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Scottish Trust Deed Forum
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Topic starter
25/01/2011 6:21 pm
Hi
I have now completed 3 years of my trust deed.I have 1 payment in arrears and another 'little bit' that I can pay off in the next few days. this would leave my payment schedule complete. The trust deed has stretched me beyond any comfort zone, mainly due to a break up with my wife. I also had my property repossessed after my wife and I split. It took my IP about 15 months to realise that they had to hand it back to the building Society as the price they were asking for it was not realistic (credit crunch days). The building society sold it in jig time for a much more realistic price and it just about covered my mortgage and loan that were due to them. I payed council tax on that property (reduced) and the rental where I now stay for all the time it was for sale.
However, I managed, and despite having very little free cash in the month I knew I just had suffer on as the trust deed would end soon.
However, the last item I have as an asset is my car. Today I recieved my IP's valuation of approx.?ú1400. They now want that entire amount in the next 6 months, or to relinquish the car to them, which essentially leaves me with zero. No assets.
I am very dissapointed as I thought, reading stuff here and there, that I would perhaps have to pay for a valuation above ?ú1000, in this case about ?ú400. Obviously not. I need it for my work (not just getting there) and I have no choice in this.
The thing that annoys me most is that I was told in the summer months that they had no interest in the car. Unfortunately I should have asked for that in writing. Idiocy on my part.
Question to you is, does this bit about the car sound right ? I am sure it is and I'll just have to suffer a bit longer.
Any help/advice would be appreciated.
Thanks
JS
25/01/2011 6:43 pm
Hi Just_So.
I'm glad to hear that your trust deed is nearly finished. I think you have shown an amazing determination to get there given the upheaval in other aspects of your life.
I just had a look through other older posts to try to confirm some information and this thread jumped out at me:
http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=690&SearchTerms=?ú1000
Kevin explains that a Trustee would have a lot of flexibility in such circumstances and that the options would include:
1 - Not dealing with the car given that the value over ?ú1000 is not huge.
2 - Asking that the amount over ?ú1000 be paid into the trust deed.
3 - Asking that the full value be paid into the trust deed.
As such your Trustee appears to be well within their rights to ask that the full value of the car is dealt with for the benefit of the creditors, even though they did not necessarily need to.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
25/01/2011 10:19 pm
Hi just_so. I'm afraid that trust deed assistant is right, though if they had previously said that they had no further interest then it does seem rather unfair. I think it is worth querying this again and stressing that they are going to cause problems with your work - the Accountant in Bankruptcy's noted for guidance do say that this should be taken into account.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
26/01/2011 2:47 pm
Hi All,
I am very confused about all of this, I have been in a trust deed for around 9 months now and everything is going well, but a lot of these questions are coming to the forum, could you please tell me this.
I also have a car which is worth around ?ú3,000. My trustee at our meeting said there would be no interest in this and it will be safe, but what happens if at the end of the trust deed they want it?
I thought that when the trust deed becomes protected that the creditors AGREE to the money that they get at the end of the 3 years but this now looks that this is not the case, I wish at times I did not take the trust deed out as people are getting dealt with in different ways and it seems unfair.
Also tell me if the creditors get what the expected at the end of the trust deed and are happy with that where does this money for the car go to? Surely the trustee does not get it as a bonus, OR do they?
Things seem to be changing regarding rules in trust deeds, I hope my trustee does not ask me to give them my car after the 3 years when the creditors get what they have agreed to. Sorry but seems wrong.
26/01/2011 2:54 pm
Hi Sam
In answer to your points, I'm sure if the Trustee advised that they had no interest in the car, then this will be the case.
If there was a scenario where money was paid to the Trustee for a car, then this goes to creditors as a dividend payment.
It possibly emphasises my many posts where I constantly moan that the position with payments, equity, cars etc should always be confirmed in writing at the outset. That way there are no grey areas.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
