Hi gillianr2.

Taking advice from a housing specialist or solicitor before signing any such documentation is very wise.

Who told you that your trustee needs to sign this letter? I'm not sure whether this is true. Perhaps one of our experts could share their view...

Hi gillianr2

Im amazed at the ip's stance. The form is nothing other than something to waive the 8 week legal repo period and would have no burden or legal implications for the trustee whatsoever.

We signthese where applicable and have no issues as itnormally requires the trustees signature.

Read through the paperwork and cross out and initial anything re the shortfall and make it clear that you are aware the shortfallfalls to the trust deed.

Some firms dont half make life difficult for people.

Mark

Mark

Thanks TD Assistant and Mark. I called a lawyer the other day but the secretary said that they actually advise people to go to CAB for advice as it is free and they have as much info as we should need so once we get the paperwork we will take it to CAB.

Mark i've heard (on other forums) that when people have crossed out the shortfall bits on the paperwork NR have then refused to accept vol repo and wont send the people round for collecting teh keys and changing the locks. I've seen that some poeple either cross out that bit or put their own letters in with the keys and then NR say they wont accept it as a vol surrender. Of course they end up repossessing anyway themselves down the line but obviously we want this all dealt with asap so we can move on.

If we signed the paperwork leaving that paragraph in so we could get things moving would it still mean the shortfall would be included in the TD or would it mean they would wait until the TD is finished and then chase us for the shortfall? We imagine their will be something like 30k of shortfall by the time they do remedial work, fees ect.

Hi gillianr2

No, if this were the case, then your husband could be seen to be creating a preference to other creditors by agreeing that the debt sits outside the Trust Deed. If there is a shortfall, then the debt forms part of the Trust Deed.

I am amazed how the lack of knowledge, ability, common sense etc etc by some firms create merry hell with people who, in effect, are trying to resolve matters and move on. One simple signature could resolve this.

In my own firm, the scenario goes something like this:

Mrs Smith - 'We are looking to hand back the keys to our house and there may be a shortfall. Will you deal with this for us'

Us - 'Yes, no problem. Send the keys here, we'll deal with the rest'

Simple!

Mark

Oh how I wish we were being dealt with by a company like yours Mark. The one we are with (who I wish we could name and shame!!) make life very difficult and seem to take the longest hardest route no matter what it is when it comes to us! The biggest problem we have is the representative, she can never answer anything without taking weeks of prompts and calling and has now resorted to saying she is too busy to deal with us as she had a monitor coming in, her boss wont even talk to us either. All we wnat are a few things answered sych as will the trustee need the paperwork to sign for us, will he even sign it anyway (from the letter we had last year I guess we already know the answer to that!) and what will happen to the shortfall.

We honestly feel very degraded by them, like we are these awful people they end up having to talk to once in a while rather than clients that they should be helping. A big part of this move is upping teh trust deed payments meaning we can get rid if the trust deed quicker so we dont have to deal with this company anymore. It's such a shame that we dont have the chance to move companies when we feel we are being treated badly. We like we are on our own with this and in some ways in a worse position than we were in before because at least we didn't have to go through this compnay that aren't interested in us as long as we keep paying the money.

Does that mean he should definately not sign anything that states he is allowing Northern Rock to pursue the shortfall?

Can I seek some clarity for myself please here.

I'm a bit puzzled by Gillian's comments about bringing the trust deed to an end more quickly as she will have more available funds. My friend is just about to get a significant pay rise and has been told by his Trustee that as he will have more funds available each month - his trustee has said that his payments will increase to provide a bigger dividend to his creditors and the length of trust deed will remain the same. His monthly expenses will remain the same.

Do Trustees take differing views on this?

Thanks

No sorry cannypay, if your friend gets a pay rise then he will have to pay more. My husbands trust deed will end quicker because he still has car payments to make so his trust deed is being extended to collect these payments. His 3yrs finish in Sept but he still needs to pay £5038 for a car so it's being extended 2yrs to collect this amount, hence if we can increase monthly paymnest the extension could end quicker.

Thanks Gillian for clearing that up. Understand now.

Hope you get some movement now from your trustee - nothing more frustrating than lack of communication. Keep pushing them

Good luck

Thanks x

I'm sure it used to be the case that 'handing back the keys' could mean taking an envelope to the nearest branch of your lender. Does anyone know what the result of that would be for gillianr2?

I think that's up to the lender Pamjo.

Handing keys over to a lender wouldn't mean that your contractual obligations to the mortgage agreement had ended.

My husband has finally had an email back from the rep at his trust deed company. She says she has checked with the her case manager and she says that the shortfall will indeed fall in to the trust deed, if teh house isn't sold before the end of the trust deed then NR will have to subit an estimated shortfall to the trustee to receive a dividend (as you have all been saying all along!!).

She said that my husband has to sign the paperwork that NR send him and send it back to them with details of how to contact them as the trustee will probably have some paperwork to sign for them too but NR should send this straight to them.

I had sent her the paragraph that's in the paperwork about allowing NR to pursue him for the money and asked her to clarify that it is def ok for him to sign that and that the money will still fall in to the trust deed. She said he has to sign it. So ive've asked her for one final time to check and clarify that signing this paperwork with that wording is ok and he wont be left with the shortfall years down the line.

No word on the letter we asked her to do for the letting agent but we don't need that now anyway, we can always ask for it again after the first 6mth tenancy (if we get the house that is, still waiting to hear eek!!).

So all in all we are one step closer to leaving here! The ladyu at NR said she wasn't sure if they would notices on our windows or not so my husband is going to clal them back and ask someone else about that again.

Hi,

Just to update on the notice on windows thing, husband called back NR and they confirmed that a notice will be put in the window by whoever they appont as asset manager. She said that it is a legal notice and that the law states they must put this notice in the window 🙁 apparently it does not mention repossession but it's pretty obvious that what it is anyway, I mean it's a notice that says you have 7 days to get your stuff out the house basically 🙁 she said the law states they must keep it up for 7 days but it will depend on the asset manager whether it ever gets taken down before sale or not so looks like it could go on the estate agents photos and everything. At first I immediately said right im not doign this anymore then but I know we really have no option as in the end it will be give it up or have it taken anyway and the damp ect is ridiculous now. I am just so humiliated that there will be a notice in the window for all to see and the house is in prime location for all to see so it's not like it will be hidden from view or anything.

That is a shame trustdeed1, but hopefully you'll look back on the whole situation, good and bad, as having been worthwhile.