Notifications
Clear all
Topic starter
09/03/2022 10:49 am
Hi everyone,
I have two questions to ask that I was hoping someone could advise me please?
I will be nearing the end of my 4th year PTD in July. I have the additional 2-year equity to pay back at £5280.
My first question is; I have a car that is paid outright with a value of just over £7600 I was told that when it comes to me finishing the 4 year legal term I can use the sale of my car to pay off the equity using the sale. Will I be able to sell it privately and pay the balance of £5280 to my TD or do they sell the car on my behalf? I don’t want them to take the remaining balance off the sale as I think they might try that. Can you advise?
My second question is; my wife’s 4-year legal term ends April this year. She is currently paying £271 per month but originally was paying £220 per month. Her equity is also £5280 over two extra years but will hopefully be able to pay this off early too. Our concern is that her current monthly payment is more than expected so the final equity payment term of two years surely would be less as she is paying more. Can you advise?
Thank you all very much.
BMC[:)]
09/03/2022 2:39 pm
Hi BMC,
You can sell the vehicle.
You may wish to clarify with your trustee, in advance, exactly what their requirements will be with the proceeds of the sale. I'd expect they'd be happy to bring your trust deed to an end with a single payment of £5280, but it's always worthwhile to check and hold some kind of evidence of what was agreed.
Is your wife's agreement to pay two extra years at the current rate of repayment? Or is it to pay a fixed sum of 24 months x £220 (£5280)? I'd expect it's the latter, in which case it might only take 20 months at £271 before her obligations have been completed. Another one to check with the trustee to be sure, but I think this will work out well for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/03/2022 4:30 pm
Hi TDA,
Thank you very much for your reply!
I will email them tomorrow and ask them about the sale of the car. I am due to end my 4th year in July. My previous Trustee did say that the sale of the car can end my agreement sooner (it was them who recommended this and to get in touch closer to the end of my 4th year) I will let you know what they say.
As to my wifes position yes two year extension for equity was added at the rate of £220 from the start and only last year it was increased to the £271. Good thing is that they agreed that a 3rd party can settle the equity. This was accepted by email from the trustee himself.
I will keep you posted on the outcome!
Thanks again!!
BMC
