Hi Ralph,

Welcome to Trust-Deed.co.uk.

I'm a little concerned about where you stand with the equity side of your Trust Deed. It looks to me as though the company handling your arrangement will seek to value the property towards the end of the Trust Deed and tell you at that stage how much (if anything) is due. This could work in your favour if property prices trend downwards and against you if they trend upwards. My suggestion would be to contact your Trustee to request a full explanation about how your equity is to be dealt with so that you know where you stand.

With regard to your joint loan you and your wife are "jointly and severally liable" for the debt. This basically means they can come after each of you for the full amount. As such they will receive their full share of the dividend from your Trust Deed and your wife will be liable to pay off the full remaining balance of the debt (minus the payments she has already made and the Trust Deed dividend).

I hope this helps even if it isn't the news you would have hoped to have heard.

Thanks for the quick response.

Re-joint loan thats pretty much what I expected I'm just not sure who owns the debt now , the debt collectors or HBOS. I thought these collection companies buy loans from banks etc.If it is the debt collection company do they receive payment from TD?

With the valuation I will contact the company to find out. Think they said originally it would be at the start. With falling prices I haven't seen it as high priority but for peace of mind and to help planning I would like it sorted. Is it obligatory to have a survey and who instructs it and pays for it?

Thanks
Ralph

The cost of the valuation should come from the funds you have contributed to the Trust Deed Ralph.

Which collection company is chasing the joint debt you mention? That information will probably give me a clue as to whether they have purchased the debt or are acting for the original lender.

The company are Blair, Oliver and Scott.

They have told my wife over the phone that she is now solely responsible for the loan.

Hi Ralph,

Blair Oliver Scott are effectively an in-house HBOS collection team. I'm as close to certain as possible that the debt has not been sold.

Your wife is solely responsible for the balance as it currently stands though she could use the fact that they will later receive a Trust Deed dividend in her negotiations with them.

We've typically found Blair Oliver Scott to be reasonable in setting up an affordable monthly repayment plan. I think your wife may wish to arrange something along these lines with them which should bring the usual type of collections activity to an end.

Hi Ralph

TDA is correct, I have always found Blair Oliver Scott reasonable to deal with as they are not the standard debt collectors.

I think you need to need full clarification on the equity position, so requesting this from the Trustee is a good move.

Mark

Mark

Thanks Folks
Yes, they seem to beleive in realistic payments so I hope that continues.
I'll also contact Trustee to make equity situation clearer.