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Scottish Trust Deed Forum
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Topic starter
06/11/2013 2:24 pm
Just looking for a bit of advice, I am in my final month of my trust deed, and recived a letter from my trustee, stating interest in my 2 properties, I live in one of the properties, with my partner and was told at the time of entering a trust deed this would be protected, the second property I rent out as i had it on the market for 1 1/2 years prior to my trust deed and could not sell it, They are looking for £6k from my rental property and £7 for the property I live in (my home), I feel that after 3 years of paying my trust deed, I would be debt free, but now I have a bill for £13k,I have been told by my trustee I could sell or remorgage one of the properties, I cant sell or remorgage as I am still trust deed, Not only that the trustee sent the letter to my tenant in the rental property, who opened it and now thinks the house is going up for sale and has moved out leaving me to cover the morgage on this property, so bottom line is I feel I am back to aqaure on after 3 years.
Any advice would be great
06/11/2013 4:03 pm
Welcome to the forum baz1971.
It's a fact that when you sign a trust deed assets (such as equity in your home) "vest" in your trustee to be used to help repay your debts.
At the point that you were told that your property would be protected were you speaking with an employee of the firm that's handling your trust deed, or was it someone from a firm that then passed you over to your current trustee?
Do you have anything in writing regards the equity in your properties?
You can sell a property with the consent of your trustee. Increasing your mortgage isn't likely to be viable.
Was the letter opened by your tenant addressed to you or them?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
06/11/2013 4:20 pm
Thanks for your speedy reply, It was an employee from the trust deed company,
I do have a letter from the trustee intrested in the equity in the property, I was aware there might be some interest in the rental property but was told it would not be benefit the creditors are there would be not enough equity after legal fees. but was assured from day one that my home would be ok.
The letter was addressed to myself at the property and opened by the tenant.
06/11/2013 4:40 pm
How much equity do you think there will be in the rental property baz1971?
Is it just you that owns the properties or are they owned jointly with someone else?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
06/11/2013 4:49 pm
Hi TDA
porbably about £12k and my home is jointly owned
06/11/2013 5:01 pm
Is the rental property also jointly owned?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
