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05/10/2010 1:32 pm
hi first of all this is a great forum and would like to thank everyone okay would like to try and look into car assits a bit more i have a car and is due to be payed off early next year so when the car is payed off in full i will have freed up some money i am aware that my trust deed company will look at this and expect to pay more into my ptd so at the end of my ptd my care will have some value on it if for taking sake its worth ?ú1800 am i right in saying ?ú800 will have to be paid to my ptd or ?ú1800 should i have got something in writing about the car at the start of my ptd also repaires on car i had to have my car repaired in august money being tight i managed to get it sorted but needs another repair road tax is up at the end of the month as is m.o.t so car is going to have to be taken of the road for a while i now when i entered into my ptd i signed a letter to keep my car road worthly but as i am living on a buget its getting to hard to have a car that am still paying for each month [B)] would like some advise on whats best for me and my ptd thank
05/10/2010 1:55 pm
Hi celtic1888, anything over the value of ?ú1000 is normally agreed to be paid to your TD so if your car is valued at ?ú1800 then you would pay ?ú800 to your trustee. As regards to your road tax and mot you should have been given some sort of allowance for your vehicle in your expenditure for insurance, petrol, tax e.t.c so you should have money to put aside for things like this. Hope this helps
05/10/2010 2:23 pm
Hi celtic1888
What LMM says is probably right - though I daresay different insolvency practitioners have different views on how to deal with assets such as cars. They have a fair bit of leeway as to how it should be dealt with and you might find that yours would ignore the car at the end, or they may decide that you have to pay in the full value in order to be able to keep the car. You would have to ask your trustee to find out (or keep shtum and wait to see what happens?)
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