Congratulations.

I'm just about to set out in a TD myself

Congratulations to you imcville. I can tell from your post that this is a big day for you.

I'm glad that you associate a number of positives with the protected trust deed process along with the more difficult aspects of it.

If we've been able to help along the way I'm really pleased. I hope you will be able to continue to visit the site from time to time in the future to share your experience with others who are at the start of the process or weighing up their options.

Hi Imcville

Fantastic. I hope you won't be a stranger and will impart your wisdom & experiences to other users.

Delighted it has worked out.

Mark

Hi imcville

Congratulations!!! Here's hoping that in another 3 years I'll be posting the same message as you.

Well done
AlphaB

Fantastic!!!!!!

I've got 2 payments to go then hopefully not too long to wait for my form 5.

Think I have asked this before, but I had a vauxhall corsa 06 reg car and started my td in 2010. What can I do to ensure I get discharged after final payment? Should I save money incase my car is over the £1000 value? Or is it up to £3000 now?

Hi 4654ae16.

I think that the value for car equity to be considered went to £3000 in November 2010.

When in 2010 did you sign your trust deed?

How much do you think your car is worth?

It was in April 2010. I think it is worth around £4,000. Are miles and condition taken into account? What happens to money above the £1000?

Was there anything discussed and agreed around the time of signing 4654ae16?

The way car equity is judged and dealt with in a trust deed seems to vary a little from firm to firm.

It wasnt really mentioned, although my trustee said they didnt expect it to be worth much more by then. If I was to make additional payments say of £40 a month for remaining 15 payments that would make £600? What would happen to this if car was not over 1,000? If I save up money in my bank account is this seen as breaking terms of TD?

It's OK for you to save during your trust deed 4654ae16. Indeed, it's encouraged to cover occasional expenditure like car tax, car repairs, home repairs and emergencies for example.

Maybe it would be best to call your trust deed provider and query what has been agreed in terms of your car and how they'd like to go about things. That will put you in a good position to plan.

OK I will do that, thanks for the advice. If I was trying to save by not going out as much etc and bacnk account builds up a bit would the trustee not want this money? Or is it ok to save?

You can save if you do not spend all of the money assigned to you in allowances.

Think of your expenditure in two categories:

1- things that are what they are and will show on your bank statement. Examples include a mortgage, or council tax, or utility bills on direct debit. If these change your trust deed payment should probably be looked at.

2- things that will vary from week to week or month to month. Allowances are set so that you can budget for yourself. Food or clothing could be examples. If you underspend compared to your allowances you can set the money aside and spend it as you choose later (or even better keep it as a safety net).

Hi

As your Trust Deed was signed before November 2010, the value used for your car should be £1,000. Some Trustee's value your car at the end of the Trust Deed though, as allowing you to keep the car allows a contribution to be made for your creditors. You may be lucky, but best to check with your Trustee what is expected of you.