Welcome to the forum Jasmine8733.

So you've already been told that you'll need to pay £3000 in lieu of the equity in your car?

If that's right you could probably:

1: Get the money from family or friends.
2: Carry on making payments to clear it.
3: Sell the car.

Options 1 & 3 should bring your trust deed to an end if you've made all the monthly payments. Option 2 would delay your discharge.

Precise answers to questions like this will always need to come direct from your trustee so don't be shy about asking them.

Hi TDA

Thanks for your response.
The amount was written on by my Trustee at the beginning of my Trust Deed. If my car is worth more or less I presume I will need to pay it at the end of 36 months.

I would not want to asked family or friends as it was me that got myself into this mess. I presume they would just extend the trust deed until it is cleared. Would that be correct?

You'll need to ask your trustee, but it looks like that would be OK.

Give them a call though to check exactly what will happen regarding equity in the car. I wouldn't presume anything. £3000 happens to be a relevant figure in general regarding cars in trust deeds, so this might not mean quite what you presume.

Thanks so much for that TDA

Your site is fantastic,great advice!!