Hello jp73 and welcome to the trust deed forum.

I'm really sorry to hear of the difficulties that you've experienced.

How much are you being asked to pay in lieu of the equity in your house?

Hi, they have written to say that they want my full share. The trust deed is in my name only but the house is joint with my wife. After their drive buy valuation the trustee has calculated that there will be a plus balance of £68k and once split they want it all.

This would have been so easy back in 2007 if they had accepted my offer back then.

A little ironic if it's true that the orginal IP went bust when he was paid to look after my affairs. Doomed from the start methinks....

Hi again jp73.

Do you agree with the valuation?

Is there any prospect of you raising any kind of lump sum without selling the property (assuming that staying there is a priority for you)?

Hi, I will challenge the valuation but as they have stated before all they want is money, wether it comes from the direct sale or from auction. I have no problem with paying back the debt,it was my debt in the first place, just that 7 years down the line and I am not one step further on. If I had declared bankruptcy and sold the house in 2004 then all this would be in the past.

To this day the IP can not tell me why they did not accept my offer in 2007. Accepting that offer would have put more money into the trust deed than what they will recieve from my half share less fees.

I must sound like a right old Victor Meldrew !!

Not at all jp73.

While the vast majority of trust deeds proceed as expected (and achieve the expected results) we do hear in this forum of too many occasions where things really should have been better managed.

However you choose to proceed I wish you well.

tda in your view what is the best option for complaining about bad management throughout the trust deed

Hi annmarie.

Anyone who feels let down by the service they receive should initially give their Trustee the opportunity to fix things by addressing the matter with them personally and directly (usually in writing). Most often this will be sufficient to get things back on track.

If they then feel that the matter still hasn't been resolved they have the option to contact the professional body of their Trustee. This might be, for example, ICAS. Details of the relevant body will be on paperwork sent out by the trust deed company.

The Accountant in Bankruptcy also has a supervisory role in connection to trust deeds and is another potential point of contact.

Another possible avenue is the Financial Ombudsman Service. Again this should not be used unless the internal complaints procedure at the trust deed company has already been followed through.

Just a quick follow up but I made contact with the AIB and they directed me to the trustee and failing that to there governing body.

Very nice people to talk to but they claimed that their main role was to administer the paperwork,etc.

Perhaps after a complaint has been raised the AIB would or could become more involved. Anyone any thoughts on this ?

On a side note, anyone have any experience of legal action being taken against a trustee or the company they work for ?

Sorry for 2 posts in 1 day but I have went back through some of the old threads and I now have more questions than answers for my own situation [:(]

Two quick points if anyone can answer them please.

When I signed the trust deed in 2004 the house had a positive equatiy of £780. Would this be the sum that has to be paid or the drive-by valuation at the end of the trust deed ? I think I know the answer to this question but...

I to have recieved a report sent to my creditors last year detailing all payments made in accordance with the trust deed and that payment will be as per the orginal payment scheme (which all my creditors signed and accepted) which was £0.12 in the £. What does this mean, is it just a staement of fact or ?

Thanks again for any help.

Hi jp73.

The valuation point that is relevant in this instance would appear to be the current valuation unless you were specifically advised otherwise at the time of signing?

Does the statement you have make any reference to the equity in your house or is it based solely on the monthly contributions?

It is the professional regulatory body that can hold a Trustee responsible for their work. The Financial Ombudsman can award redress to consumers of financial services where they have been unfairly treated and have lost out as a result. There are some examples of how this actually can work in reality on their website.