Hi gemgem.

Was there anything agreed with your trust deed company about your car when you first signed the trust deeds?

nothing was agreed just that it was classed as an asset and would be looked at after 3 yrs.

It does sound like it may have to be dealt with one way or another. I'd suggest that you confirm the situation and if necesary your options with your Trustee gemgem.

another question my husband and i are months away from the end of our trust deed and our payments over the last 3 years have decreased by a large amount. i asked the representitive of my trustee if the reduced payments would affect the 36 monthly payments and she told me that it would not affect the term of the payments only a missed payment would add an extension to the 36 months. i just phoned and spoke to the new representitive to see if my husband and i could settle early with a lump sum from a relative and although she is asking the trustee tomorrow she is unsure what she will say as she said i had not met the originall expectation of money i should have paid in. i was never told that reducing payments due to financial changes could cause and problems. i am now very worried as ive also been told that they want higher payments from us both. i was expecting a settlement figure in the hundreds and feel it will be thousands. Help.

Reduced monthly payments do commonly result in an extension gemgem. The reason is to ensure that the creditors receive what was promised to them when they allowed the trust deed to become protected. This could make a difference in terms of a lump sum for the same reason.

Might be best to get written clarification on both of these issues so you know where you stand.

this applies to my husband as wel our payments have dropped from hundreds each month to just £20 and now £30 each per month, i really dont see how its fair that for three years we have been lead to believe that as long as agreed by the trustee no matter what we pay as long as 36 payments are made you are fine and now just three months from the end it looks like things could change drastically, this could affect my husband career as the job he is in training for means that he needs to be dept free by end of training which is in dec and we had planned the 36 months payments to be completly finished by then.

do you think i should write to my trustee explaining all this and see what help she can give, unless of course she comes back with a resonable settlement figure tomorrow.

Best to see what is forthcoming from your Trustee I would think gemgem.

Sounds like a settlement of some type might be best for all parties involved.

Thanks for your advice.