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Culterbill
| 14-01-2010 11:04 AM |
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Joined: 14 Jan 2010 Posts: 1 | I am entering into a Trust Deed and my IP has had my property valued and , after deducting mortgage and secured loan settlement figures which I obtained , has advised me that there is equity of £8300 to be paid at end of Trust deed. I am OK with this and Trust Deed is signed and with them for implementation. However I am , at present, reclaiming missold PPI on the secured loan. I should get this back in next month or two I think as I am told it will be accepted as being missold. My problem is this - part of the settlement figure for the secured loan which I gave to IP in December and which they based their equity value on , included the PPI premium of £11,265.40. If I win, this figure will be credited to the secured loan account reducing it by that total + interest refunded. I understand that I will have to hand over the refunded monthly premiums I paid for PPI to my trustee but will they re-adjust the equity I need to pay at end of deed to £8300 + £11,265.40 or will the figure they worked out based on settlement figures given before I signed the trust Deed still stand? This is a big worry. Any advice would be appreciated. |
| Annie Nonymus | 01-02-2010 11:01 PM |
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Joined: 01 Feb 2010 Posts: 21 My Profile | Talk to your Trustee NOW. The Trustee is legally obliged to gather the maximum for creditors, as such they WILL examine your updated financial situation. Establish if your Trust Deed is "protected". If not, you may find a kind ear who may allow you to withdraw from the deed, but it is likely to cost you their incurred fees. Your options are not likely to be good, but you need to establish what they are.......and your Trustee is the only person who can help. |
