Hi sharkey,

It is really up to your trustee as to whether they would require any such funds to come directly from the third party's account. I imagine they would prefer this but as long as it can be shown if required that the funds have been paid across to you from the third party and then to the trustee then I don't think there would be a problem.

thanks kevin

hi sharkey again if i cant find the £8000 to release the equity during my 3 years .what our opyions do i have? and what terms

Hello sharkey,

Have you yet had chance to check with your Trustee whether £8000 will be the final figure or whether this will be subject to change if/when the property is revalued?

Is your property jointly owned or owned just by yourself?

Additional monthly payments or the introduction of third party funds are two options to deal with equity where a remortgage is not available.

hi TDA yes i phoned and all my answers were explained to me and i feel alot better know. And i can now focus on the long road to being debt free as long as my equity is paid as its states in the letter before the trusdeed finishes and if not then they will get a another valuation done but by that time the value would be a lot higher and the equity greater . i would like to thank your self mark and kevin for giving me good advice ,will be in touch hopefuly when things have finished and hopefuly for a no hastle release when it comes in 2012 i will be checking the site as well thanks for everything and all the best

hi guys sharkey again question for you please. After equity is paid on the house that i am due what happens to there intrest in my property
can i sell my house and still pay the trust deed un till it finishes because i am thinking of moving abroad to work or is the house bound untill i get clearance from my ip when all payments are paid in full and when iam discharged

Hello again sharkey,

You will need to discuss this with your trustee. I don't imagine there would be any problem in allowing the house to be sold, but they may require some of the proceeds to be paid in to your trust deed if the profit turns out to be more than the amount paid towards the equity previously.

hi kevin would we be allowed to rent the house out for a while after i pay the equity out. as the reason for this is my wife might have to return abroad to look after her mother as she is vey sick if every think was to be kept the same her payments and mine and the rent was the same also so the only difference would be we were abroad thanks

Hi sharkey,

There is no reason why you should not rent out your home.

You should discuss this with your Trustee as any additional income from the rent payment (and the costs of living abroad) may need to be factored into your monthly Trust Deed payment.

hi TDA please can yoy tell me what will happen to me if they find out i have a credit card which they dont know about. I have had it for over a year now since i signed the trust deed and use only when i have to. Question 2)if i keep paying the monthly installments each month would they ever find out . thanks again sharkey

Hi sharkey,

Did you owe any money on this card on the date that you signed your Trust Deed?

hi tda no it was clear when i signed

Hello sharkey,

I don't think there is an issue with you using this card.

One thing to be cautious about is that, when you do reviews of your Trust Deed payment, no provision will be made to allow funds for repaying the bill on this card.

That basically means any credit card repayments will have to be funded from expenditure allowances set aside for other things.

thanks TDA for that i was wondering if greame could give us some info on who would be our best people to contact regarding remorgaging in our postion if there would be a slight chance thanks

Hi sharkey,

Hopefully when Graeme next gets chance to look at the forum he will be able to provide some information on remortgaging while still in a Trust Deed.