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Scottish Trust Deed Forum
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Topic starter
24/06/2015 9:09 pm
Hi there,
This is my first time posting. I entered a TD in March 13 as I had no option with the level of debt incurred by myself and my ex. We own a house (he's on a named only) and when I signed the TD I believed there was no equity in the house. Recently I gave been diagnosed with severe depression and anxiety brought on by a number of reasons which I won't go into but it includes a siblings diagnosis with cancer which is not looking positive. This has pretty much destroyed me. As a result, I cannot work at the moment and my TDP are aware of my circumstances. I have found out due to another property in my village of similar size etc that there may be around 10k equity. What I'm asking is if I decide to sell the house, could I use that equity (if it's correct) to move in to look after my sibling and pay for private care and treatment and really give them an enjoyable time before it gets worse or do I have a legal obligation to give the TDP this?
I really want this money for my sibling.
how do I get out of giving them this amount? My head is in tatters as I am deeply worried
24/06/2015 11:20 pm
Hi Sashr
From the information provided, it looks like you are no longer able to maintain the contribution payments. As you are in the trust deed, you are unable to sell the property without the trustees consent and this is further complicated as it will need the consent of your ex.
Even allowing for the above, your trustee will not allow you to retain any of the equity as this will vest in him for the benefit of your creditors, irrespective of current circumstances.
Sorry its not better news, however your trustees hands will be tied in this. Can I ask if the equity position was discussed & agreed at the start of the trust deed?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
25/06/2015 10:13 am
Hi Mark,
Firstly, my ex has written through his Sokicitor saying he's agreed with selling the property. The only thing discussed was the fact that there wasn't any equity in the house when I signed the TD and that was it. Can I come out of my trust deed in anyway?
25/06/2015 10:56 am
Hi Sashr and welcome.
I wish I could give you better news, but a trust deed is binding upon you, your creditors and your trustee. It's not usually possible to exit from a trust deed as a matter of preference.
However, if your financial circumstances have changed you should discuss this with your trustee. In some circumstances it might be agreed that the trust deed (as originally envisaged) is no longer viable and your trustee might therefore consider releasing you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
26/06/2015 8:53 am
As Trust Deed Assistant says, if you can convince your Trustee that due to your change in circumstances that you will not be able to complete the trust deed then they might be willing to terminate it, freeing you up to do what you want afterwards.
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