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Topic starter
08/03/2010 11:57 pm
Hello
My Trust deed is due to come to an end in December this year. I have had my car for 4 years now and bought it for ?ú5,500 but its still valued at ?ú4,000. What will happen at the end of the trust deed? I had read on a previous post that if the car is valued over ?ú1000 they will want the value of the car minus that ?ú1,000. Does that mean I will have to pay another ?ú3,000 into my trust deed? That will take me another year and a half as I am paying the minimal amount possible a month as I have a very low income.
Any information would be most helpful.
Thanks in advance.
Victoria
09/03/2010 9:27 am
Hello Victoria
I canÔÇÖt understand why a vehicle would still have a value of ?ú4,000 if it was bought for ?ú5,500 4 years earlier. Have you obtained an up to date valuation? This could be obtained online i.e. Wisebuyers or Parkers. If however you car is still valued at ?ú4,000 you will need to pay the additional ?ú3,000 to the Trust Deed. Where you allowed to retain your car for work purposes? When you signed the Trust Deed were you not given an indication about what would happen to your car?
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
16/03/2010 11:57 pm
Hi Julie
I just received my letter from the Trust Deed company explaining that they will try to obtain any funds on the car over ?ú1,000. At the time of signing my trust deed it was expected that the car would only be worth maybe ?ú2,000 or even less but unfortunately my little car has held its value very well and I have checked many online valuation sites. Its great in many ways that the car is still worth so much but not in terms of my trust deed. The letter says they will either force a sale or I should continue to make payments. I will just have to keep doing that. Thanks for you help.
Victoria
