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Scottish Trust Deed Forum
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Topic starter
27/08/2012 3:39 pm
Hi There!
Im new to this forum and looking for some advice.
I have 2 more payments left to pay to my trust deed 🙂 it has been a long 3 years i'll be glad to have it over and done with.
the question i have is regarding my car, having a look at the documentation i recevied when i started my trust deed, my car is noted as an asset, there is an estimated to realise amount of £5000 and amount outstanding to Hire Purchase Agreement of £7500, £2500 of this amount has been trasferred to my liabilities. When i started my trust deed the finance company continued to take payments from me for 2 years and then stopped and no more payments have been taken since. does anyone know if this is normal?
thanks in advance for any advice.
KP123
27/08/2012 4:38 pm
Hi KP123
Did the finance agreement come to an end? It's certainly unusual for the payments to stop. The only other suggestion is that the finance agreement was not HP and they became a creditor.
Unfortunately only your Trustee will be able to clarify this and the position with the car being an asset or not.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
27/08/2012 11:04 pm
Hi Mark,
Thanks for your reply, I Was due to pay the car until feb 2013, if the car wasn't on hp and they did become a creditor would that mean that once the trust deed was over I wouldn't have to start paying the car again? I'm worried that once I have finished paying my trust deed that I'm going to have to start making the car payments again
Thanks
28/08/2012 11:12 am
Hi KP123.
We'd be guessing on this subject as it's unclear to us why the payments stopped and what type of arrangements exist for the car payments and/or whether it's therefore an asset that needs to be dealt with.
I think a call to your trustee is on order as they should be able to quickly tell you their view of the situation.
If you remain unsure after that please let us know what you've been told. We're a little bit short of information to offer you reliable advice at the moment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/10/2012 11:58 am
thanks for the replies on this folks, on looking at my trust deed agreement it looks like the £2500 outstanding to my hire purchase has been transferred to my creditors.
Can anyone shed any light on what the statement: estimated to realise means?
Thanks again
09/10/2012 12:13 pm
That would indicate that your trustee might think there is an asset here that can be used to repay your creditors KP123.
However, we really need clarity as to whether this is a HP agreement or an unsecured credit agreement. Your trustee should be able to tell you.
If it's HP we'd expect that the payments would have continued. The car wouldn't really be yours until everything was paid off.
If it's an unsecured loan you own the car outright. If the car is of a certain value this may mean you have to make a contribution towards the equity in your vehicle.
Hopefully a call to your trustee will help you to become clear on where things stand.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
