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Topic starter
05/07/2013 3:29 pm
2 payments to go........then we have to pay anything our car values at over £1000.
Has anyone any experience of this, who values car etc? I did a quick search on webuyanycar.com & the value is coming up at £1360 which would obviously mean we had £360 to pay.
Any thoughts or advice much appreciated !!
Thanks
boys1211
05/07/2013 4:31 pm
Hi, I was told its the value of the car at the end of the trust deed (market value) minus any outstanding finance and if that amounts to anything over £3000 then you have to pay the amount over £3000.
If what I've been told is correct you wouldn't have to pay anything as the value is under £3k
05/07/2013 4:46 pm
Hello boys1211.
Buzzbee is correct about newer trust deeds, but the rule was formerly £1000 rather than £3000.
There are a number of guides that vehicle professionals use to value cars. I'd presume that your trustee will use one of them.
It may come in higher than the firm you mention. They're obviously trying to buy in cars at a value that allows them to then sell at a profit.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
05/07/2013 7:25 pm
Thanks, no finance on it but it was definitely anything over £1000 that had to be paid back, suppose we just need to sit back & see what happens. That said, if the trustee comes up with a figure I don't agree with I will question it !!
