Hello gresgow.

Not that I'm aware of.

I have explained my situation a number of times on the forum

I do not wish to sell my home to repay TD and have asked if TD can be extended and contributions increased to allow me to repay debts in full plus trustee fees and interest.

My TD company have said that TD can only run for a maximum of 5 years.

Is that their rule or and industry rule?

We have heard here of some trust deeds that have run beyond five years.

We have also heard from a couple of the experts here that they wouldn't typically want to see monthly contributions for equity running beyond two years from the end of the usual period.

Perhaps our experts can confirm, but I'm sensing that this is a norm used by some firms rather than a rule applicable to the industry.

Hi gresgow

My advice would be to ask your Trustee to point you to the part of the legislation or guidance or rules which states the 5 year maximum period.

Trustees should be working with people and not making things as difficult as possible. In effect you are advising that ypou would like to repay creditors in full, plus interest and the costs of the Trustee. However your Trustee, acting for the benefit of the creditors is saying, no I dont want the creditors paid in full.

Mark

Im going into year seven , hope that's not bad news for you . Thought at the start three years and Im done , how wrong I was !.

Hi gresgow.

Did you ever look into the mortgage possibility as discussed on another thread previously?

Surely if you are to pay everything off then DAS is better?

Thanks for all of the advice/replies.

This situation is rather complicated. The actual details of the estate have not been finalised but having seen a copy of the will and spoken to my Father who is the executor of the will I have been assured that I will inherit the house. My trustee has spoken to the solicitor who advised them that I will inherit the house as long as the associated costs of the legal fees are met through the cash sum left in the estate.

For some reason my trustee seems to be stalling after having spoken to the solicitor. I spoke with them last month and intimated that extending the trust deed in order to pay all debts, fees and interest due was the option that I wanted to take. To this point I have still to receive any further contact from them which I find disappointing.

In all matters relating to TD I have been reluctant to challenge my trustee as I fear (maybe needlessly) them seeking to be discharged and/or petitioing for sequestration citing non-compliance.

The re-mortgage option has not been looked into yet as I still do not legally own the property.

I do apologise for rambling.

Thanks

Hi gresgow.

Do you think your trustee may be waiting to see whether you can stay in the property, or whether it will have to be sold because there otherwise isn't enough cash in the estate to cover costs?

I'd ask them. I think they may be waiting for a bit more certainty about what the position will be.

Hello on track.

I'd missed your point earlier.

In this instance the ability to fully repay the debt was created after the trust deed was signed.

If it had existed prior to this (and could be done in a reasonable period of time) you might be quite right.

When I knew that the inheritance would be realised I informed my IP. I intimated my desire to remain in what has been my family home for 30+ years. I was advised that selling the house would only be done as a last resort and the posssibility of extending the TD was raised by my Relationship Manager. I was then advised that they did not want to go down this route as the sums involved would be significantly higher. I told them that I did not mind this and that this is what I wanted to do. It was at this point that my Relationship Manager advised that the TD could not be extended beyond 5 years.

This was nearly 5 weeks ago and I have still not heard anything from them.

I find this very frustrating.

I'd be frustrated as well gresgow, it must be very unsettling.

When do you expect to know about the estate?

Although I am not a client of the solicitor dealing with the estate I received a letter from them advising me that they had received a letter from the sheriff court which will allow them to proceed with the estate. They sent me this letter as I had discussed my situation with them to see how it would impact me. Hopefully this should mean that the estate would be finalised very soon. I don't know anything about these things so not sure if there are any other processes to go through.

I'm not an expert on how this works either gresgow.

Hopefully things can become more clear once that's resolved.