Thanks for that Kallis3, but still wonder: "we are concerned that although we can't raise the required equity, it is there, would the creditors force us to sell our home to get at this money?"
Do you have a Chairmans report or somethig similar? If so, it should tell you on that whether they can force you to sell
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Scottish Trust Deeds are rather different to IVAs in that the asset is valued at the start of the proceedings, and the amount calculated is that which needs to be introduced by the end of the Trust Deed. The method of obtaining the money ought to have been discussed with you, Bigpete, from the outset - with the knowledge of your difficulties, how did you and your IP anticipate that this would be dealt with prior to your proposing the agreement?
Hi Melanie
Yes, we were fully aware of the releasing of equity and the method to do so (we have an excellent IP/Trustee) we have ample to cover the requested amount due as equity, (at the time the trust Deed was drawn up) but with this present financial 'meltdown' things have changed dramatically. For example our Broker who has whole of market could find just one mortgage lender at this time; emphasise at this time. Hopefully the situation should improve whereby mortgages will be reduced even at sub-prime rates, my question was what happens in the situation whereby equity is there but can't be reached; I understand that in an IVA a further 12 months of disposable income payments is instituted.
In our own case; unable to remortgage to access the funds required as equity will be remedied in some other way; sums are not huge. My point was does a 12 month extension exist in a Trust Deed? I could contact my Trustee but thought the experiences related on this forum might garner information for me..
There is no provision in a Trust Deed for it to be extended, but your Trustee ought to be able to agree terms with you for the equity money to be paid over. How much is your equity at present, and how much are you actually paying into the PTD on a monthly basis?
