Hello fedup58.

The first step should generally be to raise your specific concerns with your trustee. Often they'll be able to step in either to provide some valid explanation or to make changes if they're required.

Have you taken this step as yet?

Hi TDA,

Ye I`ve tried to speak to them, but they don't seem as chatty as before I signed up , I`ve tried to get answers to my specific concerns but its as if they`re not reading my emails properly and I keep getting the same reply " we`re selling your house " I don't really know what my options are other or what I should do next

Maybe you should ask for a meeting? It can be difficult to get such concerns across in an email - hopefully it would be easier for both you and your trustee to understand each other better if you can talk face-to-face.

Hi Kevin ,

The problem with the trust deed first arose when my offer of employment fell thro , this meant I didn't have the income I expected to have to allow me to service the trust deed , the whole income and expenditure allowance had been worked out on an income I wasn't receiving , I asked for a meeting early on in the trust deed because I could see problems ahead , I was told at this point there would be no further meetings and they would be progressing to the sale of my home :-/

That's very unfortunate, fedup58, and I do sympathise with the position you find yourself in. It doesn't sound as though the trustee is doing anything he/she shouldn't, however, so am not sure whether there would be anything to be gained by raising a complaint.

I would say your best option might be to try and find a compromise with your trustee.

Thank you Kevin ,

I suppose it was very wrong of me to enter into a trust deed assuming employment ,

silly boy eh

Hi fedup58

TBH I had to read one of your posts 3 or 4 times to ensure my brain wasn`t playing games.

You say your TD was based on an " offer of employment"?

So, your TD payment was agreed on a wage that wasn`t there?

Does a trustee not need proof of wage slips/ bank statements and calculate the TD payment from actual disposable income?

Kevin says the trustee hasn`t done anything wrong. Surely the trustee must have proof of income/ expenditure before a TD payment is agreed.

Maybe I`m missing something here and will have to read fedup58`s post again..

Hope it gets sorted quickly fedup58.

No Sherbo your spot on ,

I was self employed when I had my one and only meeting with my trust deed , and yes he was informed of this. I had an offer of full time employment that I accepted but alas it all fell through, When I decided to enter the trust deed I told my trust deed I couldn't supply him with the wages slips he had asked for as I wasn't yet working, he told me this wasn't a problem and I should just forward them when they became available

Hi Kevin

You say my trustee hasn't particularly done anything wrong, as you are an IP yourself I would not argue with your advice, my main issue though is the blank refusal to meet with me to discuss any alternative options , could my trust deed be extended to cover the 2 months I have missed, if I secure new employment can the monthly payment be reviewed , it just seems very blunt and final, before signing my trust deed I was told selling a property , particularly one with little equity is always a last resort, indeed the AIB website offers various alternatives before putting a house on the market

Hello fedup58.

If you were to get a meeting what alternatives would you propose?

Selling a home is a last resort so maybe your trustee cannot see any viable alternatives. If you can put something firm on the table that might change.

would extending my trust deed a couple of months not be an option TDA ?

can I also ask you opinion with regards to proof of income , Sherbo seems to think that a Trust deed should not be entered into without proof of income , Kevin thinks this was ok , what side of the fence do you fall 🙂

I didn't quite say that, fedup58. I don't think it is really advisable for a trust deed to be signed up on the basis of income that may or may not transpire, however I don't think an IP is necessarily acting inappropriately in doing so.

After all, someone's circumstances can easily change whether already in a job or not, so there is always a risk that any trust deed based on income contributions may become unaffordable. The crux is whether that risk is realistically assessed and the possible consequences of any such changes in circumstances made clear before signing.

Sry Kevin,

Didn't mean to miss quote you

No that's fine, fedup58 - you didn't really. I just thought it might be best to clarify what I meant.