My ex took out a Trust Deed on a property with a joint mortgage between him and I. It was due to finish in March 2012. We have been separated over 2 years. Prior to this when He originally set up the Trust Deed, I was asked by the Trustee to guarantee it by paying 100pounds a month to the trustee myself on top of my ex paying 400 pounds a month to him for his debts. I was told that if at the end of the 3 years, the money my ex was paying was not enough to cover the debt then my money would be added to pay it off. However, I am in court proceedings with him over another matter and it has come to light via lawyers letters that his trust deed has been settled early. I have had no correspondence from the Trustee as to where my contributions are? I have cancelled the direct debit now but had been paying religiously before that. I would still have been paying had I not found out by chance. Can they use my money to settle his debt even though it has been looked at months early? e.g. What if the shortfall was what I had putting? Can this be fair if he not waited until end of original period by which he may have paid enough and I would get my contributions back? Have contacted the Trustee who as yet has not called me back.
Welcome to the trust deed forum lindsay1.
People don't take out a trust deed on their property; they take it because they cannot afford to pay their debts.
When that happens, if you own assets like a home, you might have to release the equity in the asset to help repay the people you owe money to.
I doubt you are a guarantor in the same way as might be the case for someone taking out a bank loan.
I think you need to speak to his trust deed firm to check the current status of the trust deed, how you have been brought into it, what has happened to your money, and the situation regarding the property.
If you are struggling for answers write to the Trustee personally asking for clarification and an update.