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Scottish Trust Deed Forum
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Topic starter
19/05/2010 8:37 am
Hi again,Im in need of some advice again please.I have a protected trust deed which has been running since january.In the proposol It stated that i had to sell my car a subaru wrx which at the time was worth around ?ú7000 and we were to get ?ú2000 to get something else as I have a wife and 3 children and she neeeds a car for school etc.It has been advertised for sale at that price since the end of November but there was no interest at all,until I spoke to my trust deed assistant and she said I could lower the price.I now may have a potential buyer which I reckon may offer around ?ú6000 as it has quite a few scratches etc.I also beleive that there has been no interest due to the fact the road tax ,insurance is very high.I recently paid for road tax and mot also whichhas now helped with selling it.
I called the firm yesterday to tell them we may have a potential buyer and that we thought it was the understanding that when the car was sold we would just keep ?ú2000 in order to get something straight away as it would be impossible to manage without transport as we live in the countryside and the remainder would be forwarded on to the trustee but was told that ?ú6000 would be the minimum they would accept and that the money should be sent by bankers draft straight away and then they would decide how much we were to get in order to get something else.
If this is the case we will be left with no transport or money to get anything.If they were to uplift the car and put it to auction they would definatly end up with less money as the costs of upliffting was expensive and there is no way they would get ?ú6000 for it at auction.
My trust deed assistant told me only a couple of weeks ago that ?ú6000 would be the minimum and anything less than this they would have to look at how much we were to get for something else,but she is on holiday and its somebody else I got.
I dont know what to do as now Im hoping it doesnt sell as I will be left with no transport at all,just thought if it sold I could go get something for the ?ú2000 straight away then forward the remainder on.
Would appreciated any help on this subject please,thanks
19/05/2010 9:43 am
Hi eve1064,
If you were told that you would be allowed to replace the vehicle with a ?ú2000 vehicle I'd suggest that you stick to your guns.
You may wish to write to your Trustee personally, setting out what you were originally told, and requesting written confirmation that this is still the case.
Hopefully the information that you are currently receiving will turn out to be confusion among the staff you are dealing with rather than any more serious change in commitment previously made to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
19/05/2010 11:00 am
Thank you for your reply,just phoned them again just to clarify and they still saying the same thing,that if my car was to sell today i would thenhave to send the funds straight away via a bankers draft then they would have to then decide what is to given back to me in order to get something.I have 3 kids 16 year old which has exams at the moment and he and his 13 year old sister need running to school and orthodontist appointments which are 30 miles away and a one year old baby which has regular hospital appointments and cannot even imagine how i can manage without transport.
If my car sells today should I just wait till my trust deed assistant comes back from holiday and deal with the money then as I honestly thought I could sell it go get something for the value of ?ú2000 so I wouldnt be left without anything.
I just dont know what to do as it would be much more money to trustee than them uplifting and selling it at auction cause if this is the case I would be better just holding on to what transport I have at the moment cause I dont think its fair being left with nothing until they decide what and when i get something back to get a car.
19/05/2010 11:13 am
Hi eve1064,
I think that you need to get beyond the frontline staff and write to the Trustee personally.
It isn't fair if you were told one thing and this then changes when the Trust Deed is up and running.
Point out to the Trustee what you were originally told and ask for it to be confirmed in writing. The Trustee has personal responsibility for your case and I am sure will want to handle the matter fairly.
A written response from the Trustee will also give you peace of mind when selling the vehicle.
Please let us know how you get on.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
19/05/2010 11:53 am
Thanks again,
But not sure what to do as someone coming just now and think he wants to buy it so I havnt got any time to write to trustee and my trust deed assistant is back on Monday.
19/05/2010 1:49 pm
Hi eve1064,
I guess you'll need to weigh up whether you feel that it's best to sell now or whether you prefer to wait and have more clarity.
Sorry that I cannot answer more specifically.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
