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SH1589
Contributor

8 Posts

Posted - 24 October 2020 :  10:11:42  Show Profile  Reply with Quote
Hi,

Who can reassure me that my house will be fine during this Trust deed I am about to sign next week?

I have the agreement on the Form 1b, that i have to pay a sum of money for an extra year to cover the equity of my house. So I am paying a sum of money for 63 months.

Keep up with mortgage payments and trust deed payments then nothing can happen to my house am I right in saying that?

I need to be 100% convinced. All advice will be very much appreciated.

Thanks

TDA (Debt Adviser)
Trust Deed Expert



13544 Posts

Posted - 25 October 2020 :  13:30:47  Show Profile  Reply with Quote
Hi SH1589.

I haven't really got very much to add to my responses to your other thread at https://forum.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=7883.

The way homeowners protect their position is by there being a written agreement upfront about how their assets will be dealt with, sticking to the terms of their trust deed, and keeping up with their mortgage payments.

You may have seen it already, but there's more on this general topic at https://www.trust-deed.co.uk/equity-homeowner-house.html

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

Edited by - TDA (Debt Adviser) on 25 October 2020 13:31:45
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Kevin Mapstone
Trust Deed Expert



3900 Posts

Posted - 26 October 2020 :  20:17:49  Show Profile  Reply with Quote
You are essentially quite correct, SH1589. However, your prospective Trust Deed firm should have warned you that up until the point that your Trust Deed becomes protected then you are classed as what is termed "apparently insolvent". This technically means that it is possible for a creditor to raise sequestration proceedings against you which would supersede the Trust Deed and therefore put your home at risk.

The chances of this happening are vanishingly small, I would say, and it really isn't something that you should worry about - I have never seen it happen this way in my many years of insolvency experience. The only reason I mention it is that you seem to be looking for 100% guarantees here and unfortunately it is rare to be able to provide these.
Hopefully your trustee firm have already made you aware of this, as they do have an obligation to do so prior to signing.

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SH1589
Contributor

8 Posts

Posted - 27 October 2020 :  08:45:59  Show Profile  Reply with Quote
Hi,

Thanks for clearing that up, In the very rare chance that it does not get protected, can I then release myself from the trust deed and return to pay my creditors?. I am going to be paying 454, my total debts are 51k, I have a sustained income but my debts were spiralling out of control and want to put a stop to all of it now. I have just moved into a new house 6 month ago, and have 3 young children. I will have no problem paying my TD payments a long with my mortgage.

Thanks
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Kevin Mapstone
Trust Deed Expert



3900 Posts

Posted - 27 October 2020 :  09:25:47  Show Profile  Reply with Quote
As long as your Trustee is happy to terminate the Trust Deed then yes you can certainly enter another option instead. I don't see any reason why they should not allow this, we certainly would. A Debt Arrangement Scheme plan should be viable based on those figures, which would leave your home out of it altogether, though it would be over a longer period than the Trust Deed as you are not getting the benefit of any debt write off in that solution.

Either way, it is a big step entering into a formal debt solution, especially if you have a home you wish to safeguard, so I would urge you to take your time and only go ahead once you have had everything clarified to your satisfaction by your chosen Trustee firm. Try to think through the worst case scenarios (eg job loss) and ask them what would happen in those scenarios. You'd be surprised at how differently different trustees operate in these circumstances so I would also recommend speaking to more than one firm and proceeding with the one you feel happiest with.

The experts on here represent various firms and I or any of the others would be happy to have a look at your situation in more detail if you wish - it can be done very quickly by telephone. If nothing else it might just put your mind at rest that the firm you have spoken to already are giving you as good a service as you might get elsewhere.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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SH1589
Contributor

8 Posts

Posted - 27 October 2020 :  09:46:14  Show Profile  Reply with Quote
Thanks Kevin, Is it possible to have a chat over the phone for some advice and talk more in depth before I sign anything? Thanks
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SH1589
Contributor

8 Posts

Posted - 27 October 2020 :  09:56:19  Show Profile  Reply with Quote
My Trust deed is going to be with Campbell Fraser Wallace. Has anyone had any dealings with them?
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Kevin Mapstone
Trust Deed Expert



3900 Posts

Posted - 27 October 2020 :  10:33:23  Show Profile  Reply with Quote
quote:
[i]Originally posted by SH1589[/i]
[br]Thanks Kevin, Is it possible to have a chat over the phone for some advice and talk more in depth before I sign anything? Thanks



Of course - if you click through the contact button then this can be easily arranged

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