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BMC
Frequent Contributor

42 Posts

Posted - 12 July 2022 :  12:26:08  Show Profile  Reply with Quote
Hi all,

Sorry for another post.

Today I found out that my car is part of my trust deed. It has equity balance of £4K.

So my new balance is now £9565 for both my car and property.

I spoke to a member of the team this morning and I asked if I could sell my car in order to pay off my outstanding balance as I paid off the legal 4 year term in July.

I was advised that the total would be over £9K so I asked if I was able to sell my car for £10k (as i have already had it valued) however they told me that they would take the full sale of my car and that I would still need to pay a monthly contribution towards the heritable property.

My previous trustee company (I got moved to another TD company) told ME that I could sell my car in order to settle the balance early after the 4th year.

I am now very confused and slightly angry that I may not have this option anymore and would love to get some advice on this matter as I am now stuck in a hole and not sure what to do.

Thank you all..

BMC

Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 12 July 2022 :  14:00:41  Show Profile  Reply with Quote
Hi BMC. I can understand your anger if you were told one thing and then it didn't turn out that way.

I think I mentioned in reply to one of your previous posts that it seemed odd that the trustee was willing to allow you to sell one asset in order to pay the funds in to buy out their interest in another. Both car and house are assets whose value should be gathered in if there is sufficient equity to justify it. As such, what you have been told by your new trustee is the way it is should normally happen.

Do you have any written evidence of what was agreed with you originally regarding the car by your former trustee?

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BMC
Frequent Contributor

42 Posts

Posted - 12 July 2022 :  14:19:42  Show Profile  Reply with Quote
Hi Kevin,

Thank you for your reply. Yes I was told via telephone convo twice by the previous Trust Deed company that this was an option. They no longer are trading now so I have been unable to request a telephone recording of this. Unless my file/record of my conversations has been noted and passed to my new TD.

I called my current TD company a few times this morning and I have now been booked in to speak with a senior staff member on Thursday or Friday this week in a hope they can consider this. If this is not doable then I will remain in the TD until I have paid off the equity for my houses and car unfortunately. Not the outcome I was gearing up for, for the last 4 long years.

I am very disapointed and up set.
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BMC
Frequent Contributor

42 Posts

Posted - 12 July 2022 :  15:26:19  Show Profile  Reply with Quote
One other option I was thinking about is:

Can I sell my Flat in order to pay off my remaining balance of 9K as I have legally completed the 4 year agreement?

thanks again.

BMC
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Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 13 July 2022 :  09:31:00  Show Profile  Reply with Quote
Hi

It might be possible to do this, as long as you are still within the agreed period for the equity agreement to be paid as set out on the Form 1B signed at the start of your Trust Deed. I would proceed very cautiously with that though and make sure the trustee has agreed that this is possible before going ahead.

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BMC
Frequent Contributor

42 Posts

Posted - 13 July 2022 :  14:57:47  Show Profile  Reply with Quote
Hi Kevin,

Thanks again for replying. The above is well noted.

I called my TD again this morning and i stated that I was told by my previous TD company that this was recommended to me. I then told them that I aimed for this during the 4 year legal term and that I was dissapointed with the answer my current TD gave me. Spoke to a lovely lady and explained that the car value itself would be enough to cover ALL equity. She has passed this onto my case handler and they will call me today with an answer. She did say if the car holds value then they could consider this.

I no longer use the car as I work from home on a fixed basis.

I will keep you posted on the outcome (hopefully with good news!)

Thank you again

BMC
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BMC
Frequent Contributor

42 Posts

Posted - 15 July 2022 :  12:41:29  Show Profile  Reply with Quote
Two days and several phone calls to them and I am still waiting for them to call me. I have no confidence in the company managing my TD ...
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BMC
Frequent Contributor

42 Posts

Posted - 19 July 2022 :  13:22:53  Show Profile  Reply with Quote
Almost one week later and I still haven't received a confirmation with regards to my enquiry with my trustee. I have called them several times and I am getting nowhere!

I have lost all faith in the company handling my case.
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question
New Member

3 Posts

Posted - 20 July 2022 :  08:48:30  Show Profile  Reply with Quote
BMC mate i can feel your pain .
Trust deed companys doesn’t care about us . Only till you sign with them .
I am with Carrington Dean awful costumer service and hours of calls .

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BMC
Frequent Contributor

42 Posts

Posted - 20 July 2022 :  12:51:31  Show Profile  Reply with Quote
Absolutely!! It's taken over a week for a reply. Luckily this is good news! I am allowed to sell my car to pay off my balance!

I'm so glad to finally get out of it.
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