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Scottish Trust Deed Forum
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Topic starter
23/07/2011 10:07 am
hi we have had a trustdeed for 36 months and was on the understanding that would be a discharge of debt to follow only now to be told we need to pay another 12 mths as we have a car that was included in the trustdeed as it was a personal loan ,now trustdee say the car has a value of 4570 and they need to recover this by payment or we surrender the car ,is this correct as this was never discussed at the start and we need the car for work
this comes as a shock as we thought after 3yrs and we have already surrendard a car at the sign up which was on finace,also ppi insurance was claimed by trustee and they got 7000 extra into the pot and they say this doesnt cover the car this is an extra for creditors CAN SOMEONE PLEASE HELP !!!!
23/07/2011 10:41 am
Welcome to the trust deed forum rebelion.
It would be normal that a car of that value would need to be dealt with in a trust deed so, in those terms, having to deal with the value of it seems correct. Of course you should have been made aware of this right from the start so that it didn't become the shock that it has.
The proceeds of the PPI claim is really a different issue. Trust deed companies are responsible for recovering what they fairly can for the creditors, and some have concluded that mounting PPI claims is part of their duty in this respect (as well as dealing with assets such as cars or homes with equity in them).
I'm sorry that this will not have been the answer you were hoping for but I hope that the information is useful.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/07/2011 10:57 am
quote:
Originally posted by Trust Deed Assistant
Welcome to the trust deed forum rebelion.It would be normal that a car of that value would need to be dealt with in a trust deed so, in those terms, having to deal with the value of it seems correct. Of course you should have been made aware of this right from the start so that it didn't become the shock that it has.
The proceeds of the PPI claim is really a different issue. Trust deed companies are responsible for recovering what they fairly can for the creditors, and some have concluded that mounting PPI claims is part of their duty in this respect (as well as dealing with assets such as cars or homes with equity in them).
I'm sorry that this will not have been the answer you were hoping for but I hope that the information is useful.
Topic starter
23/07/2011 10:58 am
THANKS FOR THAT
27/07/2011 1:04 pm
Get the value of the car checked out . I had one and they said it was worth £1600, I got it revalued and they eventually settled for £600.
You could save a bit !
27/07/2011 9:58 pm
Hi Rebelion
As TDA says, it is not what you wanted to hear, but the fact is the Trustee should have addressed this at the beginning. Did you get any letter at the beginning which explained how your assets would be dealt with? This is best practice, and protects both you and the Trustee.
Shona is not currently posting in the Trust-Deed.co.uk forum.
