I also have a car loan of ?ú5000 which i pay ?ú100 a month

Hi Scozia

is the house in your name or joint names and is the car finance a loan or Hire Purchase?

Regards

Mark

Hi Mark, the house is in my name only, the car finance was a tesco loan, but on a letter I got from them recently the account typre said HIREP LOAN

Hi Scozie

As it stands, you have assets (equity) in the region of approx ?ú10k, probably less once redemption figures are obtained and debts of ?ú27k. So in theory, a Trust Deed is an option. I would certainly check the agreement re the car as it is unusual for Tesco to do HP. This may or may not add the tesco loan as a creditor.

Mark

Id be happy not putting the Tesco loan in a trust deed anyway, i need my car and the ?ú100 a month payment i can manage

Hi scozia

If it's HP, you would continue to pay and keep the car. If its not HP, then it is a normal debt which would be included in a Trust Deed, but Tesco would not have any repossession rights with the car and you'd keep this as normal.

Mark

Hi, I looked at the original agreement and it just states loan, no mention of HP, the first mention of HP is the letter i receieved when i changed the diret debit and it says Account type : HIREP LOAN

Hi Scozie

It all depends on the original agreement you signed. If it is not HP on that then the debt would be included in any Trust Deed ( and you keep the car!)

Mark

ok thanks! I have another couple of questions!

1) for example if you paid ?ú500 a month to trust deed and 10k of equity was paid at the end of the 3 years, how much of the 500 and 10k goes to the company who run your deed?

2) Does your mortgage company have to agree to you entering a trust deed espcially if the company has control of your house has equity

thanks!

Hi scozia

In answer to your questions:

1. It depends on the work involved in the case, plus fees need to be agreed by creditors. I think on average they range from ?ú2k - ?ú5k.

2. No, the mortgage company rely on their security.

Mark

Hi scozia
I myself have just have entered into a Trust Deed.If you decide to go ahead with one i would recommend that you use one of the experts from this site, i used Mark for mine, he will, like the other experts (if you use them) visit your home and talk you through and answer your questions face to face. You are not commited and there is no fee for your meeting. When i had my meeting and Mark explained roughly what i would be paying i felt a great sence of relief and felt i was getting somewhere. If any of your loans are under a year old you shouldnt worry to much. you can find my first post (loans under a year old) on this site. let us know how you get on and remember your not alone there is always a way forward.

cheers for that mazda, can you email me?

Hi Scozia, I also used Mark's company and can confirm they offer a 1st class, professional service. Mark visited my home on two occasions and explained everything to me in full before signing.

Good luck

Hi Scozia,
If you want to use the trust deed experts on this site just click on their profile at the side of the page where you can email them to get in touch with you. Sorry i cant email you, but please feel free to ask any questions on here and the TD experts,TD assistant and fellow readers will help you as we have all been through the stage that you are at.