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Scottish Trust Deed Forum
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Topic starter
08/04/2009 12:45 am
Hi all,
This site seems like a godsend with specialists to talk to! Any advice on the following will be greatly appreciated. Basically i've finished making trust deed contributions Oct 08 and got a letter saying i'd fulfilled my obligations.
I've been applying for a mortgage since Jan but got no luck until last month, i've been accepted for a joint mortgage with Abbey and did all this through a broker who knew my situation. I've received my offer from Abbey but what I want to know is as far as im aware there is a bankruptcy search to be done on myself by our solicitor before completion, will this show my trust deed and therefore Abbey will withdraw the offer as I might look bankrupt?!
Thing is im not sure Abbey know about the trust deed, only the defaults on my credit file. Im really nervous as it would crush my finacee if we didnt get it now as we thought the hard part was done.
Please help!!
Thanks in advance!
08/04/2009 3:14 pm
Hi bmaindj,
Have you been formally discharged from your trust deed yet? A call to your trustee will quickly give you the answer. If yes, then you shouldn't have any problem - as long as you/the broker have not misled Abbey about your situation.
If you are still in the trust deed there may still be no problem, as it is quite common for people in trust deeds to be able to arrange mortgages/remortgages. You should discuss your plans with your trustee though. They may even be able to discharge you before the transaction goes through, or at least provide Abbey with assurances that you will be discharged imminently, if they need it. I think there is a higher chance of Abbey backing out if you are still in a trust deed and have not informed them about it, so if you are still in it you should advise them really. At least if there is going to be a problem you would have time to sort something else out, and if not then your mind will be put at rest.
Glad you like the site. It's good to know that we are of some help to people trying to find their way through the maze...
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
08/04/2009 4:07 pm
Hi bmaindj
Kevin is correct, you should call your ip to have him confirm that you have been discharged. I remember several cases where people have purchased property while still in TD's and the IP has extended the period to claim an interest in the property equity.
If you are discharged then you do not have that potential problem.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
11/04/2009 1:14 am
I've not had a letter so say i've been formally discharged, only a letter stating i've made all contributions and that I have been discharged of my obligations of my trust deed. And that the letter I have is my notice of discharge.
Surely everything is ok with this now? I did make all contributions and moreso over the three years, it does say on the letter it can take some time to legally close the case. Can they still legally take more money from me after this time has elapsed?
Am I right in thinking I should now inform my IP of my current situation? I'll speak to my broker also as I want to be open and honest about this all!! Thanks for all your help so far!
11/04/2009 8:29 am
Yes, speak to your IP, bmaindj - just to be safe. If they have sent you a letter saying it is a notice of discharge then I'm sure you won't have a problem though.
Kevin
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
