Hi Rainking

Welcome to the forum.

Do you know how much your car has been valued at?

It may be worth while writing to your Trustee, in the first instance, with the points that you have mentioned above.

Julie

Thanks for the quick reply Julie.

I have spoke to them again today. I believe they have messed up my account. They said that I have made one months extra payment on my account, but they have taken this off the value of the car leaving £850 still to be paid(from circa £1300). They have advised that I wont be discharged until this is paid, although yesterday and in my first call with them today, they said that I hadnt had any contact from them between Dec till me calling them was the discharge papers being processed. But now this wont happen till its paid off.
They have offered me terms over a year, but the discharge wont be processed till complete.

This could have been settled in Feb with an additional couple of payments but now im at the end of March looking at losing the car or not being discharged for x no. of months. I've to call them back on Monday to advise what I want to do. I have the feeling that its spilt milk and they have to do what they have to do but I dont feel the way i've been affected in this has been addressed.

Not happy[:(!]

Hi Rainking79

That does seem slightly unfair. You should have been advised what the circumstances were prior to making your last payment.

In the normal course of events most Trustees would give you an allowance of £1,000 for your car (it's now been increased to £3,000), and you would only be asked to pay the balance over £1,000. Do you know if you were given an allowance at the start?

It may also be worth taking your car to your local garage and obtaining a valuation on their headed paper. You may find that the car is worth less than you or the Trustee think.

Julie

Hi Julie,

I dont recall any discussions at the time about an allowance. I was only advised that the value would be assessed at the end, at the time it was valued at around £3500, and if it was above a certain threshold then I would need to extend my agreement until it was paid. When I spoke to them at the start of Dec they advised that the value wouldnt be pursued, I should cancel my SO and await the discharge papers in around 3 months.

If the allowance existed, where would I find that? Is there a copy of anything I could request from the trustee that would mention it?

I am looking at borrowing the money to pay the car off and put an end to it; if this was done, what is a realistic time frame for discharge papers to be completed after that?

Sorry about all the questions but....after the discharge papers are issued, how should the accounts that were part of my TD look? Do the balances remain on the file as defaults for 6 years or are they zero`d and satisfied?

I appreciate your help and the quick replies.

Rainking.

Hi Rainking79

It should have been clarified on any paperwork that you received before you signed the Trust Deed. It's maybe worthwhile asking your Trustee whether he is taking in to account the £1,000 (at that time) allowance that mosts firms provide.

Once everything is resolved it should only take in the region of 4 - 6 weeks to finalise.

Some lenders would appear to mark default notices as being satisfied when a trust deed is finalised, however it's quite possible that you will need to contact others to get them to do so.

Unfortunately Trustees have no say whatsoever over what is on your credit file.

Julie

The plot thickens, as they say.....

they have said that the allowance only qualifies assets i.e. if its above £1000 then its needs to be realised and would be the whole amount and not just the difference between the £1000 and the value.

I've also been advised that the 10 week adjudication has also been done meaning that once the £850 has been paid they can imediately discharge me. I think this corroborates my version of events. I believe that the adjudication could only be done on final monies obtained, rather than payments made + car value (not yet paid). I think this must have been kicked-off in Dec when I spoke to them and now they have realised they have made an error somewhere.

Im going to have to borrow the money and pay it off next week to draw a line under it. The immediate discharge is a relief as I was earlier advised today it would be 3 months post the final payment on the car.

Thank you for all your help Julie.

Rainking

Hi Again,

getting more than cheese'd off with my trustee now. Car was paid off on 28/03. After making a complaint yeaterday they finaly sent me out my personal discharge letter. They have said that it may now take 4 months to pay off all creditors?? They said that the next step is to pay them(adjudications have been done), get a receipt of payment from the creditors(which they say by law can be up to 3 months) and then for them to receive the receipt and close my account. I just want this ended so I can have my credit file updated to satisfy the defaults but this wont happen till the creditors are paid. Surely this cant be right? I completed the 36 months last oct and my account still isnt closed??
I feel my only option left is to go via FOS and copy in a random director of KPMG(I know they wont read it but it'll be looked at by their office). I've complied with all obligations and they are just dragging their feet. Anyone have any other advice/comments? Thanks, RK.

Hello Rainking79.

It does sound like a long time. I'd hope that they're just presenting the worst case and that in reality things will move a lot quicker.

It will be interesting to hear what our trust deed experts think that the timescale could/should be from here.

It's good to hear that you have a discharge letter now even though you had to press for it.

To be honest, I think they are saying 4 months because it appears to take them that long to do anything....after I chase them up!

It must be extremely frustrating Rainking79. I do hope that everything is resolved for you very soon.

Yes, so do i. Its hard to find what the guidlines are for certain aspects of the TD when you cant take the word of the company dealing with you. Another q if i may, adjudications; is this what takes the 4-6 weeks after your last payment has been made inc. After assets have been realised or this is done after your 36 installments regardless of any assets still to be paid? Could you do adjudications without knowing what the final pot is inc assets?

Hi Rainking79

4 months?

After adjudication, creditors are sent a final dividend cheque. Not sure where the law states about a receipt!! I personally check the case bank statement to ensure cheques have been cashed and after all cheques have cleared, close the case. 4-6 weeks is more realistic. If the cheques are not cashed, then the funds can be consigned to the AIB.

Mark

Mark

Thanks mark, you were up later than me 😀
My opinion is that they have been feeding me inaccurate info from the start and are guilty of incompetance. I've told them im going to pursue a complaint via icas and i'll stand by their asessment of the events. Didnt want it getting to this but they done nothing to Acknowledge their error with the car and try to expediate the closure of my case as an apology.