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Scottish Trust Deed Forum
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31/03/2010 2:36 pm
I am currently in the 4th year of what was meant to be a 3 yr trust deed. I extended it another year as I had no other choice as trying to release the equity in my home was proving impossible, how are you meant to end a trust deed through this way, when banks won't touch you unless you are out of it I don't know. Anyway I am convinced I have paid more than was agreed, that total between me and my wife was 26 thousand going by my deed. When I work it out I have paid ?ú31200, on top of this I have been told as I wrote off my car and needed the insurance money to buy a new one so I could still work I would also have to pay them the 4500 the insurance company paid me. My car finance was already included in the trust deed so am I not already paying them? Also I have been told that I need to release equity in my home again to complete my deed which again is proving to be impossible. This is a big rant, on top of this my original trustee was placed into administration and my affairs handed over to a new company, they are having a legal battle over my affairs and I have been told because of this they can't advise me and if was to complete it is unlikely I will get my release papers until this is sorted, which will affect my financial future further. PLEASE HELP
31/03/2010 4:08 pm
Hi Rumbles78,
The mortgage market has changed in a way that nobody would have expected a few years ago when you signed the Trust Deed. I do appreciate though that this is causing major problems for some people.
A Trust Deed only results in debts being written off if it is not possible to repay the debts in full.
In a limited number of cases it is possible that more than the original debt total will be repaid because the fees of the Trustee will need to be paid as well.
Did something change in your circumstances that led to an increase in payments above the amount that you expected?
Secured car finance (like hire purchase) cannot be included in a Trust Deed. Was this actually an unsecured loan that you used to buy a car? Did you discuss the insurance claim with your Trustee at the time the payment was made to you? What would you estimate the car you currently have to be worth today?
Your Trustee remains personally responsible for your Trust Deed. You should put any concerns that you have in writing to him/her with an expectation of the period in which you expect to get a full response. If you are unhappy with the response you have the option to complain to the regulator of your Trustee (the details will be on the letterhead you have received in the past).
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