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.

Moderators: TalbotWoods, JaneClack

By Wavydavygravy
#48393 Hi, hope you can help me please. I'm up to my neck in it and my current situation is this.

28,000 in unsecured debt, income of 1270 net wage. I have had a shared ownership house and been paying a mortgage on it for the past 2 years now. I obviously pay rent as well to the housing association. What are the implications of this when it comes to taking out a TD as I don't own all of the house only 50% of it. The house was originally valued at 75,000 but has gone up to around 90,000 now. My mortgage was for 35500 so I do have some equity but it's not all mine. Will I lose my house after 3 years if I enter into a TD? :(
By GR
#48595 I would suggest that you would be liable for half of the equity in the property, £7500 and the other £7500 is the housing associations. However, why not contact an IP and discuss the implications of a Trust Deed with him. This will give you an opportunity to discuss thall the details you have mentioned here and will give you a clearer picture of where you stand. The information he imparts will not cost you anything.
By JLP
#48691 Agree with GR above. Please make sure that your IP deals with the equity at the beginning of the Trust Deed and NOT the end......... It may be that you could find someone to buy back your Beneficial Interest in the property. You Housing Association may do this for you, which would mean that although you no longer own the house, you can still live there. Howver as GR says, speak to your IP.