Hi goneunder.

I wouldn't advise stopping payments. It sounds like you may have had bad advice, but the obligations of your trust deed will not change because of that.

How much do you think the car is worth? When was your trust deed signed?

Hi goneunder.

I believe the valuation threshold when you signed was £1000, so I'm afraid to say the vehicle is probably being viewed as another asset from which value may have to be realised.

I can see why you are frustrated about the advice. Mortgage availability was already seriously curtailed well before August 2008.

Perhaps originally it was thought that the HP would end after you had been discharged goneunder?

The equity in the car, if it were wanted, would be separate to that in your home.

As you have a need for the vehicle I doubt that they'll be looking to take it from you.

Thanks tda
you can see why this is a joke especially the trustee has already pocketed over half the contributions i have made.
it is a joke big time.

How much are you likely to end up paying altogether in comparison to your total debt figure, goneunder?

Hi goneunder.

Was the equity sum related to your home fixed by agreement at the start of your trust deed?

Alternatively, is it a value based on the equity position your trustee judged at the time your regular 36 monthly payments came to an end?

Sorry if we're going over ground that was covered in previous threads.

hi tda
the sum was agreed at the start , before the house started to fall apart !

That makes this pretty tricky I'm afraid goneunder, assuming that the creditors agreed to your proposal on the basis that this equity sum formed part of the offer to them?

I do appreciate that you'd been told it would be easy to raise the sum with an increased mortgage though.

Would you consider selling the home if it brought the trust deed to an end?

Hi goneunder,

This is similar to our situation, my husband's contributions stopped last month my continue til november. Although we will be glad to have made every effort to pay towards our debt, we feel we were badly advised also. Complete nightmare to say the least, really couldn't make it up if we tried. We know we are responsible for our debt, why should we be penalised for doing our best.
Can anybody answer also if every company discards the first 5000 of the equity value ? Why also do they need the details of our life insurance, we sent on what they asked for, our policies just covers our mortgage and is only payable on death.

Hi lorrainek.

Different trust deed firms take a different view about whether to allow a certain amount for the "selling costs" of disposing of a property. Some firms may not make an allowance.

Some life insurance policies may have investment or cash-in value. Perhaps your trustee just wishes to confirm that this isn't the case with yours.

You have my sympathy goneunder, and I wish there was advice that I could offer to make this situation go away for you.

However, if the trustee requires the sum that was originally promised to be paid over you are probably only left with the options of clearing it by installment (if the trustee is happy with that) or selling the home. I wish that I could say otherwise.