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Scottish Trust Deed Forum
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Topic starter
01/07/2011 2:24 pm
Hi everyone,
This is my second post of the day which is probably not a good start! 🙂
I just remembered that about 2-3 months ago i received a letter from my IP (Invocas) saying they no longer had any interest in my car and that it would not be included or considered in the Trust Deed. I found this a bit strange but didnt really think anything of it as i have been in my Trust Deed since April 2010 with no problems so far.
The thing im confused about though is if i sold the car would they be interested in the money from the sale? The car is 6 years old, probably only worth around £1-2k and various things keep going wrong with it so every now and then i consider selling it. However, i always thought that if i sold it the money would end up going back into my estate and being paid by my creditors.
Any ideas?
Thanks,
Louise
01/07/2011 2:28 pm
Hi again starrysky.
Hopefully I can be a little more positive in my answer to this question.
Are you intending to sell it and use the funds to buy a replacement? If so, I'd suggest you run it by your trust deed firm who I would assume would have no problem with that at all.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
01/07/2011 2:54 pm
Oh really? Thats good news! Can i ask why they suddenly decided they had no interest in the car in the first place? I'll definitely double check with them before selling though!
Topic starter
01/07/2011 2:57 pm
I just thought of a slight problem. What if i was selling it just because it was costing too much to keep running? Would they then be interested in the money received from selling it?
01/07/2011 2:59 pm
Do you mean not having a car at all starrysky?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
01/07/2011 3:34 pm
Yeah that might be what happens to be honest. If that were the case, what would happen with the funds from selling the car?
01/07/2011 3:50 pm
I think that might be a little different starrysky. It will be interesting to see what Mark thinks about that as he'll have dealt personally with a similar scenario in the past.
The other thing is that you probably had some expenditure allowances made for petrol, car insurance, car tax and so on. Without a car (and those expenses) your trust deed provider may consider that you can afford to make a larger monthly payment to the trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
01/07/2011 5:52 pm
Hi starsky
Its an interesting point. As a car it is not an asset as they have abandoned it. If you sell it then it turns to cash and would the Trustee have an interest?
My thinking is that any claim would be acquirenda. Now here is the interesting thing, acquirenda is a 'new' asset acquired in the period before discharge, but this is not new, so very unlikely that they could lodge a claim against the funds.
Just ensure you have it confirmed in writing that they have no interest in it.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
01/07/2011 6:00 pm
Hi starrysky
I think I just called you Starsky in my last post!!! Must be this big cardigan I'm wearing!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
