Welcome to the forum Braveheart.

What reason have you been given for the extension?

So..was to pay £500 to avoid equity in home being taken into consideration. Paid that nut they have put it to our buy to let flat which is in negative equity. I already paid one extra year so have paid 4 years. Sorry I ever took this out to be honest. Home at beginnong had £1000 equity and with mortgage payments this has increased although value has not.

Yet another case of trustees seemingly changing goal posts.or the person taking these out not fully being told what can happen.
I fear the reply you’ll get is, it depends what you signed / have you contacted your trustee asking for their reasons.

Got letter yesterday so calling them tomorrow. Honestly feel like been conned.

Hi Braveheart

There are regulations in place regarding equity in somebody's home in a Protected Trust Deed, to provide clarity and prevent Trustees from shifting goalposts.

There should have been a written agreement prior to the Trust Deed being signed specifically concerning the equity in your home and how this would be dealt with. it is called Form 1B and has to be signed by you and your Trustee and then registered with the Accountant in Bankruptcy.

Probably the best place to start is to get a copy of that, if you don't have it already somewhere.

Hi Rob8.

Why would you fear those replies?

Don't you think that the details of what someone signed up to, and the perspective of their trustee when they have made a decision, are relevant to helping someone to deal with their concern?

Hi Braveheart.

Excellent information as always from Kevin.

Please do let us know what you find out as I'm sure we'll be in a better position to advise/assist you thereafter.

Called them. They say that they wouldn't apply the £500 to the home as it has equity but applied it to biy to let which has no equity bearing in mind that the equity in home was £1000. They stopped taking payments August 2017 and told me that they wouldnt take any more, that once i informed them couldnt remortgage they would finslise for me. Then the letter srrives on saturday. So upshot is 6 years of payments and not 3 as promised.

Did you ask for a copy of the Form 1B?

Don't know what form 1B is

Hi Braveheart,

Kevin explains what it is a couple of replies back in this post.

You may have a copy if you kept the papers from the start of your trust deed, or you could ask your trustee to supply you with a copy.

Understanding what's in there will help to establish whether the extension that is now being proposed is fair (or not) in line with the initial agreement made by all of the parties. It might also help you to fight your corner if that's justified.

Checked back paperwork. 3 year TD extended to 4 wasvforvthe nuy to letvwhich had no equity. Never asked about remortgaging it although that was probably not going to happen anyway. After thst they stopped taking payments for nearly one year and verbally told me it was finished. Final paperwork requestedn and sent to them. Then the other day the letter csme saying 2 years now as we couldnt remortgage home.

Hi Braveheart.

What I don't understand here is that you paid £500 in lieu of any equity in the buy to let property, so surely any extension that was then added (from 3 years to 4 years) must be in respect of your residential property?

Have you located or asked for a copy of the form Kevin mentioned?

Sorry. I didnt pay £500 as I thought the negative equity would mean it would be of no interest to them. However it looks like the extension was because of that. You would think the extension would have been applied to home. Again feel as though not advised properly.