Hi Mark
Thanks for the info, on the subject of value is that current market value or what someone would pay for the vehicle itself because as stated earlier my car has been off the road for 3.5 years now and although its not a basket case it would need effort and money spent on it, Thanks

Hi Ip2h

Good question, I suppose it depend what you wish to do with it. If you go to that catchy wee advert webuyanycar.com on site, you will at least get an indication. I'd probably deduct 30-40% from that figure. Alternatively there are a number of car markets who would give you an indication of value.

Regards

Mark

Hi Mark
I've just been onto Parkers Guide website and my car in a Private sale but poor condition is worth ?ú2454 now. I'm just going to have to bite the bullet and see what happens in January, i will keep my eye on the site and post a result as it happens to help anyone else in the same boat, Thanks to all ciao

Hi Ip2h

Cheers. Keep me posted and hopefully it will all be okay.

Mark

Hi Guys
I have received "My Letter" from my Trustee advising me that to discharge me from my P.T.D i need to pay money for my car as part of the final amount payable to my Creditors.
Mark McFadyen originally advised that my Trustee would require any amount over ?ú1000 that the car was valued at to be paid, they are asking for ?ú2500 so i assume that they are valueing the car at ?ú3500, as i stated to you the car has actually sat OFF the road for more than 3.5 years now and has several problems that render it unroadworthy(in my opinion)so it is in no way worth even the ?ú2500 being asked.
My real question is do i have the right to query the valuation and submit my own or will they just extend my P.T.D for 12 months which is one of the 3 options they have given me over this, the others being
1)Pay the ?ú2500
2)Extend my P.T.D by 12 months at ?ú208.33 P.M
3)Sell the car
The way they have worded the Letter makes me feel that i have no options, even if i sell the car and only get say ?ú1000 they would still require the rest ie ?ú1500. Obviously i appreciate that Legally they can do anything and i dont want to rock the boat but i just wanted to know if i had other options, he needs to know soonest so i will be contacting him in the next few days. (note - right on xmas)
Thank you in Advance

Hi Ip2h

I suppose it depends on the original proposal. If this was 100 shares and they had a value of ?ú1,000 at the start and ?ú250 at the end, I see no reason how/why the Trustee could seek the balance from you. You agree to pay contributions at a set level, but not an asset at a set value.

Maybe best to advise that you are unable to pay the amount and advise that the Trustee arrange the uplift and sale of the car.

Mark

Hi Mark
Thanks for the reply and sorry for the delay my computer went on the blink, After much thought i have kind of decided to go that way and ask them to uplift it and sell, i have composed a letter reminding them that at the begining of my TD i told them i could not afford to run it and probably would not do so during the 3 years period, i have then listed the cars faults due to lack of use and the elements then advised that they will need a transporter to take it away, i've asked them to let me know when they are coming so i can help. oh and i work at RAF Kinloss so my job could be on the line soon too i gave this as my reason for the sale, i feel that they may come and value the car first to see if its worth it. Thanks for your help

Hi ip2h

No probs at all.

I hope it all works out ok. Any problems, please let me know.

Mark