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Topic starter
15/04/2009 8:31 am
Hi up till last week i was left oweing 10,000 and my partner owed 1,995 then they added statutory intest now i owe 15,000 and my partner owes 8,000 how can it be this much as it is charged at 8% per annum so is this is wrong and if my partner pays of his trust deed can they then force me to sell our house if it is just me that still owes them.
we have had a really bad run with the company we went with been so unhelpful and rude appriciate your advice on this.
17/04/2009 11:49 am
Hi inozi and welcome to Trust-Deed.co.uk's forum.
We will do all that we can to help.
A couple of questions to help the experts provide you with some assistance.......
Can I confirm that both you and your partner are in Trust Deeds?
If so how long have the Trust Deeds been running for and are you up to date with payments?
Are the debts upon which you have been charged Statutory Interest included in the Trust Deed(s)?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
17/04/2009 4:38 pm
Hi Inozi
Statutory interest is added at this rate in insolvency. I'm not sure exactly what the position is though.
The interest on debts would only be an issue if you were trying to pay off the debts in full. If this was the case, you would require to meet the debts in full plus interest and also the Trustee's cost.
Could you clarify the position and hopefully I can assist further.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
20/04/2009 7:33 am
Hi
entered into a trust deed had property was never asked about it just had to sign forms and payed my money for the next 3 yrs then the company found out i had property i told them i was never asked about they admitted i should never had entered a trust deed but to late now anyway had to sell my house as they added an extra 20,000 pounds to my debt sold my house have paid my debt in full plus fees but because of interest still owed 13,000 couldnt get a loan and couldnt remorgage so my dad was going to pay it for us as my partner is in atrust deed also but they have added interestg again and my partner only owed 1,985 but it is now up to almost 9,000 and mine is up several thousand pounds also feel so down i have paid my debts and am getting into deeper debt because of this feel there is no way out have enough money to pay of my partners what happens if i dont pay mine can they still take my house of me please help as no one to turn to.
Topic starter
20/04/2009 8:38 am
quote:
Originally posted by Trust-Deed Assistant
Hi inozi and welcome to Trust-Deed.co.uk's forum.
We will do all that we can to help.A couple of questions to help the experts provide you with some assistance.......
Can I confirm that both you and your partner are in Trust Deeds?
If so how long have the Trust Deeds been running for and are you up to date with payments?
Are the debts upon which you have been charged Statutory Interest included in the Trust Deed(s)?
Topic starter
20/04/2009 8:42 am
me and my partner are both in separate trust deeds
the trust deeds ran for 3yrs but they then did property search and added interest so had to sell my house got a 2yr extension it runs out on october this year
i dont know as they just sent me a letter and had added statutory interest thought i would be in the clear if i sold my house but with the interest this wasnt so still in debt and it keeps going up although my debt has been paid struggling to pay the interest now.
20/04/2009 2:12 pm
Hi Inozi
Apologies again as i am still a bit confused.
If you sold the property, I can see no reason why the Trust Deed was extended and why you are being made to pay the debts in full.
If you enetered into a TD and made the payments, sold the house, then there the TD should have been brought to an end at the 3rd anniversary. There is absolutely no reason for you to pay the debts in full plus interest.
Can you confirm that you sold the property? Also which firm are you dealing with and is it a Trust Deed you are in as it sounds more like a debt management plan.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
20/04/2009 3:11 pm
Hi
we paid what was agreed at start of trust deed after three years were almost up they did a property search and it showed we owned our houses so we were told we could get a 2 yr extension and it gaveus time to sell or house and pay of the debt which we did and there was enough left to pay the debt and fees plus some left over but then i got a letter from them saying that interest had been added which was an extra 20,000 so once sale went through we were still in debt between us we owed 13,000 tried to remortgage couldnt and couldnt get a loan so family member was going to help out but just got anouther letter saying more statutory interest has been added so it is now 23,000 that we now owe and trust deed finishes in october
and it is a protected trust deed not a debt management plan hope that is a bit better to understand just dont know where to turn so get all mixed up.
quote:
Originally posted by Mark McFadyen
Hi InoziApologies again as i am still a bit confused.
If you sold the property, I can see no reason why the Trust Deed was extended and why you are being made to pay the debts in full.
If you enetered into a TD and made the payments, sold the house, then there the TD should have been brought to an end at the 3rd anniversary. There is absolutely no reason for you to pay the debts in full plus interest.
Can you confirm that you sold the property? Also which firm are you dealing with and is it a Trust Deed you are in as it sounds more like a debt management plan.
Mark
20/04/2009 11:49 pm
Hi Inozi
I have very real concerns over how this has been handled in all aspects from beginning to end.
Very basically, if you have paid the TD contributions and paid over the equity from the sale of the house, then I see no reason why the Trustee is looking for more money. There is no obligation on you to repay the debts in full plus interest.
You say 'once the sale went through' and then 'tried to remortgage' Did you buy another property? Also did you receive any money from the sale?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
21/04/2009 8:38 am
Hi mark
first of all thanks for your advice so far despite me rambling am under so much stress get muddled and dont always manage to explain myself properly wish i went to you when my problems arose anyway no we receieved no money from the sale of our house trust deed company took it all not good at trying to explain situatuation very well would i be able to phone you and discuss this with you so i know what to do next someone said i should go to the aib as i have no one to turn to as trust deed company are very unhelpful and unpleasant every time i speak to them .
quote:
Originally posted by Mark McFadyen
Hi InoziI have very real concerns over how this has been handled in all aspects from beginning to end.
Very basically, if you have paid the TD contributions and paid over the equity from the sale of the house, then I see no reason why the Trustee is looking for more money. There is no obligation on you to repay the debts in full plus interest.
You say 'once the sale went through' and then 'tried to remortgage' Did you buy another property? Also did you receive any money from the sale?
Mark
21/04/2009 9:27 am
Hi Inozi
No problem. You can call me on 0141 564 6592 (office number) and we can run through things. I will be out of the office (in Edinburgh) from 1pm- 4pm, but please call me before or after.
In summary, it appears that Trust Deeds were set up and you agreed payment of 36 contribution payments which were all made. These payment were not sufficient to repay all of the debt.
Towards the end of the Trust Deed, the Trustee discovered the property and you were forced to sell this and pay all of the equity to the Trustee. To date you have completed all contribution payments and handed over the net assets (Equity in house)
All of the above was still insufficient to repay the debts in full, howeveryour Trustee has, for some reason, tried to extend the Trust Deeds to engather funds to repay all debts and costs and interest.
Please give me a call as this is very strange.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
22/04/2009 8:38 am
Hi Mark
sorry was unable to call you yesterday phones were down
will phone today yes you are right that is basically how it goes will discuss it better when i speak toyou many thanks
quote:
Originally posted by Mark McFadyen
Hi InoziNo problem. You can call me on 0141 564 6592 (office number) and we can run through things. I will be out of the office (in Edinburgh) from 1pm- 4pm, but please call me before or after.
In summary, it appears that Trust Deeds were set up and you agreed payment of 36 contribution payments which were all made. These payment were not sufficient to repay all of the debt.
Towards the end of the Trust Deed, the Trustee discovered the property and you were forced to sell this and pay all of the equity to the Trustee. To date you have completed all contribution payments and handed over the net assets (Equity in house)
All of the above was still insufficient to repay the debts in full, howeveryour Trustee has, for some reason, tried to extend the Trust Deeds to engather funds to repay all debts and costs and interest.
Please give me a call as this is very strange.
Mark
