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| The independent answer to your debt problems | login join |
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toomuchcandy
| 05-11-2007 04:52 PM |
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Joined: 05 Nov 2007 Posts: 3 | Can someone tell me if your car can be sold at any time whilst in a protected trust deed. It was explained to me that the car can be valued by the Trustee at anytime on behalf of the creditors. Is this right as I need my car for work and would probably lose my job if I lost my car. |
| DW George | 06-11-2007 11:47 AM |
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Joined: 01 May 2007 Posts: 148 My Profile | Hi TMC and welcome to DW forum. I hope you find this forum useful and invite you to also post. You do not have to be an expert in debt to talk about, just relate your experiences. With respect to your question. A trustsee can get the car valued at any time, although it is more likely to be done towards the end of your trust deed. At that point a decision will be made as to releasing any equity in the car. Generally if the car is worth less than around £1500 you will not be asked to sell the car. If you are asked to sell the car then you also have the option of buying out the equity. This can be done by your partner, relative or friend, which means you can keep the car for your work. As always it worth checking this over with your trustee as they will be able to give you a definitive answer. Kind regards George |
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toomuchcandy
| 14-11-2007 12:09 PM |
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Joined: 05 Nov 2007 Posts: 3 | I spoke to my IP who said said that he would not require my car to be valued/sold until the end of the agreement. Thanks for your help. |
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jo
| 21-11-2007 09:17 PM |
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Joined: 21 Nov 2007 Posts: 1 | We got too keep our car, but had too pay £100 extra per month towards the deed.as we needed the car for work we had no choice, but thankfully we finish our trust deed in april 2008 |
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toomuchcandy
| 22-11-2007 09:17 AM |
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Joined: 05 Nov 2007 Posts: 3 | Hi Jo Could you go into how you got to keep your car. Was your car on HP? |
