Do you still have the initial paperwork referring to how the vehicle would be treated, notlongnow? If it just says estimated value then there may not be much you can do about it.

Do you agree that it is worth more than the estimated £2000?

Welcome to the forum notlongnow.

Who estimated the value of the vehicle at the start?

We're you given a firm amount, in writing, as to how much you'd have to organise to be paid over for the car?

Do you disagree with the valuation that's now been put on the car?

Sorry to answer your question with more questions.

Thank you Kevin and Amy for replying, I do have all the original paperwork that stated that the car would be estimated at £2,000 at the end of my trust deed, this figure was given to me by the initial advisor who set my trust deed up. I contacted them last month to see what the way ahead was as I was nearing the end and initially got an e- mail telling me there would be a £780 shortfall on the vehicle as they had miscalculated, when I asked for a breakdown on this, I then got another e-mail telling me to disregard the last one that there was a substantial shortfall on this and that I would receive this by letter (which I haven't received yet) but she mentioned it could be another nine months of payments, roughly an extra £3,000. I think the value of the car could be higher than the original £2,000 estimated previously but can they be allowed to do this with such a large amount if they made the mistake?

So the amount they are looking for is around £1000 more than they estimated, is that right?

They should be able to provide evidence of how they have reached this valuation, and if you disagree with it then there is nothing to stop you presenting them with evidence to the contrary. However, if the figure is correct then you probably have only 2 choices: pay what they are asking for or surrender your car for sale.

What was the value of the car at the start of the Trust Deed?

Hi Kevin, no they are now suggesting that the car is estimated at £5,000!!!!!' £3,000 more than the original estimate. At the start of the trust deed they estimated it to be £8,000 now 3 years later instead of £2,000 they say £5,000. It just seems very unfair as I thiught I was near completion. Are they legally in the right or is there anything that I can do?

Hi notlongnow.

Do you disagree that the car is worth £5000 now?

Hi Amy,

Yeah I would think that would be a bit on the high side, the annoying thing is that I thought I would have been finished this month, and now im getting told there was a mistake through no fault of my own and they are wanting to extend my TD.

Hi notlongnow.

As Kevin mentioned, if you can provide evidence of a lower valuation you might be able to reduce the extension required to pay over what's due.

Your assets did vest in your trustee when you signed your trust deed, and your trustee has no other option but to raise what's due to your creditors in line with the original agreement. If the original estimate of what the car would now be worth was miles out they really have little choice.

That's not to say that I don't sympathise with your frustration when you thought you'd reached the final stages.

I can empathise with you on this one. I signed my TD on 15/9/11 and was aware that I had to make up some missed payments before ending my TD this year. I have yet to hear from my trustee regarding when they would expect my TD to conclude. I emailed them 3 weeks ago to request details of their expectations regarding my car as there is equity. I emailed again last night as I want to know exactly where I stand and how much they expect to gather. My preference is to sell my car, hand over anything above £3000 and pay off my arrears to conclude my trust deed. Can't understand the delay in letting me know whether I can do this or not. I got a valuation from wewantanycar and emailed it to my trustee.

Hi all, thanks for all your replies and advice it's very much appreciated.