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Topic starter
10/01/2012 4:01 pm
Hi, my husband and I are in a PTD. We came through bankruptcy a few years ago, got our act together, downsized house and were managing really well until my stepdaughter moved in. We then took on a bigger property which resulted in a much higher mortgage - because we'd been bankrupt previously we didn't get the benefit of high street rates so pay well over the odds. My husband then had a recurrence of mental health illness resulting in going onto half pay and reduced hours. Long story short, we have ended up in a PTD now. We are with KPMG (not that impressed!) and have paid the £500 sum for the property.
We currently can't afford the £350 a month the trustee wants and are paying £100 a month. If we could sell the house and buy a cheaper one or even rent, I feel life would be much easier. Do we have to get permission from the trustee to sell our house?
Also husband is looking into getting voluntary retirement - if successful would he have to hand over lump sum to trustee or would he get some to replace lost income?
10/01/2012 6:25 pm
Welcome to the trust deed forum Gilder.
You will need to work with your Trustee if you wish to sell your home. I'd suggest that you contact them to discuss this and how they would want it all to work.
Likewise with the possibility of a lump sum from taking retirement. You'll want to discuss with the Trustee what will happen to any lump sum and where you will stand in terms of being able to, or being asked to, continue to pay trust deed contributions from a post-retirement income.
Between these two things though, there may be some potential to bring the trust deeds to a conclusion depending upon the circumstances.
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10/01/2012 8:06 pm
Hi Gilder and welcome to the forum
How long have you been in your Trus Deed for?
As TDA says, your Trustee would have to be involved if the house were to be sold so you need to speak to him. As far as the lump sum goes, there is a good chance he will have to pay it to the Trustee so be very careful about taking that just now - he may also have to make a contribution from his monthly pension. Before deciding what to do, spaek to your Trustee to find out what he will expect from you.
Shona is not currently posting in the Trust-Deed.co.uk forum.
11/01/2012 1:14 pm
I imagine the outcome might be that your husband's trustee would seek the lump sum from the retirement pension, or some of it, in lieu of the payments that were originally proposed. Depending on the relative amounts and the size of the ongoing pension payments it may be that the trustee would be willing to bring the trust deed to a close early.
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