Welcome to the forum nell2201.

Things going wrong with homes has been the primary source of really serious problems that we have read about on this forum for years.

The good news is that there are ways to make everything safe and secure. The bad news can be when this doesn't happen before a trust deed is signed because there is no way to turn back the clock later.

The first thing to do is to get a valuation before the trust deed is signed. The four firms represented here (Chris, Shona, Kevin and Mark) do this for clients, and I know that others do as well.

That way you know for sure that there is no equity before you become committed.

The next thing to do is to get written confirmation about how the house will be dealt with before you sign the trust deeds.

Again the firms we recommend here (and others) will do that so you know where you stand. You'll want to know that if there is no equity at the start that this will be the end of things and that there will not be another valuation later (when your property value may have gone up and/or you may have paid your mortgage down).

Oh... And don't pay £500 to "protect the equity" of a home that has no equity. Plenty of firms will do the same thing without the £500 being payable.

I hope this information is useful? To put it in a nutshell, sign nothing until you have total certainty about your home (and any other important matters).

Hi nell2001

I think the single biggest thing in any trust deed is the position with the property.

I would strongly advise that the equity position is absolutely & without doubt confirmed before you sign anything. If not it will be subject to change/adjustment. In all cases we get the redemption and valuation before people sign anything, that way there is no doubts.

Anyone signing a Trust Deed needs to have absolutely no unknowns. If this is not the case, then you should not proceed

Mark

I would insist on a valuation taking place before signing up, nell2201. That is the way we would do it and is the only way that you will know the exact position with equity before it is potentially too late.
If the firm you have spoken to will not do this for you then maybe you should speak to another firm that will - why take the risk of leaving such an important thing to chance?

Many Thanks for all your comments.

We contacted DAC on Wed night and they have sent the paperwork through from Gregory Pennington this morning. This just asks us to sign to say that we are willing for them to check through all our personal paperwork e.g. Wage Slips, Mortgage Statement, Secured Loan Paperwork etc and then they will confirm for us if we are suitable for the Trust Deed and at which time we would be passed over to their Sister Company Wilson Andrews.

I'm assuming that what we are signing just now is not the actual Trust Deed? Due to the fact that at this stage none of our Creditors have been informed of our intention to pursue a Deed. So therefore does this mean that it will be Wilson Andrew's who will make contact with us for the house to be valued? And if that is the case it would be then that we clarify the position with the equity etc?

Many thanks

Nell

That sounds likely nell2201.

Different companies handle different aspects of the trust deed process in different ways so I'm not sure in what way all of this will work with the firms you're talking to.

For everyone we suggest having a face-to-face meeting so that all points can be addressed, with confirmation of the most serious points being provided in writing before you sign anything. This is especially important for homeowners.

I agree about getting the equity question sorted out know , as its come back to bite me.
However I think I was badly advisied to begin with by my firm and not taken through the options at the begining , so hopefully you will get far better advice at the start than I ever did .

Hi there,
Just to say I have not long set up a Trust Deed with Wilson Andrews. It is them who organise for an independent valuation to be carried out. Can I also say I would advise a face to face meeting instead of doing everything over the phone... I did everything over the phone, and later had soooo many questions that I didn't think to ask during the phone calls. Thankfully people on here have answered them for me!! Before your meeting, sit down and have a long think about all the questions you want to ask, and write them all down. Hopefully this way you'll be going into it more clued up than I was! I should also say I've not yet had any problems with WA, and have found them to be very approachable and helpful.
Good luck 😀

I think irrespective of circumstances, I would always recommend a face to face meeting. Following the meeting, everything discussed should be confirmed in writing. This gives you the opportunity to review matters in your own time before deciding what's best for you.

Mark

Many Thanks again for all your answers, it's certainly made things just that bit clearer.

Would you all agree then that we should send off our Wage Slips etc and let Gregory Pennington pass the case over to Wilson Andrew's and take the equity matter up with them before anything else is signed etc?

Thanks again for taking the time to read the posts and advise - we really appreciate it [:)]

Hello Nell.

If these are the companies you wish to proceed with that would seem like the next step.

Hi,
We are at this stage nearly at the end but now need to have the house valued. I also know now we were wrongly advised, the only hope is that in the current climate the house's value has dropped, plus as we have had very little money to spare in the last 3 years it is needing some work done to it.What is the best plan of attack for us. Does our trustee have to pay for this ? The other thing that I panic about is that it seems to take a bit of time tp get discharged, any advise about this, please. Also abit concerned as we are still getting letters from companies that are in our trust deed.Why would this still be happening at this late stage ?

The trustee would normally pay for any valuation from the funds that they have gathered in from you, as an outlay of the case. If you disagree with whatever it comes back at then you always have the right to get your own valuation done yourself if you wish to challenge it.

Hopefully your discharge will proceed smoothly, lorrainek. Once you have completed your payments and paid over whatever is required for equity then they should be able to issue you with your discharge on Form 5 pretty quickly.

If you are still getting letters then you should pass them on to your trustee and ask them to contact the companies involved. It isn't something to worry about though, there is nothing these companies can do.

Hi
I notice in the comments by "trust deed assistant" that she says not to pay the £500 as there is no equity in the house, we were told by the company looking after our trust deed we needed to. The reason they said was even there is no equity in your house just now when your trust deed end there might be and your creditors will be able to get this.

That is correct piper2009.

The point I was making is that other companies would have done the exact same thing for you without paying the £500.

Companies don't have to charge it. Some do and some don't.