Hi BLUETHUNDER.

I think that "estimate" is probably the key word here. The estimate was based upon 50% of the assessed equity at the time, and the figure quoted will have been for the benefit of your creditors who will have been deciding whether or not to accept the trust deed. All parties will have been aware that the figures could change.

It would seem that your responsibility was to pay over 50% of the equity following a pre-agreed sale (I'm guessing that it was pre-agreed from your comments - but I don't think that you've fully confirmed that), rather than any particular figure based upon a valuation then or now.

So your creditors may have lost out because the valuation of the home has gone down, but they've made some of that up because the amount owed on the mortgage has reduced.

However, from your perspective, the expectation of paying over 50% of the equity in the home (your share) hasn't changed.

I do see where you're coming from. I can also fully understand why you'd like for some of the proceeds to come to you. However, if my reading of what was agreed at the start by you is correct, I'm not sure that many trustees would be handling it any differently to the way that it is being handled now.

The hard reality of the situation (and I don't mean to sound unsympathetic - that's not where I'm coming from) is that you appointed your trustee to handle this situation for the benefit of your creditors. They need to treat you fairly of course, but it would seem that asking you to pay over your share of the equity that exists in the home is what was agreed by all parties at the start?

What gets me angry, is I've been paying my mortgage (own house) and rent (parents) for nearly three years... totalling £700 a month... plus my TD payment, and I am going to be in the gutter, what is the point in not just going bankrupt at the start... rather than paying back the £25k and all these payments totalling £30000, which is £55k in total and my debt at the start was £36K... total nightmare...

All this was caused by being made redundant from a private company, no redundancy payments, trying to get a job for 10 months and no help from anyone, and using credit cards to pay bills, mortgage etc... the resession has hit me hard, lost job(s), house, family breakup and this Trust Deed has been a joke.

That certainly would have been an option BLUETHUNDER.

Presumably you would still have carried on paying the mortgage for the house until it was sold so that your family could remain there for a while?

Your share of the equity would have been taken when the property was sold (whatever that amount was, rather than being a set figure).

You still would have had to pay rent for where you were living.

You'd also have had to pay contributions from income for three years if you'd been deemed able to do so.

As such, bankruptcy probably wouldn't have worked out much differently to your trust deed?

I think everyone will be very sympathetic about the circumstances that led up to all of this for you. There has obviously been a lot going on that has been totally out of your control and for which you've paid a very high price.

Not long now until this nightmare is over...
House changes hands in June and I loose £27k in equity, not receiving a penny... I also need to write to my credit card companies to prove I have no PPI claim on them... How long till I get FORM5 (OR WHATEVER IT IS) that finalises everything... Only good thing is after APEX get their money... It ends this for me .... October 2011-June 2014... I can now see light and get on with my life, but a very high price to pay, lose house, marriage ends, critical Illness, broke... But hay Ho... The World Cup starts soon !!!

Hi Bluethunder.

Your trustee can only discharge you (provide Form 5) once they're satisfied that you've completed all of your responsibilities under the trust deed agreement.

Once that's happened, firms may take anywhere between a few days or a few months to issue the Form 5 depending upon how busy they are and how they are prioritising their workload.

Best to ask your trustee how long it normally takes them.

FINALLY... seeing an end to this mess and a very big light at the end of the tunnel.

I have now been given my form 5, and attached was a form 7...to my trustee (only looking for proof now of no ppi on an HBOS credit card). I have basically contacted my creditors myself to prove this, to actually push this through quicker...

So house sold, £27K equity taken off me, paid over £6k in 3 years,£2k ppi payment, broke up with wife, see kids 3 times a week, and now renting.

If I knew that I would go through all this 4 years ago, sitting in my lovely garden on the decking... I would not have believed myself.

All so easy to happen, getting made redundant 3 times in 3 years, having to use credit to pay bills and the mortgage, no help from anyone in this country for the hard working family...

All I can say and advise people, DON'T USE CREDIT CARDS... They are the devil's work and they can ruin your life. I will never get involved with credit again, everything will be cash... after being in hospital very ill with pancreatitis also, I never want to make myself ill with worry because of debt.

I am now going to push my claim for critical illness, as I was never paid when off my work, and I still paid my payments to my TD, Royal London, say I wasn't ill enough, so I have contacted the Financial Ombudsman, to take my claim further, as my doctors and surgeons are astonished, as I was in intensive care for 20 days and in hospital for 6 months...

Hi BLUETHUNDER

Glad at the very least that things seem to be coming to an end, although from reading through your posts you seem to have had a helluva time over the last couple of years.

Hopefully the critical illness claim will work out.

Mark