Notifications
Clear all
Scottish Trust Deed Forum
8
Posts
4
Users
0
Reactions
1,867
Views
Topic starter
17/03/2010 3:36 pm
I entered into a trust deed almost 5 years ago. It is now with the closures department but upon a manager having reveiwed the case in January it appears there is equity available in a car.
At the start of the TD the trustee miscalculated what would be left at the end of the hire purchase agreement and since receiving an update from the HP company they are trying to get me to pay them the extar money. It was their mistake and they admitted it so why should I pay?
To make matters worse, the car in question is now sold (after we completed trust deed) but they are still requesting this money. They sent letters out but to the wrong address. Luckily I kept all emails advising of the change of address but they said they never got any request to change it. Funny that i have an email from them confirming they updated their records.
Does anyone know what I should do? I want to have this finally closed but I don't want to pay the extra for their mistake.
17/03/2010 4:25 pm
Hi Frag15,
I can understand that this must be very frustrating for you.
What exactly was the mistake in the calculation?
What happened with the proceeds of the sale of the vehicle?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/03/2010 4:39 pm
They calculated a higher amount that would be outstanding at the time the Trust deed ended. They received a letter from the HP company in January stating the correct amount.
The proceeds from the vehicle went towards another vehicle.
I got confirmation from the trustee that all payments were made and up to date months ago and it went to closures department last year. As we had made all payments we decided to get a more reliable car as it is needed for our jobs. The other one was old and needing repaired all the time.
17/03/2010 6:32 pm
Hello Frag15,
Hopefully one of the experts will share their view on this soon...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
18/03/2010 10:32 am
Hi Frag15,
I sympathise with you here - there is nothing worse than someone shifting the goalposts at the last minute. Unfortunately, you may have little option but to comply with the trustee, even if they had made the original miscalculation.
Something like how much equity is in a car at the end of a trust deed can only be based on an estimate and it should have been made clear to you that the actual outcome may be different. Unless some kind of deal is struck with your trustee then they could refuse to discharge you from your trust deed (and your debts). How much are they seeking from you? Maybe make them a compromise offer?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
18/03/2010 12:32 pm
Thanks Kevin.
3 days ago the amount was ?ú1800. When I explained the car had been sold they then said they would be looking for more. I don't know how that works as the car wasn't worth any more than ?ú1800 plus they said they need to put a ?ú500 fee on top of it.
Complete cowboys.
18/03/2010 2:03 pm
Have you asked what the ?ú500 fee is for Frag15?
Might be a good idea to ask them to set that out in writing.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
18/03/2010 11:37 pm
Hi Frag
sorry it's so late. My advice would be to write to the Trustee recorded delivery asking why it has taken over 5 years to begin the winding up process and ask them to fully explain the position with the car to provide copies of anything agreed at the time of signing and also full details of the legislation and/or TD guidance under which they are dealing with the car.
Please keep us posted when/if the response comes back.
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
