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21/06/2011 7:07 pm
Hi, I'm looking for a bit of advice as to if I qualify for a trust deed or not?
In 2008 My home which I bought 2 years before for 38K was repossessed and the Mortgage lender is chasing me for 48K negative equity as well as another secured lender chasing me for another 10K.
I have other unsecured debts of about 10K so all in I'm 60K in debt.
I know trust deeds only apply to unsecured credit but does that include when a property has been repossessed? If so what are my options?
21/06/2011 7:20 pm
Hello Brizo247 and welcome to the forum
You are correct that a Trust Deed only includes unsecured debts, however when a property is repossessed the secured loan becomes unsecured debt as you no longer have the property for the loan to be secured on.
It sounds like a trust deed may be an option for you, can you tell me how much you think you could pay towards your debts?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
21/06/2011 7:53 pm
Hi Brizo247
TDA is correct. Could you advise me who the former mortgage company was. This gives an indication what level of return they are likely to accept.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
21/06/2011 8:08 pm
My own experience was that my TD picked up what they were chasing for after repossession of my flat.
Good luck
