sorry the 1000 of unsecured loans is actually 10000

Hi alimenzies,

Did you confirm the equity in your property prior to proceeding with a Trust Deed and how this would be managed? Was a valuation carried out and redemption figure for your mortgage obtained?

Unfortunately now you are in a Trust Deed you have to deal with your debts via that. You can't revert to paying your creditors directly.

What do you think the house is worth, Alistair?

Probably best to wait for the proper valuation and see how that comes in - maybe the valuer who did the drive by is thinking it is a bigger house than it actually is. If it does still come in at the higher amount and you feel this is unrealistic then you could get a valuation done yourself and try a bit of negotiation based around whatever value you get.

house is worth 55000 in my opinion,I have organised my own valuation to be done before the trustee sends out the original valuer who did a drive by valuation and advised 70,000.
the valuation was given at the start of 55000 and a redemption figure was obtained from the bank ,and i owe that amount ,give or take a few hundred.
the problem im having is that if I had paid my creditors directly I would have been free in around 3 years but now looking at extension of my trust deed from 3 to 5 years.
my original debt was 23,000 ,I pay 230 a month for 3 years at the moment but Im being pressed for another 2 years at 230 but that could change as my csa payments stop in around 3 years and thus would free up cash which means my payment could go up another 200 a month to 430 for around 16 months.
Im starting to think that I should have struggled for 3 years instead of getting into a trust deed ?
by the way all help appreciated

directed too chris: they trustee did a drive by valuation which came in at 55000 , now six months later i was informed that its now been upped to 70000 ,I confirmed with the trustee that no one has came to my home to carry out any valuation.
Maybe some house in the same area could be worth 70000 but where my house is located, work thats needed for repairs ,theres no way house is worth 70000.
I tried selling 3 years ago,house was on market for year and a half ,no viewers at all, and was valued at 65000 but 3 years on it needs double glazing ,roof, roughcast and central heating .
I went into the trust deed like a frightened rabbit in a cars headlights ,was confused with what it all meant, embarrassed being unable to pay my debts and thought a trust deed would safeguard my home .

I think you need to wait and see what happens with the next valuation alimenzies. Everything is speculation until then.

I cannot see how you would have paid the debts off yourself in three years. Your surplus income is £230 meaning that you could have only repaid £8280 in 36 months out of the £23000 you owe? Am I missing something here? Sorry if I am.

didnt mean the whole debt ,if I had struggled on and paid the creditors what I was paying then in 3 years I would have been free of nearly it all ,I was paying my creditors before the trust deed but was really struggling

How much were the repayments each month before you signed the trust deed alimenzies?

alimenzies,

I hope your valuations are done soon and give you some peace of mind.

Having paid high repayments from household income leading to credit cards being used for living costs for far too long, I know there was NO hope of repaying all of it.

When details of the process leave you frustrated, it helps to remind yourself that you won't be struggling as badly on a monthly basis and won't be adding fuel to the fire.

I honestly found it helpful to look at the big picture, it's not fantastic to have these issues to worry over but it is part of getting better-like side-effects of a medication?

Hope it's not too long.

Don't let it overshadow your Christmas.[8D]

Sounds like someone came up with a low valuation to make it sound like there would be no equity, got the customer to sign on the dotted line and ta da a few months later lets up the house value and reap the rewards/fees!!

Shoddy way to run a firm. Would love to know who it is.

Paul

Maybe Paul.

But maybe a genuine drive by valuation that genuinely deserves to be reassessed.

My first reaction when I started reading the thread was "This should have been a DAS!!".

Creditors paid off in three years? - DAS rather than trust deed.

Then I saw the actual debt figures, and the actual monthly payments.

It would have been paid over 100 months. Or 8 years 4 months.

Not so clear cut.

Maybe the valuation issue isn't so clear cut either.

the bulk of the debt was to 1 place which was around £16000, rest was small amounts to value of 23000 .
Was paying £381 and would have been done in 3 years ,smaller amounts would have taken bit longer but no where near 381 a month
Ide rather not name the company but they are mentioned on this site and do have an employee who responds to threads on here .
The problem isnt paying the 230 a month for 5 years ,the problem is that I went into this on the understanding it was for 3 years and that my home was safe.
Im not hiding from my debt,break up of family etc etc put me in this position and thus instead of hiding I faced it straight on .
Im not too clued up with this stuff and reading some of it I understand none of it , I went with what I was told at my first meeting .I have the same company who done the drive by ,even though my house isnt on a street(behing another house) doing the same valuation,which they will prob still say its worth 70,000 ,so I have arranged to get my own valuation done .
Im told its not what the homes worth but what someone would pay for it ,ie: quick sale for non payment of mortgage or forced to sell by the trustee?
People go into these trust deeds as a last resort to make the worry stop ,but the worry carrys on and on .
when the trustee sent a letter about the house valuation,I called and argued that the house needed various repairs etc etc and I showed similar house around me between 49,000 and 60,000, lower needing work higher needing nothing.
I was then informed that the trustee listened to what I said and agreed they would lower the price from 70,000 to 60,000 and thats where the extra 2 years at 230 a month comes in. so they were going too drop the valuation by 10,000 without revaluing the home?
The trustee is now sending the same valuer out to do a proper valuation and if the valuer sticks to the 70,000 then I will have too pay an extra 15,000 on top of the 8,200 which means ill be repaying 23,200 within the 5 years period?
This is the point im making about dealing with the debt myself ,im going to be worse off in the long run because of a drive by valuation.
I would have been better being declared bankrupt or maybe selling my home ?

By the way ,ide like to thank everyone for their input,it is appreciated.
I wish everyone a nice christmas and I hope 2013 is a good year for you all

thanks