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Scottish Trust Deed Forum
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Topic starter
26/02/2012 11:36 pm
Ive been in a protected trust deed since 2004 sept,I've never paid 1 penny to it as I was mislead at the start of the TD.the problem that I have is I have a matrimonial home that my estranged wife lives in the trustee wants £4000 from the equity so he has done a deal with my estranged wife which will extend my trust deed for another 18mths ,the trustee has removed my name from the land register back in November 2010 but hasn't removed my name from the mortgage provider so I am still liable for the secured mortgage loan which is a problem as I am trying to get my divorce and my lawyer needs proof that I have no matrimonial assets,I have tried 3 times to speak to my trustee but only getting assistants who will phone me back still waiting ,I know that I can complain to the ipa but I think that would be a waste of time as it takes 6mths any help would be gratefully appreciated
27/02/2012 9:25 am
Hello Teletubby123 and welcome to the trust deed forum.
Your trustee cannot remove you from the mortgage, only the mortgage lender can do that.
If it weakens their security on the mortgage loan they may well be unwilling to do that I'm afraid. No harm in talking to them and asking the question though.
Another option is that your estranged wife remortgages in her own name only.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
27/02/2012 2:03 pm
Hi there thanks for your reply my estranged wife cannot get a remortgage in her sole name because she doesn't work.i don't have a problem with the trustee wanting equity from the property but how can I still have a secured loan in my name when I declared it to the trustee at the start also have a secured loan in my name for an asset that I don't own legally,can you tell me if there is anyone else apart from the ipa that would check if the company dealing with my trust deed is following proper procedures as I feel they have not with thanks.
27/02/2012 2:41 pm
Hi Teletubby123.
The options really are to use the professional body of which your trustee is a member, or to source your own legal advice.
The reality is that secured debts are treated quite differently from unsecured debts in a trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
27/02/2012 4:09 pm
Hi all
from the information, it appears that the trustee is acting well within their rights. In terms of the trust deed, any share of equity which exists needs to be paid to the trust deed and they appear to be doing just that.
The secured loan is excluded from the Trust Deed as it is secured against an asset.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
28/02/2012 1:43 pm
Hi Tellytubby 123,
Not sure if this helps in your decision making process but I totally agree with the comments of TDA & Mark.
Chris
Chris is not currently posting in the Trust-Deed.co.uk forum.
