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Scottish Trust Deed Forum
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Topic starter
07/01/2012 7:28 pm
Hi
I know there have been a few theads on issues similar to the above, but this is a slightly different twist on anything I have read previously. This is more aimed at the TDA or Mark, Kevin & Shona. Here goes.
My partner and I are currently in the process of completing our first 6 monthly income / expenditure review, whilst reading though the details of our PTD (comparing our actual expenditure which we have kept a detailed record of by inputing all of our receipts and costs onto a spreadsheet under the categories detailed on our PTD expenditure (anal, I know)). Anyway, I have noticed that the value of our cars are stated within the PTD as £1. One of our cars will not be worth anything like the £3K mentioned as the threshold, but the other quite possibly will.
My question is what will the value of the cars be determined by? The actual value of the cars at the end of the PTD? Or the value stated within the PTD?
If anyone else has had experience of this your thoughts are more than welcome.
Kind Regards,
PB
07/01/2012 8:03 pm
I am with tenon and my car was just reveiwed,and they used the glass guide to value the vehicle,but that doesnt mean you will have to pay that amount over,so check with your own IP.
Paul.
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
07/01/2012 9:41 pm
Thanks for your reply Plasticdraft. I'm with Buchanan & Roxburgh, and I have to say, to date they have been a dream to work with and if they continue to perform to the hugh standard they have been, I would not hesitate to recommend them to anyone.
I will bring it up with them a bit closer to the time when the actual value of the car will be more apparent.
07/01/2012 10:08 pm
I'm glad to hear your trust deed is going well Poorboy.
I'm wondering if the £1 entry means that they have no interest in your car. Mark, Kevin or Shona may have something to add on this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/01/2012 10:10 pm
Thanks for your reply TDA.
Your question is exactly what I was wondering.
PB
07/01/2012 11:35 pm
My wifes car was put into the paperwork with a nil value. Maybe some companies just have to put a figure on it,even if its negligible.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
08/01/2012 9:30 am
Hi all
I use the £1 nominal value as you can't really show a vehicle under assets with 0 value. This allows me to show the vehicle (which in effect has no value to the Trust Deed) but also it balances out against the car costs in the expenditure. Otherwise you would have assets 0 and motor expenses shown.
Hope this makes sense!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/01/2012 1:21 pm
Once again makes total sense.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
08/01/2012 5:47 pm
Thanks Mark
As usual you have provided a very informative answer. Could I be so bold as to ask you to expnad a little further, as in when you include the value of £1 for the car will that ever be re-evaluated to a higher figure at the end of the trust deed?
In my case I don't think this will be a major issue as at the end of the 3 year period our car is unlikely to be worth much more than £3K, plus there will still be outstanding finance so the equity will be at least £1,500 less than the value. However there may be others in a similar position and it may set a few minds at ease.
PB
09/01/2012 8:31 am
Hi Poorboy.
If there is outstanding secured finance on the car I really don't think that there is going to be any issue for you.
I would presume that title to the car would not pass to you until the finance has been fully repaid.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
