Looks like the house has to sell before I can be released from the TD or the tooth Fairy leaves me money under my pillow... I am meant to be finished by October this year, but hopefully before then. The Ex has pursued me for a divorce now... so more stress on top of the TD, maintenance payments, mortgage and rent and driving a car that guzzles diesel... anyone FOR A SPRIG OF LUCK WHITE HEATHER !!!

I'm sorry to hear that Bluethunder.

It does sound like you have a lot on your plate at the moment.

Did you hear any more about what your equity commitment would be if the house wasn't sold?

Hello TDA,

If House sells then £25k leaving me destitute, or if a third party pays for me £15k... don't have any 3rd parties willing to pay that amount...in Limbo...

Hi BLUETHUNDER

The position with the house and any potential sale should be dealt with by the Trustee if your ex is unwilling to sell. The normal process is to apply for an Action of Division and Sale.

I think you need to speak with the Trustee to find out exactly what their intentions are in connection with the property, otherwise they may do nothing.

Mark

I thought it was light at the end of the tunnel (potential house sale and TD ending in June)... no it's not.
House is now under offer... all my equity of £25k will be taken off me, I've paid nearly £5k in payments... now because of my divorce, the TD amount won't pay that bill of £3k... so basically, I will be broke, homeless and in debt again for lawyers bills... All was going well with RMS Tenon, now apex take over and it's been a nightmare. Originally I was told if a 3rd party could raise £15k, I would be free, and would then have some money in the bank and be able to start again... so now I am going to be be basically bankrupt, homeless and down... I'm going to go to B&Q for some heavy rocks and a bag and jump in the Clyde...

Hi BLUETHUNDER.

I hope you don't do that and that you're joking with us. If not, please reach out for some support (family, friend, doctor) as soon as you can.

What's the £3000 that you mention in your post?

Hi TDA, I was happy enough, that my TD was coming to an end, but thought I would get at least a couple of thousand back, to get me back on my feet, not he haw, then I get this bill (I knew it was coming)... it's lawyers fees for my divorce and payment of minute agreement etc... being going through this for nearly three years. It was agreed that their bill would be paid from net free proceeds of the house, now APEX say... no we're taking you for everything , and basically making me bankrupt and in debt again... if the £15k was still upstanding then I would be back on happy street... wish it was still all under the control of Nicola at RMS Tenon, it was all going so well. No I won't be jumping in the Clyde... I love my kids too much... they are all I have now...

From reading your posts BLUETHUNDER I thought the offer of a £15000 payment was one made to you if you were able to find a third party to step in a pay this sum?

I'd got the impression that this was a possible way to avoid the sale of the home that had been offered to you.

I think it's pretty standard that a trustee would feel obligated to collect the full value of your share of the equity in the event that a property were actually sold. Perhaps one of our experts could comment on that...

Sorry if I have misunderstood your previous posts, please let me know if I have.

Hi TDA

The trustee can always use discretion on these things.

In one scenario the creditors get £15k, however in the other they get £25k. The difference between both to the trustee is minimal in my opinion and there's nothing to stop the trustee requesting the approval of the creditors for a compromise.

I can think of quote a few trust deeds show no or negative equity where the person has decided to sell to reduce costs and the sale has resulted in a semi decent offer. In this scenario they could have held off and creditors would gain nothing, however as creditors benefited then its easy to make a proposal for a split of the net free proceeds.

It's discretion at the end of the day.

Mark

Hello TDA, my aunt had originally said she could be the 3rd party and pay £15k, but now she can't... a millionaires that can't give you £15k... (no comment). I have been trying to sell the house for three years and have had serious acute pancreatitis during this time and also not being paid... I kept up my payments during my illness...

RMS Tenon said to me at signup (OCT11) that £15k would clear me... now the house has been put under offer and my equity is about £24k... so if APEX took £15k and paid all my legal bills of £4k, this would leave me with £5k to start again... but no... I'm going to have nothing...

The ex will have her half share, but she has nowhere to go at the moment and I worry about my kids...

Thinking about taking house off market, giving it to her and then going bankrupt... don't see the difference now... and the kids can stay in their home.

Hi BLUETHUNDER.

I can totally see why you would want to protect your kids, their home and your future.

It's probably only fair to you to make sure you're aware that you simply will not be able to give your share of the house to your ex. Your share of the equity vested in your trustee when you signed the trust deed.

I think you also need to know that, as things stand, you don't have the option to become bankrupt. That cannot happen unless your trustee agrees to release you from the trust deed first.

Sorry that I cannot be more positive but I think it's best that you understand these factors.

Hi BLUETHUNDER.

I've been thinking about this a little more and have had the chance to ask a couple of senior people about it on the telephone today.

Can I ask what was agreed at the start of the trust deed? Was it initially the plan that the property would be sold to deal with your share of the equity?

I think that the initial agreement is probably key to what you can reasonably expect to happen now.

Hi TDA, Originally I was to pay an estimated £25k equity on the house when valued at £135k... It is now under offer for £119k (selling end of June) with valuation at £122k... should the £25k then not come down...(13k less) so even if that was halved (£6.5k). I have been paying the mortgage of £550... for all this time and won't see a penny back... I feel this has all been a waste of time and money...

Thanks BLUETHUNDER.

So, just to confirm, when you entered the trust deed you expected to pay over this estimated sum and expected that would be achieved through a sale of the home?

Hello TDA, Our house was valued at £135k with me to pay them £25k in equity in October 2011. Our house was surveyed on Friday and the valuation is now £120k... should I not now be paying back less than the £25k... as all the figures have all came down in real terms... on the agreement I signed... these were all stated as estimates...