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Scottish Trust Deed Forum
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Topic starter
08/10/2011 8:59 pm
Hi, signed a trust deed which is due to end next September (2012). Use a bike for work and it was valued at £3800 at the time. THe understanding was that if it the trustee thinks it worth enough at the end they can sell it and keep the money...question is, does anyone have experience of this, do they physically take a vehicle away, do they get independent valuations etc, would it just be removed and then left with no transport, I have no idea what the process is. Any advice ?
many thanks!
08/10/2011 10:35 pm
In my case a value was agreed with the trustee for my car at the start of the trust deed. I then made the agreed monthly payments over the 36 months, then continued making payments after the 36 months until the agreed equity value in my car was raised and added to my 36 monthly contributions to provide the total funds available for distributing to the creditors.
09/10/2011 9:55 am
Welcome crazy maisie.
If there is considered to be equity your Trustee would much rather have cash than uplift a vehicle.
Extra contributions or help from a third party with funds would be preferable normally.
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09/10/2011 10:15 pm
Judging by previous posts on this topic, it seems that different insolvency practitioners deal with vehicles in different ways. Certainly it is possible that they could insist that the bike is physically handed over for sale, though as trust deed assistant suggests I would imagine that any trustee is likely to be happy to come to a deal in order to allow you to keep it.
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