Hi susie

The normal process will be to look and see if there is any value. If there is none, then this is then end of it. If there is, then the usual process will be to continue contributions till this is paid.

Mark

thanks again Mark.

No problem again susie.

As a general rule, the Trustee will always look for the easiest option available ( for you) to deal with such matters. I'm no doubt opening myself up to a huge amount of emails where this was not the case with people's Trustees!

Mark

We have done an online valuation value coming up at around £2,800 but the car needs a significant amount of repair work done. We reckon it might be worth £1,500 would the trustee look to recover this amount?

Hi susie

The position with cars changed in November 2010. prior to that the Trustee had no interest in cars with a value of £1000 or less. The amount changed in November 2010 to £3000.

I cant remember when your husband signed his Trust Deed, so the dates will be important.

As a rule we would deduct the amount from the value and seek the balance. It may be an idea to get a valuation carried out to demonstrate condition, repairs required etc and then try and agree avalue with the Trustee.

Mark

My IP has just advised that my trustee would have no interest in the car as it is valued under £3K. We signed our TD's in July 2010.

Hi susie

I think you have won a watch as he has the dates wrong.

Glad it worked out.

Mark

Has the trustee got any flexibility at all in these situations? For example can different trust deed companies have different rules over car values etc?

These are pretty clearly set out tinsoldier.

It will make a difference at what point in time the car is valued though, and also what type of valuation is used.

These are factors that might make a big difference to one of their clients and the involved creditors.

Hi Susie

Our last payment due the end of this month, we signed in July 10 & recently received a letter saying the car would be valued & anything over £1000 would need to be paid back. It's a 7 & half year old Vectra, I checked online valuation & last week it was quoting us £1260 which to be honest we'd be happy with.

What would happen if the TD company came up with a figure we didn't agree with. could we ask for a 2nd opinion?? Where are they likely to get it valued??

Thanks

Hi boys11

Yes, there should always be room to agree an Independent firm to value the car where there is a material difference and to agree on the findings of that valuation.

Mark

Hi boys1211,

I enquired about trading our car in recently when we were considering buying an estate car as our dog is becoming too big for our current car. When I said I didn't agree with the trade in value and the car salesman asked on what basis I felt he was under valuing my car. I said I had checked out Wisebuyers and Parkers and he said not to pay any attention to these and to look at Autotrader to see what similar cars were selling for.

People/websites can have different opinions when it comes to valuing assets. If you disagree with a figure that your Trustee comes up with they should always be willing to listen to a second opinion and discuss this with you.

After checking Autotrader and what our current car is selling for we have decided to look elsewhere and consider another garage to buy a car from... good old car salesman.

Thanks for the info guys!

David do you have to pay for autotrader?? I googled it & I'm sure it asked for bank details for a one off payment ??

Thanks

boys1211

Hi boys1211

I think he probably meant to look at the ads and find a similar car make, model year etc.

Mark