Hi all, Im in a TD and have been for a few months now. At the start I paid the ?ú500 to discharge the trustees interest in any equity my house may acumulate within the next 3yrs, it was in negative equity around ?ú10,000. My husband had a brain heamorrhage and stroke in November 2009 and is currently still off his work sick. He has to go back phased return but his boss wants him back fulltime 100% so we are in talks re this. Problem is we have had to voluntary surrender our property back to Northern Rock and move out a week today. We have had halved payments since December 2009 but they cannot continue to do this for us so we had no other option they wanted to know the date in which my husband starts back work. I could not give them this as its his employer that is being difficult. I just wondered now that we no longer own the property would the trustee still be liable to hold this ?ú500? My husband is bankrupt also so things are pretty tight at present but Im still continuing with my TD payments as I do not want to fall behind on them. Many thanks for any replies
Hi LMM
This is a curious point. My instinct says they will not return the money, as the Trustee cannot be blamed in anyway for the change in circumstances and followed the procedure correctly. However logic might dictate that they may look at this as the property is no longer an issue. You should keep in mind however that the creditors also have a say.
I think this is one at the discretion of the Trustee. I think it best to advise of the circumstances.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Thanks for your reply Mark. My trustee already knows of my circumstances. Your reply is appreciated.