Hi bobbyf2014.

I was just having a look at your last post from a couple of years ago to get some context to what otherwise seems a pretty odd scenario.

I think your circumstances changed some time ago enabling a higher monthly payment, and that you have equity in your home that needs to be realised one way or another?

Perhaps the tricky part here is the interest element. That's a moving target. For example, if you missed a couple of payments (and caught them up via an extension) more interest would then be due.

Another potential moving target is the fees element. If something happened that caused your trustee to have to do more work than expected then the fees could increase.

I'd have thought they should be able to provide you with some kind of estimate though - perhaps based upon everything going precisely as currently planned and expected.

Thanks so much for the reply. Yes my circumstances did change in year one which accounted for the higher fees back then. The extra two years have been added because i cant get a re mortgage on my property.

I was just hoping they could give me a finishing date for this, i hate living with the uncertainty

I can understand that bobbyf2014.

I wonder if they'd give you an estimate based upon the assumption that nothing much changes going forwards?

Hi, Me again, sorry

Another wee question regarding the equity on my property. As I mentioned above I have just started my 4th year of my TD (an additional two years contributions have been added due to the fact that I have been rejected for a re mortgage.)

I have a small flat valued at £45000 and the mortgage on it finishes in November this year

At present whilst still paying the mortgage my share of the equity was calculated at 10k, after the mortgage finishes in November my half of the property will be £22500. Will the trustee be obliged to realise the additional £12500 and increase the length of time for my contributions past the agreed 5 years ?

I'm just desperate to avoid any surprises in November when I report the end of the mortgage and I'm trying to prepare myself for the worst.

Thanks again
Robert

Was the £10k calculated at the start of the Trust Deed then?

Regulations now state that the equity amount required is calculated at the start and is effectively frozen and should not change unless the property is actually being sold.

Assuming your Trust Deed was signed before 28 November 2013 then it would not actually fall under these rules. However, I would have thought that most insolvency practitioners would nevertheless treat earlier cases in the same way.

Hi Kevin

Yes, my first payment to the TD was in August 2013 so it was up and running then. The additional two years was applied to realise the 10k equity i had at the time, it was just concerning me that i would be liable for the additional amount at the end of the mortgage.

With my luck they will have a different view on it and i'll be locked in for seven years rather than five. Should i contact them now and find out ?

If they have said that the deal is a further 2 years of payments then I don't see why that should change just because your mortgage comes to an end. By all means contact them to confirm this if it will put your mind at rest.