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Topic starter
21/02/2010 7:23 pm
I have a protected trust deed signed July 2009. My car is now approaching 10 years old and often needs expensive repairs. If I were to sell it would the proceeds automatically go to my trustee? If so, does this reduce my trust deed monthly payments or does this money have not effect on my payments whatsoever. Thanks for any advice
21/02/2010 8:37 pm
Hello casperdog,
It seems unlikely that this is going to cause any issues for you. How much do you expect the car to sell for? Will you be replacing it with another car?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/02/2010 8:20 pm
Hi TDA,
My car would be worth ?ú1000.00 at most. I was thinking of using public transport and not replacing my car. Would I be able to keep the proceeds of the sale of the car or would this have to go to my trustee.
Thanks for any advice
23/02/2010 11:32 am
Hi Casperdog
If it is not your intention to replace your car, then the proceeds or certainly a proportion of them would require to be paid towards your Trust Deed. You may also find that if your monthly expenditure is lower, as you no longer have to pay car expenses, then you may be asked to increase your contribution.
You will still be expected to pay the same number of contributions at the agreed sum or slightly increased, as mentioned above.
You should discuss this with your trustee.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
23/02/2010 2:43 pm
Thanks for the advice TDA & Julie.
