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Scottish Trust Deed Forum
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Topic starter
24/01/2012 12:52 am
My husband and myself both have a Trust Deed, at the start of our trust deed we were told that we needed to pay £500 to protect any equity that maybe in our propetry, we now have a problem that my mum who was going to give us the money has had a stroke and i can not bring myself at this time to ask for the money which is due to be paid within the first year which is up in April and we do not have the money to pay it and no one else that we can ask. Our property was in negative equity when we took out the T/D we need to know can our Trustees (Carrington Dean) re value our home at the end of the T/D and what will happen if there is equity in the property and will we end up losing our house over what will probably only be about 2-3 thousand if that.
Very worried and confused
bcrighton
24/01/2012 7:28 am
Its normal practice to carry on making payments after the trust deeds 36 payments have been made to cover the equity,as long as its not excessive,and wont take you 10 years to pay.
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
24/01/2012 8:27 am
Hi sunflower1
The only person who can answer this is your trustee.
I truly wish this £500 nonsense would disappear as it causes nothing but grief and confusion. Fortunately the proposed changed to trust deeds will eradicate this. In the forum we've seen firms charge £500, £500 x 2 for a couple and incredibly this week ive seen it applied to cars!!!
I hope you get it resolved.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
