Hello melaniec,

I believe that you are correct about the equity. Mark has made comment on this issue before and will be able to confirm that this is the case.

I think you should speak with your Trustee about the expense implications of your new child. Your Trustee has a degree of discretion as to how this is handled.

The mortgage market for people with damaged credit histories has weakened substantially in recent times. Three things that will help you could be:
1 - Delaying the move for as long as possible after the Trust Deed is completed.
2 - Saving up the biggest deposit that you possibly can.
3 - Speaking to a mortgage broker who will have access to non high-street mortgage products that you may not otherwise be able to access.

Hi Both

'Protect the equity' Sorry but I've checked all the legislation and guidance on insolvency and cannot see what this is.

Historically in the old sequestration days ( when paid by the public purse) a Trustee would register title in a property. In a case where there was no equity, the trustee would seek a payment of ?ú500 for the work (his, legal work etc) to discharge his interest. A few IP's appeare to be jumping on some historical bandwagon and getting ?ú500 - ?ú1000 for their efforts.

Sorrya bit of a long winded answer. I suspect that the property has been dealt with in your case, however please have this confirmed in writing from your Trustee.

On the contribution front, the answer is yes, it would be extended.

Regarding the mortgage, before the downturn a large number of lenders would lend to people in trust deeds and who have also came out of them. Hopefully when the market picks up, the lending will return.

Hope this helps

Mark

I have just signed a trust deed and was also told that if I agree to pay ?ú500 at the begining or end of the term the creditors would not be looking to collect this at the end of the term. I have negative equity in my home at the moment, but was assured if at the end of the term I had equity the creditors would not be looking for this.

Was this confirmed to you in writing toomuchdebt?

Would you mind telling the forum which firm is helping you with your case?

I have just went through my pack and cant find any info on this, I will give my trustee a call and get this sorted out. I dont want to put their name on at the moment but once I get it sorted I will let you know. That was one of the things that bothered me the most, if at the end of the term and I had equity in my home would the creditors be looking to claw some of it back, in your experience is that the case? also if it doesnt go protected can they try and make me sell my house, I have never missed any payments to my creditors but my mortgage is with one of my creditors could they revoke my mortgage.

Hi TMD

When speaking to them, ask them exactly where in the legislation does it state that ?ú500 should be paid in a Trust Deed in a case where there is no equity.

Mark

Hi Mark, I was told even although there is no equity in my house at the moment in three years time there may be and the ?ú500 will stop the creditors from trying to get it. My head is all over the place just now, my greatest fear would be to loose my house and when they told me about this ?ú500 payment I thought it was worth it if my house would be safe even if the market picks up and there is equity in my home, Am I just being gulliable

Hi there

Your IP can't just make up stuff to get an extra ?ú500. If you look at this logically, why would ?ú500 deal with the equity position?

I would ask them exactly under what law or guidence they are seeking this and ask them to put it in writing.

Mark