a whole"
This might be a standard thing and I will be writing to them soon with my proposed options but this has got me slightly worried as there's no way I could A. Remortgage and B. Raise ALL the cash at the end of the TD, ie next month.
Any thoughts would be appreciate from the professionals here. Thanks again.
22/10/2012 8:06 pm
Hi leeper1974.
Trustees are well aware that their clients have little or no chance of using a mortgage to release equity. This sounds like standard wording on a slightly outdated letter template.
If you can pay over the equity within a year it sounds like a good solution for all concerned. Our experts have written that they'd often consider a couple of years to be acceptable.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/10/2012 8:29 pm
Thanks, their previous correspondence is not the best so I was hoping this was just a standard blurb.
Topic starter
17/11/2012 5:59 pm
Just to keep you up to date I've spoken with my TD and my 'equity buyer' has to write to them with a suggested payment plan. I'm proposing with them that we pay this over the next 2 years as it's a large sum to raise. Reasonable do you think?
17/11/2012 10:05 pm
Hi leeper1974.
We have heard from a few of our experts in the past that they would usually consider anything up to a couple of years to be OK.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
18/11/2012 1:15 pm
thanks for the reply.
