Welcome to the forum BLUETHUNDER.

I think the first thing to make sure you know is that RSM Tenon trust deed cases have now transferred to Apex Debt Solutions (which is owned by FRP Advisory). This may help you if you need to contact them. You're quite likely to find that your usual case handler and trustee haven't changed so there should not be too much disruption.

If there was/is equity in your home your share of that equity will have "vested" in your trustee. You're therefore highly unlikely to be able to transfer that to your wife - the trustee will (one way or another) be looking to use your share to help repay your creditors.

Assuming you're in a three year trust deed (and have completed the first two years) I doubt you'll be able to make increased monthly contributions to deal with the equity yet. That's because you're already expected to pay what you can reasonably afford as a monthly contribution. This would change perhaps if someone else was prepared to offer some money, or if you were making equity contributions after your regular monthly payments have been completed.

You may wish to get in touch with your trustee so that you can start planning ahead to deal with the equity in a way that's fair and manageable for all of the parties that are involved here.

Thanks for the reply TDA,

I have said to the wife to buy me out, but she can't afford to pay anything as she only works part-time and the mortgage left on the house, is the maximum she is allowed to borrow.

I want this sorted within the next 12months, and want to move on, if this can't be resolved, would it better going sequestrian, as I'm going to be left with nothing no matter the outcome, selling the house or signing over to her.

It's probably going to be better if you can come to an arrangement with your existing trustee BLUETHUNDER.

You don't actually have the choice to become bankrupt now. That would only be possible if your trustee discharged you from the trust deed.

If that happened and you became bankrupt the home might be at risk of a forced sale and you're likely to find a whole new three year monthly payment routine set up.

If you feel that your trustee is overestimating the value of your home - and that you have evidence of this by your inability to sell it so far - this might help you to open up a discussion about a smaller equity amount to be paid over once your monthly contributions have been finished.

Hello TDA,

Yes, the house value has fallen and another house the same as ours is marketed at £105k and that's been on the market for three years and it was originally valued at £138k...

Really don't know what to do.

I am paying £130 a month to the TD, plus child maintenance, mortgage (half) and rent, plus running a car to work, just getting a bit fed up now.

I know a ppi of £1800 was also claimed to creditors, so hoping an outcome can be sorted soon with RMS/APEX.

Hi Bluethunder

Without knowing the specifics of your case in any more detail than you have set out here, what I would say is that I am sure that your trustee will be keen to find a workable solution that suits all parties if it is possible.

Extended contribution payments may potentially be something that could be agreed upon rather than selling the property, depending upon the exact figures. You will really need to contact your case manager and set out your situation/proposals and see what can be done. This is certainly something that should be done sooner rather than later and hopefully your mind can be set at ease.

Thanks Kevin,

Don't know who is my NEW case manager IS, it was previously Nicola at RMS TENON, so waiting on my new case manager to get back to me from APEX!!! I think ! It would be great to know what my options are, not been the best year or two, separating, in hospital and trying to sort out my debts... just want to see light at the end of the tunnel.

Help again guys, I have now spoke to APEX and I don't feel I am any further forward.

1) Wife does not want to sell anymore, and wants me to sign house over to her and the kids.

2) I am at my parents and now need to rent as my sister is due back from Australia and wants her room back

3) Can I extend my payments or pay more?

4) Stuck in limbo and can't move on !!!

Told I had about £25k in my share of the equity(Oct 2011), but now will be much lower, house valued at £138k, now one sold in our estate yesterday for £108k...

We are going through a messy separation now, with lawyers letters, child maintenance issues and payments.

I just need to work out a solution... any ideas ???

Hi Bluethunder

Trying to look at this from another side, you don't need to do anything with the house. You should advise the Trustee that you are no longer in the property and their optons will be to confirm there is no equity in the house or raise an Action of Division and sale and force the sale. Whatever the option, the decision will lie with the Trustee.

Best speak to your trustee and look at the options with both the property and the ongoing payments.

Mark

Hi Bluethunder,

What is the current valuation of your house? Is it the £138k or was this what is was in 2011?

If it's now the case that the equity is minimal based on an up to date valuation if would be difficult for your Trustee to sell this as it's a family home. Any legal action could be costly and a drawn out process should you ex wife wish to defend the action.

If the property has a small amount of equity you could continue with your payments at the end of your agreed Trust Deed term to pay this over. This would mean that nothing would happen to the property.

As Mark said, it's a decision for your Trustee to take.

I would request in writing from your Trustee what the current equity is based on an up to date valuation and redemption figure. If you disagree with their valuation you could always instruct your own.

Hi Guys,

Thanks for the comments, this was the valuation at August 2011. GSPC our agent for selling then advised in October 2011, to market the house at £130k, after 6 months, we reduced to £125k. After a full year with only two viewers, we then reduced to £119,950k... I was then seriously ill with pancreatitis... she probably wished I popped my clogs during this, leaving her with everything. When I was finally well again after 8 months, (April 13) I was advised to lower the asking price, she has disagreed since. A house the exact same as ours was valued at £112k and was after selling at £108k the other day.

I can see me being in the same situation next year, but I am well enough now and I am working again, and want to get back on my feet asap, but can't when I still am paying rent, mortgage, pension and td payments... I just need to get this sorted soon for my own health and not being homeless in April...

I was advised that a 3rd party could clear me with £15k, this was advice from RMS Tenon in October 2011, when I first signed my TD.
I'm SURE A SMALLER AMOUNT NOW OR HIGHER MONTHLY PAYMENTS COULD COVER THIS !!!

cheers Bluethunder

Hi Bluethunder

I am so sorry to hear of your separation and financial situation.
I had a situation where my house was valued at the time of the Trust Deed and dropped drastically in the first two years. My Trustee was open to considering a reputable survey. I saved to get a survey done and it demonstrated it was significantly below the original estimate and that there was negative equity. I also submitted house adverts in my street area and of the same style of house sold in the previous months. The Trustee did accept this and that was a huge relief since I had no way of repaying it.

I hope you have a similarly sensitive consideration to your situation.

I keep reading about surveys being redone years later when the price has dropped, I genuinely hope yours can be and there will be less equity for you to pay, from my point of view my Trustee point blanked refused to budge and said i had to pay the equity originally agreed....

The general guide is that the value at the start will be the value taken. This should not change as the equity figure should be agreed at the start.

I an sympathise where a property has decreased in value, however there is also the argument that these things work both ways if there is a substantial increase in value, then it would be unfair for the Trustee to seek the increased price.

The final decision on equity will be with the Trustee who can approach creditors on the matter.

Mark

The valuation has dropped by nearly £30k, from £138,000 to £112,000...

I have spoken to APEX... waiting on an answer, once they have spoken to my mortgage company C&G... I am meant to be finishing this TD in October this year... hopefully see some light soon.