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Scottish Trust Deed Forum
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Topic starter
11/04/2013 7:07 pm
Hi my name is Sue and I have just joined the forum for some much needed help and advice, so I hope someone can really help me understand why I have to continue in my Trust Deed.
I entered my Trust Deed at the beginning of March 2010, three years and one month ago.
My unsecured debts amounted to just over 36k. In these three years I have paid back just over £5100. I have religiously kept up with those payments even when advised not to when I contracted cancer two years ago. I was in touch a few weeks back with my trustee to find out what would happen after these three years and was advised that the Trust Deed would remain until such times as 30k for house equity was gathered in. I asked if I was still to pay this on top of what I already have paid. To which I was told yes. I find this very much a surprise that I have entered into a trust deed and I've to pay the entire amount back. My mortgage has been paid every month so there is no ill feeling with my mortgage company. In the Trust Deed paperwork my one and only property, the family home which is only in my name was estimating a realisation of 135k with a mortgage of 106k, so they say a 29k surplus. However a professional valuation at the time concluded a figure of 125k. Which would be only 19k surplus. In 2010 I did think that 125k was a rather high valuation were the 135k mentioned in the paperwork as an estimation was just what I thought myself was a figure my house would have got. Now in 2013 I would say I have either no equity or negative equity in my property. So how can I be pursued for another 30k? I really thought after three years this would all have been over. If anyone can give me some advice it would be much appreciated. Many thanks Sue.
11/04/2013 7:18 pm
Hello smitchyo and welcome to the forum.
I'm sorry to hear that you find yourself in this difficult position.
If you're convinced that there is now no equity in your home you may wish to instruct a professional valuation to take place.
You might also request that your trustee conducts another valuation.
If you/they get the answer that you expect, in terms of the value, you'll be in a really good position to negotiate with your trustee on this matter.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
11/04/2013 7:33 pm
Do you mean should I instruct my Trustee to carry out a valuation or should I do it independently and provide my findings to my Trustee. If I find out in the valuation that there is no equity in my property how would I then approach my Trustee with all this.
11/04/2013 8:42 pm
Hi Sue
You are in the exact same situation I was in a few years ago. My Trust Deed finalized June 2011 but towards the end they wanted the equity in the house which the tdeed company said was 21k. I argued that there was no equity as house prices had dropped in the area so this is what I did and it worked. The tdeed finished and I still have my house.
1. Contact an independent valuation company online for 100 quid you get your own valuation
2. Print off houses of a similar type in your area from rightmove which show the price drop.
3. Write a letter to your trust deed company enclose a copy of these items plus costs of selling. Eg lawyers fees are about 2k
4. Argue your case
It took about 6 weeks back and forward but eventually they agreed there was no equity and the was no forced sale.
Sue don't give up. Fight it.
Elaine
Elaine
11/04/2013 10:25 pm
Hi again smitchyo.
Good advice from elaine50.
There's no harm in asking your trustee whether they are prepared to conduct a new valuation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
12/04/2013 4:40 pm
Thanks Amy and Elaine for your advice. I will certainly give this a try. As I said it has been a tough few years what with everything and then what I was told a few weeks back. To make matters worse when I spoke with my trustee they started to say it was because of 60k debts. My jaw hit the floor! I couldn't exactly know at the time what my debts were but I knew it was certainly not 60k!!. I then checked my paperwork and in the actual Trust Deed, that I signed, it lists the complete unsecured debts I had of 36k. So either my trustee, who I feel is there to help is either stringing me along to keep making payments so the Trustee company still gets paid or they were looking at another case. It doesn't fill me with great confidence.
12/04/2013 5:34 pm
Hi smitchyo. I would echo what Elaine50 said. I did the same and it was accepted by the Trustee. I paid £250 to release any further interest in the property.
Good luck.
F
