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Hi guys will try keep this short and sweet. 

31 years old and I know the past decade I’ve been terrible with money. 


I recently purchased a car that’s been besotted with issues from day 1. Car dealer won’t take it back even after independent inspection which is a joke…


Total loan is about 10k high interest one, and I have about 7k worth of other debts. 

I have advised the finance company I won’t be making payments and will look to sequestration or a trust deed once the car has been collected. 

I earn about £1600 a month at my job, stay at home but pay digs and help with bills, have my phone laptop and iPad on contract at £100 a month don’t drink or smoke but I try and go on a trip once a month to keep me sane. Budget trips not 5 star hotels 


im just wondering if it’s worth it I obviously will not be paying for the car that broke down 2 times already however if after the last attempts for dealership to take car back and it doesn’t work trust deed or bankrupt is my last option! 

I haven’t yet made a payment to the car as knky

collected in September..

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Kevin Mapstone
Member Admin
Joined: 15 years ago
Posts: 4237

Hi Edinburgh2023.  Sounds like a very frustrating experience for you.

First thing I would say is that it might be worth getting some expert advice on your rights as a consumer.  We aren't experts on here about that side of things but perhaps there are ways of approaching this that might men that you aren't being left to carry the can for a car that isn't working properly?  Your local authority might be a good place to start as they usually have consumer rights/trading standards teams.

If you do end up giving the car back to the lender then they would sell it and any proceeds (after selling costs) would reduce the amount that you owe on the finance, so the debt total might not be as high as you think.  I would advise waiting until you know what the actual outcome is before you decide what kind of route you would want to go down to resolve it.

A bankruptcy or a Protected Trust Deed may be suitable options for you if you are left with debts that you cannot afford to repay within a reasonable period of time.  However, under both solutions you have an obligation to pay whatever you can afford for a period of 4 years.  This is worked out based on a set of guidelines as to what are reasonable living costs.  By going through your budget with a debt adviser, such as via your local free advice agency or by contacting one of the experts from this site, you would be able to get an idea of how much you would be required to pay.  This would presumably determine how attractive these solutions might be for you or whether another solution such as a Debt Arrangement Scheme programme may be more suitable.

I hope that is helpful.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.