To basically verify income, and to cross examine general expenditure and lifestyle. They replace wage slips when self employed to verify drawings.

Hi new to this forum so hoping I can get some advice. Been on a TD with WA for almost 2 1/2 years. My husband and I received letters thr ough a few weeks ago telling us that we now have substantial equity in our home and we have to pay it. Unfortunately there is also a secured loan on the property as well. The advice we got was borrow the funds from friends or family / remortgage. Please excuse my ignorance but we have been on a TD have poor credit rating so no-one will entertain us. Seems the only thing the have left it to sell our home which will leave myself and family homeless. Our understanding of the TD was to prevent /protect this from happening. Is there any advice help we can get.

Hello Cmp1992 and welcome to the forum.

You should have been advised at the start of the process that any substantial assets that you own will "vest" in your trustee when you sign a trust deed. This includes equity in your home.

If there was equity in your home consideration should, in my view, have been applied as to how it could be raised. You could then have made an informed decision about whether a trust deed was right for you.

What information and conversation about equity happened at the start of the process before you signed?

How much are you being asked to pay over?

Hi TDA thanks for the quick response. What was mentioned to us at the start we could pay £500 each at the start on the advice that there was on equity in the property available. As hopefully you can understand / appreciate we went on the TD as we had no money and wanted to do our best to resolve our situation. If we had the funds we would have paid.

Do you agree that there was no equity at the start of the trust deed Cmp1992?

Do you agree that there is now?

Yes I do agree that there had been no equity at the start of the trust deed' but I'm not to sure about now. When we asked about how they assed the value of the property they said it was based on what the original survey was and what properties of similar standard within our area was selling for. I do apologies for my ranting but never believed it would come to this. We have less than a year to get this situation resolved in some way before we lose our home. Our IIp has mentioned that they could extended the TD by another year but this still wouldn't cover all the costs that they say we still owe. Can you tell me if we are within our rights to get all the information that WA have accumulated ie settlement figures on mortgage, secured loan and the creditors.

TDA I do apologies if I am taking up you time but really need an independent review on this thank you

There is no reason why you cannot have access to settlement figures etc. I would also suggest that if they are basing your equity on the property's current value then you should be entitled to expect an up-to-date valuation to have been done.

I presume that you didn't pay across the £500 at the start as was originally discussed?

No Kevin my husband and I did not pay the £500 each as we had no means of monies available to us to do this. I don't want to give out sad stories but in between having started the TD I had been made redundant and was aware that my part of the TD would be extended which I do agree with but wasn't made clear on exactly how it affected my husbands contributions. At the last review my husbands TD was suppose to end this year but this is no longer the case. As you can probably guess we thought there was light at the end of the tunnel which in fact is not really the case. Again thank you for your interest.

Hi Cmp1992.

Let us know about those figures if/when you get them. We may be able to offer you further information or advice.

Dear cmp1992

I am sorry for the worry this is causing you and we do want to assist you through this.

We do understand that a re-mortgage or any kind of further borrowing is difficult at best whilst in a Trust Deed so assuming it's not possible to realise equity this way there are a number of other options that we can discuss further.

Equity has increased substantially in in the property based on a recent valuation and up to date redemption figures however we welcome an further independent valuation if you feel our valuation does not reflect the value of your property. If a further independent valuation does provide a different valuation figure we can re-asses the equity figure already provided.

Alternatively as you have already discussed with your Relationship Manager an extension to your Trust Deed is possible until the equity figure has been realised and you will still have a clear end date in sight.

Please be reassured we have not made a threat that your property is currently at risk we are working with you to find the best way forward in realising the equity due to creditors in a way that is affordable and realistic for you.

We understand you are keen to move on from your Trust Deed and would like to help you do this.

I have asked your Relationship Manager to give you a call and see if we can help.