Hi Edd82

Once you make your final payment, you should receive form 5 which is your discharge. Your Trustee will then pay a final dividend to creditors and seek his own discharge.

Mark

Cheers mark,
I got an email saying
"Your property is still to be realised. We will require to receive a redemption figure from your secured lender and also conduct a valuation to calculate any equity in your property. Once this level is established, we will write to you requesting your proposals around realising this sum. If there is negative equity in your property, the Trustee will require to receive a £500 nominal fee to discharge his interest in your property."

I know what my outstanding balance on my morgage is and the current value of my flat is too , there's around £1500.00 equity on my flat , will I need to pay this before they release my flat back to myself?

Cheers again

Hi Edd82

I'm amazed that they didn't obtain this information at the start.

If there is equity, depending what was agreed at the start, this will need to be paid before the case can be closed.

Mark

Hi

There offices closed in aberdeen then moved to glasgow i beleave.
Ive had very little contact regarding the closing steps until i contacted
Them last week.

Were there new laws that came out last year to help people from stop losing there homes if they couldn't paythe equitiy that was left?

Cheers again

Hi Edd82.

There are relatively new laws that appear to offer this for new trust deeds.

However, as far as we've heard they've been almost unused because it's assumed that creditors would not accept proposals on this basis. If you think about it, why would they?

Best practice is that equity is dealt with at the start. If your equity is as little as you say, it shouldn't cause too much of a problem though.

Cheers for the answers , theres never been on word of finding out the equitiy
Before the td started , nor had there been anyone to value before hand . I spoke to
The company today and my last payment is on the 31st of december .

I need to forward my morgage balance to them , then there going to organise someone ti finaly come and value my flat , the house prices have dropped alot since i started my td.

Hi Edd82.

I hope you get the news you want with the valuation.

One of the few situations where people are hopeful that the value of their home has fallen!