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Scottish Trust Deed Forum
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Topic starter
21/06/2015 9:32 pm
Hi,
I have just come across this website and I'm sure there will be plenty of experts on here who can point me in the right direction. My husband was in a Scottish trust deed before we met and this came to an end in 2008 at that point I'm sure he had to pay a large sum of money for it to end at that point or could continue it for another period of time (I think they were saying another 2 years)and if so there would be no fee to pay.
A lot of his debts were from bank charges and he did have loans, PPI etc that he defaulted on. We have never pursued any of this because he was in a trust deed but I wonder if it is something we should have done.
I remember at the time he told me that to protect his house he had to take out a mortgage with a company found by the trustee that was daylight robbery, when his trust deed came to an end I remortgaged his house into my name and had to pay nearly £4000 in mortgage exit fees.
If anyone can point me in the right direction even if it is to give up then it would be appreciated.
21/06/2015 11:35 pm
Hi wendycar127 and welcome.
There's nothing to stop your husband from making PPI claims.
It's possible certain creditors which were included in a trust deed might refuse to pay out.
We're also hearing of scenarios where an ex trustee might try to be reappointed to capture a payout, though this seems unlikely here given the time that has passed.
I'm not sure I appreciate the relevance of the mortgage. Could you explain further if this point is important to you please?
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21/06/2015 11:36 pm
Oh... and we'd suggest to make claims yourself rather than using an agent.
There's a risk you'll lose out financially if you do.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
22/06/2015 7:01 am
Hi, Thanks for the info much appreciated. This might not be the forum for discussion around the mortgage. I'm sure I read somewhere about reclaiming extortionate mortgage exit fees. In relation to the Trust deed finishing something at the back of my mind is saying that after the 3 years were up my husband was under the illusion that it was at an end however he was told to pay a lump sum to end it at that point or to continue for another 2 years. As we were due to get married etc etc we paid the money to end it at that point have you any knowledge of this happening and was this the right course of action??
22/06/2015 10:03 am
Usually a lump sum payment or extension is required if there is an asset, or equity in a property, that the person does not want to have to sell so pays an this instead.
Maybe the remortgage didn't release the whole amount of the equity in the property so the Trustee needed an extra payment before the trust deed could be completed? Sounds quite standard to be honest.
I couldn't comment on the suitability of the mortgage deal, though if your husband had a poor credit rating due to his financial difficulties then it may well have been that only sub-prime lenders would have lent to him and their rates/fees are inevitably higher due to the higher risk.
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