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Scottish Trust Deed Forum
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Topic starter
01/06/2011 11:56 pm
Hi, grateful if anyone can help. I am currently one year in to a Trust Deed. I'm considering all options presently, one of which is selling my property. If I can get a buyer I will be able to pay first charge but likely to come up a bit short with regards repaying in full the second charge. Would be good to know if anyone has experience of this situation to advise how it would be viewed and what my options could be. Thanks
02/06/2011 6:54 am
Hi Paul
There was an earlier post on the same subject.
Your trustee would need to get the consent of the 2nd secured creditor that they will allow the sale to proceed even though there is insufficient funds to clear all secured loans. In my experience this will not happen as the shortfall could potentially be held against the trustee. Also, the trustee is not likely to be involved in a sale where there is not enough to clear the securities, selling & legal costs.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
02/06/2011 7:00 am
Hi Paul
Sorry the earlier question was from you!!!
The scenario has the potential ( in theory) to work, but to be honest it won't happen. The best you could perhaps hope for is to voluntarily leave the property and the Trustee waives a rights and allow immediate repossession. The house would be sold and as detailed earlier, any shortfall would be a claim in the Trust Deed.
Mark
PS bet you're not up as early as me!
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
02/06/2011 8:04 am
Hi Mark,
Thanks for the replies. All great info which helps me look at all options. It does seem that voluntary possession gives me best chance of as best a fresh start as possible.
02/06/2011 8:35 am
Hi Paul
Good point. There are a couple of issues here which should be viewed as wider points on Trust Deeds. Firstly, the law is there for a reason and you should examine every aspect of it to obtain the best possible outcome to protect you and your family. Secondly, any decent IP/Trustee will/should work hand in hand with you to achieve this.
The site highlights a large number of issues from middlemen charging fees, to IP's selling insurance policies! However if you can avoid the sideshow and weed out firms in question, you should find that there are a number of firms who do a good honest job where the individual comes well before profit and the Trust Deed is operated on the basis of the best deal for the creditors, but also the best deal for the individual.
.....early morning rant! I'll get my coat!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
02/06/2011 1:09 pm
Well said Mark - a rousing speech which has lifted my mood, despite the weatherpeople saying that we are all apparently basking in sunshine when patently I am not!
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