Ok thanks, I found your reply elsewhere re the same question, panic over ! Thanks

Hi All,

Just an update. My proposal was refused!! They wont accept only £6000. I then offered to increase my payments with more than double, this was also rejected. I have now offered them an unaffordable amount bacause I dont have an option. I have been told they will accept my new proposed amount of £400 per month, considering I was only paying £107 for a period of 6 months, then they will be uplifting my car to sell it. I have till July 2013 to raise another 15000 equity. Nightmare! Any suggestions?

Hi Dollybee.

I'm really sorry to hear that you haven't made the progress you were hoping for.

You mention your "unaffordable" offer of £400 per month which they have accepted. How long is this due to run for? How are you going to pay it?

Hi TDA,
Ive to pay £400 for 6 months in order to clear my arrears only. After the 6 months he has written to tell me he will uplift my car to sell it and then I only have to raise the equity from my home, am absolutely gutted , if I stayed in a debt management plan I wouldnt be in this position. He has suggested he could sell it to a family member or friend. If I raise the cash he wants for the car would I beable to tell him I got this cash as a gift? Or would he want it coming from another bank account which is in a different name? Its seems a big hassle if the log book needs to be changed to be changed back again, thats saying am able to get the cash, but to be honest its very unlikely as am going to struggle paying the £400 never mind trying to save another £4000. Am just in receipt of child maintenance recently, so that will need to go towards the monthly payment until January. Its not a long time, but am more concerned about the car going in 6 months, this is going to be a nightmare.

Hi again Dollybee.

I think a contribution in lieu of the equity in either the car or the house will need to be seen to come from a third party.

Are you really in a position to pay £400 per month and still pay for everything else that you need to?

Hi TDA,
I think ill just about manage it as my mortgage fixed rate also ended, so am saving a bit there, ill just need to try my best, its going to be xmas thats going to be a nightmare when ive got a daughter to buy for and am a single parent - anyways, ill not worry abou that now.

Can you give any information with regards to how a Trustee would collect the car? Will someone come to the house oe will he? Do you think they will revalue it in 6 months before they uplift it as it was valued in April this year? I was thinking they may still want the figure he has now and maybe take the defference from my equity amount due from my home? If on the other hand a friend buys it, what is involved in this process? Will the trustee need to deal direct with them? I just dont want to get others involved, its private and am very embarrassed with the position am in and very few people know, never enven told any family members, so with the car been taken away am going to have to be honest with everyone now. I really hoped it wouldnt have come to this.

Hi Dollybee.

I think you'll need to speak to your Trustee regarding the mode of car collection. I'm sure they'll be flexible if you work with them.

I suspect your Trustee may want to be involved with the sale of the car if it's to a friend. Again though you could ask them about this to get a more certain answer.

Sorry to hear things aren't going well dollybee.
I feel your pain!
I too am still struggling to get any funds towards equity. I had to pay for my car , however , i got it valued online and they accepted a third of their valuation. It may be worth while trying to et them done to save a bit of money .
I am getting to the point where I want to raise this with the polititians . It seems like there are bail outs for everyone except people in or situation ! There must be a lot more out there in out position .
Good luck anyway !

Guys, just keep the paper trail going.Record the details of every phone call,copy and get proof of posting for any letters. Co-operate with the IP and their staff. Give the IP no reason to force the sale of your house to raise the equity. Offer to pay part of the equity on a car or the house.
Eventually a solution may be found and then both parties can be satisfied that they complied with the terms of the trust deed.

I have just read some of the other threads from this week and shocked to read in one that after 36 months,extended to 39 the creditors will recieve nothing back. All of the experts confirmed that the person will be discharged without any future worries. How can some trust deeds vary so much ? In the case I just mentioned, £3k+ has went to cover "costs" and fee's. But well done in completing the trust deed anyway.

There must be something wrong with the system if one IP allows nothing to be paid back and the next IP wants,demands and is willing to go to court to force the sale of in most cases the family home. In whose best interest are they working for in that senario, Capital One,MBNA,Lolyds TSB ? Different hat for a different day perhaps.

I know every trust deed is different but how can there be so much differience in the interpretation of the same law ?

Who regulat's the regulator's ? I'm straying down a dark chain of thought, I think I'll end now........

If you mean my case which did take 39 months i was as amazed as you with no dividend but i did have a big chance in circumstances during the TD....i didn't mention anything about £3k in fees though....

Hi jp73 , thank for the advice .
I have just been informed by my advisor they cannot increase my mortgage to get the equity needed, I am going to try and get a loan if ai can to pay part of the equity . However , I am afraid to start applying as i don't want this to affect my already poor credit ratung , how can i go about this the best way ?
Secondly , do you think I could offer in the region of 50% of the equity ?
I have contributed £10 , 000 during the three years .
I really cant face extending this , i have honestly spent the last 5 years in hiding and the trust deed was the way of dealing with it and now I am in a worse position than before .
If you have no equity and debt , do this . If you have equity think carefully ! Very !

sorry , me again .
If i extend the period by 12 months , I will have finished paying off my car which was on HP , will the car then become an assest and put me in a position wherby I will have to pay towards the TD ?

Hi goneunder.

I hope I'm wrong, but I think you'll find it very hard to locate a commercial lender that will advance a substantial sum during a trust deed.

In terms of offering a reduced sum, that could be acceptable if the Trustee considers that it offers the best outcome for your creditors. It will be for you to source such a sum and then demonstrate to your Trustee why accepting it will be the best outcome for your creditors compared to the alternatives.

If you acquire an asset during your trust deed your Trustee is likely to conclude that he has a duty to realise the value of it for the benefit of your creditors.

Sorry that I cannot be more positive in this response.

Hi Goneunder,

Can I ask if you had a lot of equity to pay from your car? I have £3745. I need to raise this cash somehow by the end of January 2012 as well as pay them £400 per month to clear my arrears - I really need my car, its a worry.

Hi All,

My car was valued in April this year, I have been told it will be uplifted in January 2012 to be sold. Can anyone confirm if they are likely to do a further valuation on it as I am thinking it isnt going to be worth £3745 at that point? Or is it likely the IP will still want this amount and with difference reduce my home equity figure? Any comments is appreciated