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Ajscott598
Contributor

12 Posts

Posted - 29 January 2020 :  16:54:22  Show Profile  Reply with Quote
Hello. First time poster and it might be a long one so bear with me. I am 43 months into my trust deed and when I was setting it up I made them aware that I was part owner in a flat that I inherited. The did a land registry search but nothing came up. This is due to it being on the pre 1999 land registry in Scotland. Not something I was aware off. With there being nothing on the land registry where they searched and the solicitors of the estate holding any paperwork I was told not to worry about it and it was never put in my trust deed. Therefore it is not protected. One of the people are now very eager to sell the property as they need the money. It can't be sold without a clean title deed which it doesn't have as I'm in a trust deed. My question is, where do I stand on this as I was poorly advised when I took out the trust deed, and it also looks as if I have lied about having any form of equity. A huge issue I have is my trust has changed hands twice and i dont know how to go about this. Can anyone give any guidance?

Thanks

TDA (Debt Adviser)
Trust Deed Expert



13293 Posts

Posted - 29 January 2020 :  17:41:58  Show Profile  Reply with Quote
Welcome to the forum Ajscott598.

There's a number of issues here, some of which might not be easy to resolve.

You've obviously disclosed your ownership of this property when you intially got advice. Was this disclosure to an employee of the trustee firm, or were you passed by an external adviser to your initial trustee firm?

It's not typically the case that a property gets put (or doesn't get put) into your trust deed. The act of signing a trust deed makes your assets (known and unknown) available to your trustee to help repay your debts.

If you're one of the owners, the property cannot be sold without the consent of your trustee. This consent would usually rely on your share of the profit being paid into your trust deed. The solicitors involved in the sale would contact your trustee after your trust deed was flagged up by their searches.

I'm afraid I don't think I can give you any easy answers about how to deal with this. You're probably obligated to make sure your current trustee knows about this asset. If they know about this asset, they'll probably need to gather in your share of the equity before you can complete your trust deed.

This isn't necessarily totally straightforward though. It would be useful to hear the thoughts of Kevin, David, or Paul when they next visit the forum.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    

Edited by - TDA (Debt Adviser) on 29 January 2020 17:44:39
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Ajscott598
Contributor

12 Posts

Posted - 29 January 2020 :  17:54:04  Show Profile  Reply with Quote
It was originally set up through trust deed scotland. I have been informed as well that the trust deed probably wasn't my best option with the debt I had. I feel they maybe should've advised me of this. But this isn't my main issue. Also, having talked to the trust deed company I am now with, they are saying my original debt was £6,000 more than I originally put through which is worrying.
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TDA (Debt Adviser)
Trust Deed Expert



13293 Posts

Posted - 29 January 2020 :  18:02:44  Show Profile  Reply with Quote
Hi Ajscott598.

Issues about advice can be tricky. We find that enquirers in very similar financial situations often choose different debt solutions. The choice often comes down to personal priorities and preferences. Of course, everyone should be fully advised about all of their options so that they can make an informed decision.

The initial debt balance is also an interesting topic. Your trustee may have received information from your creditors that was a little different to the information you provided. For example, interest and/or charges may have been added before your trust deed finally went ahead. Have you seen the individual debt balances that are now being used? If not, you could ask your trustee for this information to check it and (hopefully) reassure yourself about the accuracy of the figures.

Which debt solution do you feel would have been a better fit for your situation at the time you got advice?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Ajscott598
Contributor

12 Posts

Posted - 29 January 2020 :  18:07:17  Show Profile  Reply with Quote
Thanks for the help but I have now been advised that maybe debt consolidation may have been better. I was also told today by an advisor that I can't even pay the balance off on my trust deed until I have been in it for 48 months. So even if I had the funds I would need to keep paying even though I could clear the debt. Is this true with all trust deeds?
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TDA (Debt Adviser)
Trust Deed Expert



13293 Posts

Posted - 29 January 2020 :  18:27:49  Show Profile  Reply with Quote
Hi again.

The legal position is that a trust deed must run for at least 48 months, unless the debts have been repaid in full. An early finish also requires that you cover the fees/costs of your trustee and have paid some interest on the debts.

This usually happens when someone comes into money, for example an inheritance. It could also happen if someone gets a really significant pay increase.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Ajscott598
Contributor

12 Posts

Posted - 29 January 2020 :  18:37:11  Show Profile  Reply with Quote
Ah. I figured that. But the consultant made out that even if I paid in full I couldn't until 48 months. I'm just getting told conflicting information. Its confusing.
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TDA (Debt Adviser)
Trust Deed Expert



13293 Posts

Posted - 29 January 2020 :  18:41:16  Show Profile  Reply with Quote
It must be confusing for you if you're getting conflicting information.

You'll find plenty of posts around this forum, from all of our experts, confirming that a trust deed can end early if you have repaid the total of:

1 - Your initial debt level
2 - Interest on those debts
3 - Your trustee's fees and costs

There's no point in the trust deed continuing if this point is reached. It would serve no purpose.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2347 Posts

Posted - 29 January 2020 :  19:51:55  Show Profile  Reply with Quote
Hi Ajscott598 and welcome to the forum.

It sounds like you have received a lot of conflicting information and I can understand why you are feeling a bit unsure and confused.

You can end the Trust Deed early as TDA has advised in the last post. If you are speaking on the phone with your case administrator itís probably best to start corresponding in writing via email. When you do that normally someone more senior will become involved. You shouldnít need to do that to get correct answers but itís the best way going forward.

When you email them ask them to confirm the position regarding the property and the advice that was given at the outset to you regarding the property.

How much debt did you enter the Trust Deed with?

Also do you have any idea how much your share of the equity in the property is worth?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Ajscott598
Contributor

12 Posts

Posted - 29 January 2020 :  20:04:52  Show Profile  Reply with Quote
From what I know I entered the trust deed with approximately £11500 in debt. I'm thinking I might get around £15000 from the property and I have paid approximately £4500 to my trust deed already.

Having been told before I entered the trust not to worry about the property I'm not overly happy about the situation I'm in. I feel that I have been mislead going into the whole arrangement.
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David Tannock
Trust Deed Expert



2347 Posts

Posted - 30 January 2020 :  09:42:41  Show Profile  Reply with Quote
Who was it that told you not to worry about the property, was it the first company you spoke with or the company that you are actually on the Trust Deed with?

I would raise all of this with your Trustee in writing to see what they come back with. If you are not happy with the response then you could consider a formal complaint.

Based on the level of your debt plus adding interest, fees and costs if you did sell the property and your share was approx. £15,000 itís likely that all of this could be swallowed up into the Trust Deed.

Once you have written to the Trustee and received a response let us know more and we can take it from there.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Ajscott598
Contributor

12 Posts

Posted - 04 February 2020 :  10:58:44  Show Profile  Reply with Quote
So I emailed my trustee through carrington Dean but got a response from an advisor. They asked if the property in question was the one I am currently staying to which I have replied telling them that this proves that they don't have the correct information. And that I sent the email For the Attention Of my trustee, and not to a standard advisor.

Ive been informed that these firms just churn out trust deeds left right and centre to make money and aren't overly interested in helping anyone.
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TDA (Debt Adviser)
Trust Deed Expert



13293 Posts

Posted - 04 February 2020 :  13:47:47  Show Profile  Reply with Quote
Hi Ajscott598.

A trustee may well delegate work to their team. That's completely normal. The trustee is still personally responsible for the work that is done in their name.

Have you made any progress do you think?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Ajscott598
Contributor

12 Posts

Posted - 04 February 2020 :  14:04:33  Show Profile  Reply with Quote
None. I replied yesterday so I'm hoping to get a response that will help in the next day or two. I'm getting a bit more annoyed with it all with the response I got as they don't know much. And as I said, this is the 3rd trustee. And I just got told. I haven't signed anything for these companies or anything.
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David Tannock
Trust Deed Expert



2347 Posts

Posted - 04 February 2020 :  20:07:15  Show Profile  Reply with Quote
Hi Ajscott598,

It could be time to consider a more formal letter to your Trustee to ensure you receive an appropriate response to your queries. If your still not happy then there is the option of a formal complaint which will ensure that someone senior with experience deals with it. Itís not ideal but sometimes under the circumstances itís the only way.

Trustees do change from time to time but this shouldnít impact on the advice and service that you receive.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Ecosse84
New Member

5 Posts

Posted - 10 February 2020 :  20:29:22  Show Profile  Reply with Quote
quote:
[i]Originally posted by Ajscott598[/i]
[br]None. I replied yesterday so I'm hoping to get a response that will help in the next day or two. I'm getting a bit more annoyed with it all with the response I got as they don't know much. And as I said, this is the 3rd trustee. And I just got told. I haven't signed anything for these companies or anything.



I have similar hassle with the same company. I have been in one of their Trust Deeds since 2016 and had zero paperwork sent to me bar confirmation of my protected status. All requests get ignored too, until it comes to review time where they rage an all out assault on me to get this done, but still won't answer any of my requests.
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