Thanks Shona,

I'm no accountant or surveyor but I would have thought properties valued circa 3 years ago should be more appropriate to have this first 5k ignored as these are properties more likely to have taken a hit in the housing slump.
Did solicitors/estate agents do this work for nothing before November?
I personally had nothing agreed at the start, it took them over a year to sort out a valuation. They carried out a retrospective valuation which I must admit was okay with me at the time.

Is the amount for equity fixed already Ralph or will they revalue towards the end of the trust deed?

Yes , I have the the paperwork with what they need.
I should emphasise I've no problem with the figure or the firm I'm with. It just gives me the hump when for some reason from last November 5k in equity might have been overlooked. That would have made a huge difference to me as I'm looking at a lengthy extension!!

Hi Ralph

I can understand your frustration, and if you feel yout house is worth less, you could ask for it to be re-valued, but you may end up worse off! I couldn't agree with you more about disregarding equity, it would make sense to have always done it, but most firms only started because the government are very keen for mortgage lenders etc to do everything they can to protect someone's home, and not make people homeless if it can be avoided. Due to the cost of selling a house, the creditors are no worse off. Hope your situation works out ok.

Hi Shona,

I am also very interested in this 5k business, this would be a great help, is it a case of writing to the trustee to find out more, are they duty bound or it is up to what ever the company have in place. Also can i ask to have a different person to deal with our deed the man that is looking after it at the moment is far from helpful.

Hi lorrainek.

There are no clear rules about how the equity calculation should work (in connection to the £5000 allowance that has been mentioned); it comes down to the interpretation and judgment of your Trustee. No harm in asking though.

If you're unhappy with your trust deed contact you can ask for a change if you wish. It's up to the company concerned whether they decide to agree to your request.

Hi Folks
What I find interesting here is how Dollybee's distress is being overlooked , no experts willing to get involved when it has gone worng for someone ! I am like Dollybee , i have paid my 3 years but am stuck in this hole because of equity . My trustee put me in touch with a finance specialist and guess what , she doesn't even try to respond to my emails or my phone calls !! If she can't rasise the equity how can I ? There are no practical or even possible solutions for people in my position. Give up your house being the only option to get a life going , I should have went bankrupt three years ago and I would have been up and running again .
Why is there advice on this forum or campaign to help people who are caught in this trap . Ann Marie gave up her house , I may be the next !
To all you trying to raise equity , this is a nightmare ! Its worse than the debt before , I am really struggling to cope with this and there is not a soluyion out there !
The banks got a bail out ! I have met my commitments like Dollybee ,but yet we are going to be dragged deeper into this as noone knows or can raise equity !
Beware ! because its the worst feeling ever !

Hi goneunder.

You're entitled to your view, but I think your comments are inaccurate and unfair.

Julie, Mark and myself have all tried to help Dollybee in previous posts with advice and information. If there were more we could do within the limitations of a forum we would have.

You acknowledge in your own post that the situation itself lacks practical/possible solutions in some circumstances; a horrible and sad situation I totally agree. There have been occasions, especially in connection to equity, where the experts here simply cannot provide advice that will alleviate the issue that is causing distress.

The site doesn't take up a campaigning position, but I think it's doing more than anything else to bring to public light the serious ramifications of poor advice or service delivery. We can bring it to light but the responsibility for improving things is with regulators and politicians.

We will carry on trying to help visitors who are struggling with equity issues. We've helped a fair number to be able to make practical arrangements with their Trustee over the years; I only wish we could have helped everyone who has found themselves in this very difficult and distressing position further.

You certainly do offer good advice , I wish i had been here before I signed.
In this feed in particular , Dollybee,s experience was lost without comment in the midst of all the other posts .
I do not wish to offend .

Hi,

We will at this stage next June/July with regard to our equity, how soon should I speak our trustee about what they would be really looking at, like others on this site have said raising equity is proving very difficult, can only hope that things change soon, I will also be asking about the 5k, if you don't ask you don't get, also in the last 2 and a half years the cost of living has gone through the roof, it has all been very trying. But hopefully there is light at the end of the tunnel. For people how opted for bankrupty is their credit rating affected, i have a brother how was made bankrupt he is still struggling, he doesn't have a mortgage.But he nows has a job, thankfully.
I only wish that I had come across this site before we entered into the td it may have helped us have better understanding about the situtation we find ourselves in today.

Hi lorrainek.

I'm not really sure when the best time to discuss this with your Trustee will be, but maybe not for a while yet.

In the current economic turbulence lending conditions and in particular property prices could change a fair bit before your trust deed is reaching it's final stages.

Hi

Lorrainek - it is difficult to know whether to get the valuation now or at the end, it depends if you think prices will drop further. However, is it better to at least know the figure you are aiming for before the end of the Trust Dee? - it is a personal choice. The Trustee does not have to give a £5k reduction, so you do need to find this out...start fighting for it now. You can ask for a change of manager, but that will not change the Trustee - the person with the ultimate decision.

Dollybee & goneunder

Apologies if you feel your problem has been brushed over -not intentional. The problem is that once you are in a Trust Deed, it is upto your Trustee how things are run, and it is difficult to get them to change their views. This is why it is so important to get things in writing before you sign. The forum can advise on tactics to use, and arguements to put forward for your case, but we cannot make the decisions for your Trustee - unfortunately! For Trust Deeds signed befoire April 2008, it is even more difficult to argue with as the Accountant in Bankruptcy has no supervision powers before that. Believe you me, it is very frustrating to hear of people not being treated well or unfairly in a Trust Deed, and not being able to solve their problem. I am sure TDA, Mark and Kevin share my frustration on this.

Thanks for message .
A further wee bit of advice would be appreciated .
In your opinion and experience is it likely that a trustee would accept in the region of £9000, where equity of £22000 needs to be found ?

sorry goneunder, I know this is not what you want to hear, but the Trustee has a duty to realise assets for the benefit of your creditors, with that in mind I would think it very unlikely that he would accept your offer, UNLESS, he is unable to sell it, or can see a problem selling it. Are there any properties around you for sale, and how long have they been up for sale? All that has to be taken into account. If your equity has gone own during your Trust Deed, that is also a factor. There is never any harm in offering the £9000, and see what the Trustee says - if nothing else, it may at least start the negotiating. Let us know how you get on.