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Scottish Trust Deed Forum
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Topic starter
11/03/2013 10:21 pm
Hi
When my normal 3 years are up for a Trust Deed and i have a car, will the trust tell me to sell the car to go towards the debt.
They have accepted the fact i need the car but after the 3 years will i need to extent this to pay off any car value ?
11/03/2013 10:30 pm
Hi Bob1508
It depends on the value. Generally if this is valued at £3k or less then they will have no interest in it.
Hope this helps
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
11/03/2013 10:30 pm
Hi Bob1508.
How much is the car worth?
What was said about it when you signed your trust deed?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
11/03/2013 10:34 pm
i don't know, paid £6500 but in 3 years and 60,000 miles later prob about £2500 i guess ?
Thanks Mark
11/03/2013 10:38 pm
No problem Bob
Its another area which I think needs to be clarified at the start. At least that way you know exactly what will happen when you get to the end with no surprises.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
11/03/2013 10:41 pm
I agree,
I dont know what the car will be worth in 3 years time but doing about 18-20k miles a year, so am guessing the value. What will the trust use to value the car ?
11/03/2013 10:50 pm
Hi Bob
Not sure to be honest, probably Parkers guide or a local auctioneer/valuer.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
12/03/2013 7:30 am
Our car values were agreed and set in stone at the start.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
12/03/2013 7:39 am
Hi Bob1508
Did you agree with your Trustee at the outset what the position would be with the car at the end of your Trust Deed?
If it was worth more than 3k then generally someone would extend their payments to pay over the value. It's unlikely that it would be sold.
Best check with your Trustee so you know exactly what will happen at the end of your 3 years.
Chris is not currently posting in the Trust-Deed.co.uk forum.
