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Topic starter
25/07/2012 1:36 pm
I have approximately six months to run on my PTD. There was just under £20,000 equity in my home when it began and I have just had the letter from my Trustee to remind me (as if I needed it!) that it's time to start trying to raise that amount to be discharged.
The letter also admits that it will be much more unlikely that my mortgage provider will let me extend my lending for this purpose. They then say then can give me the names of IFAs etc.
I know there will be the option to continue paying, but the Trustee seems reluctant to tell me at the moment how that would work.
I also asked them the following question but they aren't giving me any answers...
What I wondered was, if I should sell my house to try to realise the equity what would happen if:
a) The house makes more than the £20,000. Would the Trustee take all the equity?
Or more likely
b) The house doesn't realise the £20,000. For example, if it only raised £10,000 would they keep me in the PTD and ask me to continue paying until the other £10,000 is paid back?
Many thanks.
25/07/2012 4:03 pm
I hope this all works out for you Lori. To answer your questions:
a) I'm afraid all equity would go into trust deed for the benefit of your creditors - you would only get some back if there was more than enough to clear the debts, plus interest plus trustee's costs and outlays
b) Your obligations should be finished once the asset is realised. I wouldn't be surprised if some insolvency practitioners might see this differently however - you hear all sorts of things on this forum so I wouldn't want to guarantee that the answer you get will be the same as mine.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
28/07/2012 7:44 pm
Many thanks Kevin.
29/07/2012 9:16 am
Hi i am in the same position although still have a least 2 years to go on my trust deed hell they have stated that i have 14000 on my house and at the end of it i will have to pay but have been very vague on what this will entail for one thing i think the valuation on my house is way to high so i will be getting another one done hopefully from a sympathetic estate agent because the valuations on a house can vary greatly secondly surely if you offer to pay a decent amount monthly even if it is over a few years then you are trying i am very interested in your case as i will be in the same position and if that means i have to sell my house to then what is the point in a trust deed for home owners if you are going to lose your house you would be just as well going bankrupt only did it so i could keep my house starting to think that trust deed companies are worse than loan sharks
29/07/2012 2:40 pm
Which company are you with Iain?
I can safely say that not all trust deed companies are the same,which is unfortunate and some do seem to get people into more difficulties than when they started!!!
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
29/07/2012 5:20 pm
Hello Iain.
A valuation from a qualified surveyor will likely have more weight than one from an estate agent (sympathetic or not).
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