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Scottish Trust Deed Forum
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Topic starter
30/11/2013 9:42 am
Hello,
I am currently in a trust deed with Wilson Andrews which is due to end mid next year. I own my property and was advised at the start of the TD that I could get a 3rd party to pay a nominal fee of £500 which would mean I would not have to pay back any equity from the property, should there be any at the end of the TD. I had a lot of trouble with WA a couple of years back regarding them putting my payments up etc and at that time I told them I did not want to pay this nominal fee and was happy for my property to be valued at the end of the TD. During this conversation I was told that because I had agreed to pay it at the start then it had to be paid and if I could not get a 3rd party to pay it then I would have to pay it myself and my TD would be extended by the relevant number of months to cover this. My ex partner - who lived with me at the time we entered the TD - has just been discharged from his TD and on his discharge papers it states that a 3rd party paid the £500 nominal fee and that a valuation was done on my property which my ex partner no longer loves in and it was valued at £73,00 (I still owe £69,000 on my mortgage) This is absolute rubbish!! No one paid this nominal fee for my ex and his TD was extended so he, himself could pay this. Also, my property was valued not long ago at £53,000 so I don't know where they are getting the £73,000 valuation from. Surely this can't be right? Can one of the experts please advise on how I can take this forward? I have tried to talk to WA in the past and they insist on this £500 being paid. I know my property has negative equity so I don't care if it's valued at the end of the TD and I do not want to pay this £500. Should I contact the Financial Ombudsman about this?
Thanks in advance for any replies.
30/11/2013 10:02 am
Hi dm - I had the same issue. The way it was explained to me at the outset was that I didn't have to pay it and essentially gamble that there would be no equity at the end of the TD. However my paperwork said that I had actually agreed to pay it. I suspect that you will have to pay it, once you have checked your own agreement.
On the £69/73k valuation, I wouldn't worry about it. That isn't a lot of equity. The fees involved in having to remortgage or sell the property would significantly eat into the £4k difference, so it wouldn't be economically viable for your trustee to pursue it.
Topic starter
30/11/2013 10:19 am
Thanks CIF,
I too, suspect I will have to pay it. I just don't get how they can lie on the Discharge Papers saying that a 3rd party paid this fee and get away with it.
30/11/2013 10:23 am
To be honest, I wouldn't imagine that your creditors will really care where the £500 comes from. I guess it doesn't if there is no equity in the property.
30/11/2013 10:57 am
Hi dm29.
It's probably a standardly worded letter rather than there being any intention to deceive.
As has already been mentioned, if you signed to agree that you'd pay this sum it might be quite difficult for you to get that position changed. For example, your creditors might partly have agreed to allow your trust deed to become protected on that basis.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
30/11/2013 12:48 pm
Hi Dm29
If you have signed the document stating that you agreed to pay the nominal fee then you are bound by that agreement. If you don't have a third party to pay it then I'm sure WA will allow you to pay it under the same circumstances as your ex. In relation to the equity like CIF says the likely selling costs as a guide would be £4 or £5k so unlikely to look at equity and if it was joint then your half share would be £2k. I'm sure WA will sort it out for you and you can move on from your trust deed.
Good luck
Michael
Michael is not currently posting in the Trust-Deed.co.uk forum.
02/12/2013 11:54 am
dm29
Thank you for your post. It does sound like there has been some poor and confusing communication here ÔÇô for which I apologise. I'd like to look into this for you and provide you with a definitive answer.
The team in Glasgow are off today for the holiday, but if you could email me via the address on the Wilson Andrews website I will ask them to investigate tomorrow and respond to you directly.
Thank you,
Sarah Jolly
Sarah ÔÇô A member of the team at Wilson Andrews.
