Notifications
Clear all
Scottish Trust Deed Forum
2
Posts
2
Users
0
Reactions
2,106
Views
Topic starter
30/07/2014 6:08 pm
Just completed my 3 year TD, all payments made on time.
We have £15,000 equity to buy out. At the time we signed our TD I understood the duration of the TD would be 3 years and our TD Manager said that an extension of 3 years would be granted to complete the equity payment. After contacting our TD Company today they are saying that we will remain in our TD for another 3 years, but we were under the impression the TD was finished, albeit we still had the £15,000 still to pay. Does this mean we still have to send in financial statements etc for another 3 years and still be under financial scrutiny. We were so happy today thinking that the TD part of it was completed. Anyone give us any help as this was not the information we were given at the time.
30/07/2014 6:13 pm
Hello Cody.
Unfortunately the trustee will not be in a position to discharge you until the equity has been resolved. That forms part of your responsibilities under the trust deed, alongside completing the monthly contributions.
You'll need to ask your trustee what documentation they will or will not want from you in the future. They probably will want you to pay over the sum of the equity as soon as you can reasonably afford to, so they might continue to request information from you about your income and expenditure to judge whether that remains the case.
Sorry that this isn't the news that you will have hoped for.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
