Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

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Bychrissy
#42996 My husband I each have a protected trust deed due to end Sept 06.
We have been paying £250 per month each but all of this has been used up in fees by the company organising it so we have paid nothing towards the debt of approx £73k.
We are 51 yrs old and when the trust deed finishes I wanted to keep the house but my husband says we can't afford to borrow the 73k to keep it. We both work full time and have a 7 year old son.
If we sell and pay the 73K and pay off mortgage we will have nothing for a deposit on anything else and we are too old to start over like that.
I thought that if one of us bought out their trust deed before Sept then it would be more difficult to make us sell.
What is the best way foward bearing in mind I would like to keep the house?
Also, we have queried the fees repeatedly throughout the Trust Deed and are speaking to a another solicitor about them - but is £500 per month fair to administer two straigtforward trust deeds?

Look forward to hearing from you all on this.
ByGR
#43106 Not sure about the mortgage however, when I was in a TD the trustee took just over £1000 annually, so for your IP to take nearly all your payments as fees strikes me as rather odd - and greedy.

Did you get the opportunity to buy back the equity in the house at the beginning of the TD? Was the equity included in the TD?

If it wasn't, I would suggest that irrespective of how much the IP takes in fees from your overall financial contribution, there is nothing the creditors can do as you have honoured your financial committments to the TD. Therefore, you will be discharged at the end of the 3 years irrespective.
ByAnne77
#43355 Hello Chrissy,

I am sorry to hear about your situation it does seem as though you have been very unfairly dealt with by your IP. I have just recently entered a trust deed and am paying £100 a month towards debt of about £17,000 pounds. When I signed the Trust Deed the IP made it quite clear to me that if I bought a house or a new car in the next three years that it would automatically come to him at the end of the TD and be sold to pay off my creditors. If you have not been advised of this at the time of signing then I'm not sure what you can do. When I read through my Trust Deed I couldn't make head nor tail of it as it was all legal jargon and so I think it depends on the IP to make it all clear to you.
As for the fees the first IP I spoke to advised that he would want at least £150 per month while the IP I finally signed with accepted £100. It doesn't seem like the fee's these people charge are regulated in anyway which is shocking.
I don't see why if my IP can administer my TD for under £100 pounds a month that it would take £250 each for yours.
Unfortunatly I don't know what to suggest to help you, have you spoke to the Citizens Advice?

Other than that their are others on this board who know about about the legalities of these things so sit tight for their responses!

Best of Luck
Anne.
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