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Scottish Trust Deed Forum
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Topic starter
23/07/2010 4:22 pm
Can any one help, Here's my situation I have debts of around 33K.two Credit cards, and 4 unsecured loans. I have a Mortgage on the house it's in joint names with my wife, she has no debts. there is 48.5 K remaining, the house has been valued at 75K by Carrington Dean. I have a meeting with Carrington Dean on Monday afternoon to discus a Trust Deed they have told me over the phone that the TD will be extended to cover the small amount of equity in the house and that i wont have to remortgage the house, and that i wont have to sell my car which is valued at 2.5K. tell me please am i doing the rite thing and do Carrington Dean have a good track record
23/07/2010 4:33 pm
Hi Torocopter,
I am with Carrington Dean and to be perfectly honest they have been excellent with our Trust deed,we had a good meeting and everything was explained. Good Luck.
Topic starter
23/07/2010 4:39 pm
Hi Perston
Thanks for the reply that has helped to put my mind at ease
24/07/2010 9:09 am
Hi torocopter
the best advice I can give is that you have the meeting, but sign nothing. After the meeting, ensure the discussions are backed up in writing before making any decision.
If you have not received confirmation of the discussions in writing, then they are avoiding the rules/guidance and you are leaving yourself open to future 'changes' to agreements made at the start.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
26/07/2010 8:34 am
Hi Mark
Thanks for your advice, i will do as you suggest
Topic starter
30/07/2010 5:52 pm
Hi Mark,
I've had the meeting with C.D, had to rearrange for Friday 30th.
The meeting was very good as far as clearing things up are concerned, they are going to e-mail me with all the different options on Monday, so i can decide on the right course of action. Who ever did the first proposal got there sums wrong, they had the house valued at 75K and did not use 85% of that figure to work out the equity, which would have left me paying 400 pounds a month if i extended the trust deed for an additional two years, I was told. I was also told that if i wanted to release equity a remortgage would happen after the three year trust deed was finished. I hope to have better information on Monday.
Torocopter
31/07/2010 8:47 am
Hi torocopter
'85% of the figure.' Could you clarify this bit for me?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
31/07/2010 3:08 pm
Hi Torocopter,
Remember as well that remortgages for people currently in Scottish Trust Deeds pretty much don't exist currently.
That might or might not be the case in three years time but please factor the risks of not being able to remortgage into your decision.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
01/08/2010 8:17 am
Hi Mark,
I think i got my sums wrong, the equity is based on the full market value and not 85%, However that is what i was told at the meeting.I think there's been confusion between me and C.D about remortgaging and extending the trust deed.
Topic starter
01/08/2010 8:20 am
Hi TDA,
Thanks for the information, i will get this clarified with C.D
01/08/2010 12:40 pm
Hi torocopter
The position with equity and property needs to be explained exactly and in simple terms and then the agreed process confirmed in writing before doing anything.
I hope it works out for you.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
02/08/2010 8:53 am
Hi Mark
I hope to have a better understanding after today when i receive email from C.D.
Thanks for the support and advice i will keep you up to date.
torocopter
02/08/2010 11:35 am
Hi torocopter
no problem, let me know how things go.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
