Welcome to the forum dell2001.

The sale of your home may well be possible, but you'll need the consent of your trustee to do that.

I'd speak to your trustee about whether this will be possible and any other ideas that they might have which could help. Their detailed knowledge of your circumstances probably leaves them best placed to advise you.

Thanks ill get in touch with them. If I don't sell myself I scared that I will be forced to by the loan company and I could still end up owing them money. sometimes I think it would be easier just to hand my keys back and runaway I really am at my wits end.

ive got an appointment with the citizens advice next week but ive got a feeling they wont be able to advise cause im in a trust deed. is this true?

We have sometimes heard that dell2001. There's a limited amount of help that can be given while you're already subject to a trust deed.

Your trustee, I think, might be able to reassure you that you would not owe the secured lender money even if the house were repossessed.

what if my trust deed fails can my trustee sell my house or is all the debt then passed back on to me and would I get more help ? sorry for all the questions I just really don't know what my next steps are?

Hi dell2001.

If your trust deed fails it's most likely that you'll be reunited with your debts and need to tackle them another way.

However, it's not impossible that you might be compelled to sell your home and/or be bankrupted.

That's why it's so important that you work out a way forwards directly with your trustee.

Thanks for your help . 🙂

hi just a little update I have contacted my trust deed and they've said its fine for me to go ahead and sell my home however any equity will go straight to my trustee. just a couple of questions i'm hoping you can help me with please.
1. I owe money to family members, arrears to my council tax, mobile phone payments would I be able to pay this from some of the equity ?
2. The 4 of us are moving in with my parents for a few months but are looking to get a private let, will we be able to get a private let and again use some of the equity for deposit and first months rent?
thank you in advance for any help and advice you can give.

Hi dell00

Unfortunately that's something only your trustee will be able to answer, however I would be surprise if they didn't allow you something as you will have removal costs etc to deal with and the trust deed will have benefitted from the sale.

The private let may be an issue in itself due to your credit file, however as mentioned in previous posts, this is rarely a big problem.

Probably best trying to agree something with your trustee before doing anything with the house.

Mark

Thanks Mark. I'll make a list of how much I owe out then get in touch with my trustee thanks for the advice .

Hi dell00.

Being realistic I suspect there's a better chance of getting some support to pay for relocation costs than there is to repay new debts.

It all comes down to circumstances though and there's nothing to be lost by asking.

Hi TDA

It's a good point. As mentioned the creditors benefit from a voluntary sale rather than an extension to the trust deed. There is also the danger that you vacate the property and leave it for the trustee to sell.

Best bet is to try & agree a figure from the net proceeds to cover relocation & associated costs in return for the co operation of the sale.

Mark

Thanks Mark. I'll make a list of how much I owe out then get in touch with my trustee thanks for the advice .

No problem.

It's always good to get these things sorted beforehand. As mentioned you will be dealing with matters earlier and taking the effort of selling the property/realising the equity away from the trustee. If they were to deal with it, then the additional work would mean additional fees which would reduce the dividend to creditors.

So better for the creditors if you deal with the sale, the endless stream of people viewing etc rather than them.

Mark