Can you just hand the car keys to your trustee in this case? it will probably go to auction you can maybe buy your own car cheaper there but not sure how you can fund the purchase, will auctioneers accept payment in installments? I am guessing trustees decision will be final about valuation, I hope experts in forum can make better suggestions.

Hi mikeecho, thanks for tour comment. I wish it was that simple, my employment contract states I require a car for work and I also commute approx 60 miles five days a week. So losing the car for even a week or so would be detrimental to my life.

Given that you are unable to hand the car over then extending the td seems the best course of action.

Paul

Hi James

Was the agreement that the car was to be valued at the start or the end. It may be that they are looking at the valuation at the start of the trust deed.

Also, when did you sign the trust deed as the £1000 value limit was increased to £3000 in November 2010, so unlikely to apply unless its for less than 3 years.

Mark

Hi mark, I started the trust deed in June 2010, to my knowledge the agreement was that the car would be valued at the end of the trust deed. Would it be written in my trust deed documents? So that I can confirm I am correct.

If this is the case what can I do to get the valuation revised to reflect the condition of the car? I woild like to say that the condition of the car has been the same since the start of my trust deed, i haven't purposely neglected it to reduce the value.

Hi Jrphuntley.

Perhaps you should check with your trustee whether the applicable valuation was at the start or the end under your agreement.

If it was at the start why did they suggest that you get valuations?

If it was at the end why have they dismissed the valuations that you have obtained?

Maybe check what your original engagement letter states, jrphuntley. If it says the car is valued at the end of the trust deed then I would insist on an actual valuation being done.

If the agreement was for the valuation to be at the end, best idea is for you and the trustee to agree on a company to do the valuation and accept their figure.

Mark

All, I have checked and all that it says on the documentation I received is that there is an estimated value of £1110 of equity to be released into the trust deed, due to his car. They have revalue and now require £650 to be released into the trust deed.
As the three valuations I received were £1000 or less I feel it be unfair that I pay more.

What would be my next step? I am going to ring them tomorrow to see what they propose.