I would suggest speaking to your Trustee as I would be very surprised if they allowed your contributions to be paid off by way of the car sale.

Any value in your car would likely be an asset in the Trust Deed and therefore likely to be required to be paid in as well as your contributions.

It may be that you have an agreement which says otherwise but only your Trustee/case manager will be able to confirm.

Thanks for the advice, I have contacted my trustee this morning to see if it would be possible. awaiting a reply.

Hi Shaunf1983

As part of the trust deed, any assets that you own or acquire over the 4 year period is conveyed to your trustee as part of the trust deed process.

Any proceeds of sale of assets may have to be paid to your trustee to benefit your creditors.

The minimum period of a trust deed is 48 months and can only be shortened if you are in a position to pay the debt full plus statutory interest and fees and outlays of the trustee.

Your situation is very case specific and I would recommend speaking with your trustee and case administrator.

In my experience, many car finance companies require some letter of agreement from the trustee when an individual wishes to take out finance for a car. The issue being, any sort of finance agreement may reduce the level of disposable income available for creditors.

Thanks Sharon, yes its definitely a tricky situation. I appreciate the advice. I will speak to my Trustee and see how best to go forward.

Hi shaunf1983.

Just to echo other contributors, I don't think this course of action is going to achieve the goal you've set.

Paying in your estimated remaining contributions will not usually bring a trust deed to an early end. You'd have to pay the full amount you owe, plus interest. plus trustee fees.

Paying in some of the equity from your car would not satisfy monthly contributions in any case. Money from assets is treated differently to money from income.

Thanks TDA. I think it would be best to to just continue with the Deed till it naturally runs out. I will discuss with my Trustee is they ever reply to my several email...

thanks