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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 26 November 2018 :  18:21:57  Show Profile  Reply with Quote
Hi expired.

8% statutory interest on the debt of £23,000 would be £1840 per year. Over two years that's (very roughly) £3680 to add on to the £23,000 debt, taking it up to near enough £27,000 without any element of fees being present.

But your contributions over two years appear to be more than £4,000 so you'd think the debts plus interest would still be around the £23,000 mark when that's all taken into account?

So, speculating from the figures presented, it seems like there might be quite a lot of fees here? Or a mistake?

I'd suggest that you request a breakdown of what that £34,000 figure is made up of.

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expired
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58 Posts

Posted - 27 November 2018 :  10:35:40  Show Profile  Reply with Quote
Received reply from trust deed supervisor this morning ďa letter from trustee stating they have no further interest in property equity can be provided once the funds are paid in and the Trust Deed is settledĒ I thought I would get confirmation prior to paying over £34000 in funds to protect my property? Any advice would be appreciated as I am hoping my trust deed is finally coming to a close.


expired

Edited by - expired on 28 November 2018 00:13:50
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expired
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58 Posts

Posted - 27 November 2018 :  11:24:45  Show Profile  Reply with Quote
I contacted accountancy in bankruptcy by phone call and broke down as the pressure is getting too much, more so with the grave error they made with a previous quote to pay off trust deed, the fact that the trust deed debt is being paid off in full and yet trust deed supervisor stated I was not paying debt in full, another error from this office, so much incompetence itís frightening and the fact that they have had an eye watering 88% in failed protected trust deeds. I have made an official complaint and will be passing on all correspondence including error in last quote to AIB to query this nightmare.

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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 27 November 2018 :  12:30:16  Show Profile  Reply with Quote
Hi expired.

I can see that you're extremely worried about this situation and need to know where you stand. It must be very frustrating, at the very least, to be provided with contradictory information.

Questions about equity in your home are fairly standard, I wouldn't necessarily read too much into that.

I can also understand why a trustee would not write a letter confirming that they have no interest in the proceeds from the sale of your home until they're in receipt of the sum of money required to bring the trust deed to an early end.

The proceeds from the actual sale of a home are a slightly different thing to stating (in the past) that they don't expect to realise any value from your home. This statement is provided on the expectation that the house would not be sold, but if it is then the proceeds could become available to the trustee to help repay creditors.

I very much hope that the involvement of the AIB now helps to get you some answers that you can rely upon.

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expired
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58 Posts

Posted - 27 November 2018 :  13:44:54  Show Profile  Reply with Quote
Amy the creditors are receiving full payment plus interest, hopefully they will not be interested in equity as AIB agree that I am paying full debt. thanks for your advice and response. much appreciated. Itís just the fact that I now also have to deal with my mortgage lender to try and offer me some solution until when I do sell my house to basically survive and move on with our lives during our retirement.

expired

Edited by - expired on 27 November 2018 14:44:04
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expired
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58 Posts

Posted - 28 November 2018 :  00:01:56  Show Profile  Reply with Quote
Sorry for all the posts, I did get into a bit of a state as I am paying all of my 40 years of working pension to close this trust deed for good. thanks to all the TDA,s who responded and thanks for your advice, will leave an update in a few weeks time. Merry Christmas.

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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 28 November 2018 :  09:07:43  Show Profile  Reply with Quote
Hi expired.

I can completely understand your worry and your need to know where you stand.

You are of course correct about the equity in your home. If the debts, interest, and trustee costs/fees have already been fully covered then there is nothing more to take from you.

Mortgage lenders tend to be pretty supportive these days when someone maintains communication with them and is doing what they can to resolve an issue. I'd be very surprised if they did not work with you while you seek to sell the property. The alternative is that they waste a lot of time and money to try to recover the property and then sell it themselves anyway. It's better for them, as well as you, if it can be sold in the normal way.

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expired
Advanced Contributor

58 Posts

Posted - 02 January 2019 :  11:12:59  Show Profile  Reply with Quote
Thank god my trust deed has finally been discharged on 20th Dec 2018 and the inhibition recalled, I also received my form 5 within days and an attached copy sent by email. my house is going up for sale next week. Thanks for all the advice and have a happy new year 2019.

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Edited by - expired on 02 January 2019 13:21:10
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Kevin Mapstone
Trust Deed Expert



3648 Posts

Posted - 03 January 2019 :  08:57:12  Show Profile  Reply with Quote
Glad to hear it, expired. Best of luck with the house sale.

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expired
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58 Posts

Posted - 03 January 2019 :  10:26:55  Show Profile  Reply with Quote
Thanks Kevin, itís a great feeling now that my wife and I can move on with our lives and enjoy our retirement.

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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 04 January 2019 :  13:32:35  Show Profile  Reply with Quote
Hi expired.

I'm very pleased that this all worked out, not least because of the worry that it caused you.

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expired
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58 Posts

Posted - 04 January 2019 :  14:48:47  Show Profile  Reply with Quote
Thanks Amy, so happy it's all over now.

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