Hi Kerry,

Can you let us know how you get on with your outcome as I'm really interested in your case before I decide to obtain a TD or not as I also have mortgage. Thanks in Advance 🙂

I will do, I emailed Mark today to clarify something before I send a letter off, am just waiting on him getting back to me.

Hi Mark, should I put any of the figures I emailed to you in the letter to Trustee?

Hi CazMac77,

I think the key point for you will be to determine what the best way to deal with your debts will be.

Once you have made that decision the next stage is to choose a company, that specialises in the area that is appropriate for you, that you have reason to trust will do a good job for you.

Sadly we're seeing a fair bit of feedback on the forum where members have been unclear on equity/property responsibilities. I think the Trust Deed industry and regulators have moved forwards recently to make sure people understand what they are entering into if they choose a Trust Deed.

This seems to have been a weakpoint in some areas historically.

From the point of view of the team behind this website no-one should sign a Scottish Trust Deed unless they are entirely clear about how the whole process will work.

Hello kerry,

Mark may have already responded to you personally but I suggest that you share as much relevant information with him as you have to hand.

Hi kerry

I myself have a trust deed with K G Lemay when I originally enetered the trust deed my total debt was ?ú24000 and at the time there was less than ?ú10000 equity on my house or I would have re-mortgaged.

after paying ?ú450 for 3 years and then ?ú100 for the last 2 years I am being asked to pay ?ú28000 to release me from the trust deed as this was the equity on my house when it was valued as you said before I do not recall anyone coming to value my house, I am waiting for the final figures to be sent to me and once I have these I have to go and see the trustee. I live with my partner and my 2 one year old twins and if I need to pay the ?ú28000 I will be homeless too.

I need someone to explain to me how this is fair or even legal?

Hi kendocazza,

I appreciate this must be a very worrying time for you.

The thing to do at the moment will be to wait for the final figures and the meeting with your Trustee.

A Trustee does have legal obligations according to the detail of the Scottish Trust Deed that you signed.

Could one of the experts explain what would normally happen where a combination of monthly payments, and an equity contribution, significantly exceeds the original value of the debt?

I have just sent him a letter asking a lot of things, as advised by Mark. It turns out that he ordered a drive by valuation of my house, which would only let the valuer the front of my house, as I am mid terrace and ther is no road access round the rear o my garden.

Did LeMay tell you that you would only have to give him a certain amount? He told me by email about 8 months ago that he would only be looking for ?ú500 to release his interst in my house. Now he wants ?ú13,000.

Please keep me updated as to your situation too, its good to know he is not only targetting me.

Trust Deed Assistant, do you know what organisation I would approach to raise a complaint about the way I have been treated? I am thinking that I may have to go to a solicitor about this, but haven't yet had a reply from Mark to my last email. Do you also know if it is possible to take additional borrowing on a mortgsge with a charge on it? I understand that this is more debt, but if it means that I have to do it to make sure my children still have a roof over their heads I will have to do it

kendocazza, what final figures are you waiting for? I have not had this mentioned to me

Hi Kerry

I received a letter on monday saying that he has passed my case to his associate and they will send the final figures to bring the trust deed to a close. I phoned him to make an appointment and he said it would be best to meet once i have the final figures through so I am just waiting at the moment to see what they say. I went to see him last year when I was expecting my twins and he said I would need to pay ?ú28000 to release me from the trust deed.

Unfortunately if I have to release the equity on my house I will not be able to remortgage so it looks as though I will have to sell which will leave me and my family homeless, and that is just best case senario I still don't know what will happen if my flat won't sell.

I will keep you posted on what happens once I receive my final figures.

Hi Both

I think there are a number of factors to look at. The main concern appears to be in the valuation of the equity. On a positive note, the IP appears to be using a retrospective valuation as at the date the Trust Deed was signed, however I personally do not consider that a drive by valuation is adequate.

Taking account of the above, it may be that an independant valuation be afreed and carried out. This would obviously require to be a full walk through survey. If any work was carried out in the house to increase the value in the period of the Trust Deed, then this needs to be highlighted and hopefully receipts or paperwork provided to back this up. It should then be easier to use the information and comparative sales to assess a true value.

Please keep me posted as matters progress.

Mark

PS Kerry, I responded to your e mail earlier re the figures.

quote:

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Originally posted by Trust Deed Assistant

Could one of the experts explain what would normally happen where a combination of monthly payments, and an equity contribution, significantly exceeds the original value of the debt?

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Hi it would be great if someone could explain this

i was just wondering if other people had been through as many problems on the equity front with different companies as kendocazza and I have

Hi kendocazza

In the very rare occassion this happens, the trustee would require to repay the debts in full plus interest at 8% (per annum), plus the costs and outlays of the Trust Deed and return any money left to the individual in the Trust Deed.

I say this is extremely rare, because I feel all IP's have a duty of care to correctly assess the position to ensure this would never happen.

Re your own circumstances, do you feel the equity figure is incorrect? If so, by how much. Also, can I ask what the ?ú100 for the last 2 years was for.

Mark

hi my husband and I have now finished our trust deed and the company have bgeen in touch re remorgaging and the time of signing our td, on 1st visit, we were advised we could do this at any time or pay the company a fee of 500 pounds which meant they would not touch our house. Where does this 500 pounds go? I wish i had never signed a td as they want between 20-30,000 pounds. My husband has lost forty hours a month with his job and the thought of being skint for the next 16 years, is so depressing. This was meant to make us better off but all it has done has got us further into debt for the next 16 years. Trust deed was finished in December and they owe my 58 pounds which I am still waitng on. Any advice gratefully received.