Hi Newbie 65

Welcome to the forum.

I am not aware of there being any rules or legislation regarding how long a Trust Deed can last for. It may depend on the terms of the Trust Deed that you signed. You can request a copy of this from your trustee. Realistically, however, most trustees probably wouldnÔÇÖt want it to last much longer than 4?¢ or 5 years.

As your Trust Deed is protected, the creditors included in your Trust Deed, cannot petition for your sequestration, they would have to request your Trustee to do this.

Our firm would obtain an online valuation of a vehicle and we would also suggest to the person, if they werenÔÇÖt happy with that valuation, they could take their car to a garage and obtain a valuation from them on headed paper. Do you have anything in writing, from the trustee, confirming that they have no interest in your car? If not, you can still request this.

Our firm would request copy bank statements from the individual first, if however they werenÔÇÖt forthcoming, we would request them from the bank.

Hope this answers your queries.

Julie

Hi there,

Many thanks for your response. The information you have provided has been very useful. With regards to the petition for sequestration, if the creditors ask the Trustee to do this can the Trustee try to negotiate or do they have to honour the request?

With regard to the car valuation, at the time of signing the Trust Deed the company stated that they had no interest in my vehicle. I was not made aware of what they valued my car at but was informed that because it was less than ?ú1000 they had no interest in it. My Trust Deed document which I have a copy of states that the Trustee has "waived any interest in my vehicle" due to it being less than ?ú1000. I presume that because my trust deed states this that there wont be another valuation at the end of the Trust Deed? I have also been advised that checks will be made intermittently during the term of my Trust Deed with the DVLA to ensure that I am still the owner of the vehicle? Is this true?

Thank you once again for your help and advice, it has been very helpful to me. I just wish that the company I am with could be so helpful. These boards are a great source of information 🙂

Hello Newbie65,

As you are now in a position to pay more towards your Trust Deed each month than originally envisaged I cannot really see why your creditors would want to push for sequestration. After all it would seem you are going to be able to contribute the same amount (in total) as originally expected... and sufficient creditors were amenable to that. Your Trustee will be able to convey to creditors that increased payments are now in place.

I also cannot see any reason for your car to be revalued. It takes a very special car for the value to increase over time... most of us simply see gradual depreciation of the value of our cars over time.

I'm not sure about your question regarding DVLA. Are you thinking of selling the car?

Hi Trust Deed Assistant.

Thank you for your reply. What you have explained about the creditors makes a lot of sense to me and has eased my mind about this.

The information about the car being revalued is good to know as well. I dont think I would be lucky enough to see my car rise in value.

I am not thinking of selling my car at the moment. It is an older model of car but it is my hope that it will last me until my Trust Deed has concluded. Certainly if i did seriously think about selling the car I would contact my Trustee for advice. The question regarding the DVLA was just out of curiosity as i had read online that Insolvency Practitioners would check with the DVLA intermittently to see that a car still belonged to you. It was just one of those things that I was curious about and wondered what the real answer was.

Thank you again for your help. It was been really appreciated.