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Scottish Trust Deed Forum
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Topic starter
25/08/2011 6:47 pm
thats my 3 year up now and feel a trust deed has just been a big con.
myself and wife have paid in a total of £7,200 thinking it was just a case of coming out of trust deed after the 3 years payment, but company are more or less saying to forget about these payments and they are looking for us to raise equity from our house. this may be as much as £24,000 whats the point of being in a trust deed if they still want as much from you as the original debt was.Also can they force me to sell house and what happens next
25/08/2011 9:45 pm
Did they not discuss the equity in your house at the point of signing?
Saabrina
26/08/2011 8:01 am
Hi manatbushk
The contributions and the equity are completely separate issues. I assume the position with the equity was discussed at the start of the trust deed. What I am surprised at is that the equity figure has not been confirmed or agreed even though you are at the end of the Trust Deed. Has a valuation taken place?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
26/08/2011 9:09 am
Hi Mark.
Manatbushk wrote early last year (when around half way through the trust deed) about frustration that the situation regarding equity hadn't been made clear at the start and that there had been some reassurance by the representative that the home would be OK.
Given the situation with the equity it isn't easy to understand why a trust deed was the advised option at the start or why the risks weren't explained.
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