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Scottish Trust Deed Forum
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Topic starter
14/11/2019 4:58 pm
Hi,
Can you help/advise me please, i will go through a timeline of what has happened in the past 5 years or so to help:
I entered into a trust deed back in June 2014;
my father passed away in December 2014 leaving me our family house in his will (the home i was staying in with him);
I then notified the TD company of this as i was told to do so in the terms and conditions from them;
I remained in the TD till it finished in June 2018 paying almost all of my original debt - never missing a payment and even raising the payment in the last 9 months of the TD ;
I received a statement of my accounts from the TD company outlining what i had to pay; they duplicated a creditor totaling to the tune of £9k - i huge mistake which they took no responsibility for;
I am now at the point where i am looking to be released from my TD;
In order to do this i need a lender to loan my the funds;
I have been advised that there are only 3 or 4 lenders in Scotland that would do this - is this correct.
Do you know or the these possible lenders and do you know of more than the 3 or 4 i am being told there is, any help on this would be much appreciated?
Regards
James
14/11/2019 5:53 pm
Hi jimel81.
I'm not aware of any specific lender who will offer funds during a trust deed. This is probably an issue that our insolvency practitioner representatives will be able to offer more information about, as it's a scenario that's more likely to land on their desks.
South of the border there have been a couple of lenders offering loans to help people to finish their IVA (similar to a trust deed) early, so it's possible that some of them may offer their lending products in Scotland also.
Were you given the names of any of the lenders that might be able to assist you?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/11/2019 5:59 pm
Hi,
OK no I wasn't given any names of any lenders.
Any help would be much appreciated, I really don't know what to do.
Thanks.
14/11/2019 6:15 pm
Thanks jimel81.
Just for background, what sum of money are you being asked to raise?
How much is the property worth?
I assume that the the property isn't currently mortgaged?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/11/2019 8:40 pm
We have agreed an amount of 10k,but I also have lawyer fees as well all in I am looking for 19 k.
Some of it for home improvement.
House is worth between 70-75 k.
No mortgage on the property, I own it outright.
15/11/2019 10:28 am
Hi jimel81,
The Lending Channel based in Perthshire might be someone to try for secured lending as they are a specialist broker.
You might find it difficult because of the Trust Deed and credit rating. It’s probably a good idea to shop around and speak with a number of companies to see what they can do.
In the last couple of years I haven’t had a case whereby we needed them to remortgage to release equity so I can’t give any indication of how successful you might be.
Let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
15/11/2019 2:55 pm
Hi jimel81.
Out of curiosity, who informed you that there are 3 or 4 lenders that will consider this type of lending?
I've not heard of secured lending being offered before discharge from a trust deed for a very long time. It largely vanished after the financial crash, when there was no longer any lender appetite for this level of perceived risk.
The market has relaxed a little in recent years, so it's possible that some niche lenders have reappeared to fill this gap.
I checked the lenders that I'd heard were offering people loans to end an IVA early. One appears to have stopped lending altogether. The other appears to be offering relatively small unsecured loans with an APR of 39.9%.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
