Hi All,

I was looking for some help please as i dont fully understand a letter i have received from my TD company. My Trust deed just became protected on Tue the 19th of April and the company i am with is RSM Tenon. When i signed the trust deed i was told and received a letter stating that there would be little or no interest in my house as there was no equity but that this would be confirmed upon Survey ( At there cost) and redemption figure. Here is the letter i have received as follows,

Dear......

I refer to the above and write to advise that i have quantified my interest in the above property at £859.41. The relevant details are under noted.

The Equity in your property is conveyed to me as your trustee, for the benefit of your creditors, please contact ....... to discuss the various ways the equity can be realised for the benefit of your estate.

If a third party is unable to complete the purchase or does not maintain any agreed installment payments, then i reserve the right to re-value my interest in the property at a later stage. If this situation arises, then alternative arrangements will have to be made to realize the equity. This may involve the sale of your house.

Please note, in the event that my interest the property is not dealt with until the end of the trust deed, any increase in value will fall to the trust estate for the benefit of creditors.

Regards

....

So here is what i dont understand,

1. Do they want me to pay this £859.41 right away ( I could not pay this right away)

2. If and when i pay this then is there intrest Nil and no further surveys etc can be done a tthe end of the TD?

3. In the letter they go on about a 3rd party paying it but again no one could pay that right away. Can installments be setup etc?

I am really worried about this and just need someone to put my mind at ease. I got this letter as soon as i came in from work but my TD was now shut and due to bank holidays etc wont be open till Next week.

Hope someone can put my mind at ease.... and thanks for your help