buying a car at end...
 
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buying a car at end of trust deed

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(@51titles)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

Hi my trust deed has ended but not yet received the discharge notice.

If I buy a cheap car second hand and pay the yearly insurance in a one off upfront payment, is this allowed? Am I being paranoid that the car could be taken off me even thoughts have paid my monthly payment for 3 full years

Thanks in advance


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi 51 titles,

Well done on the successful completion of your Trust Deed.

You should have no problem in buying a cheap second hand car. Best thing to do is check with your Trustee and get them to confirm in writing that they will have no interest in it.

Any car worth less than £3,000 will not be taken into consideration anyway.

Also keep on top of your Trustee to send out your Form 5 discharge.

How did you find the whole process of the Trust Deed 51 titles?

David is not currently posting in the Trust-Deed.co.uk forum


   
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Mark McFadyen
(@mark-mcfadyen)
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Joined: 17 years ago
Posts: 4798
 

Hi 51title

If you have made your last payment, then what you do with your money is your business. Slight wee techie thing with assets acquired before you received your discharge blah blah, however if it's a cheap 2nd hand car there should be no issues even.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@51titles)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

Thanks for the answers

As I have read on other threads the first 2 and a half years flew by then last 6 months dragged in. Such a relief now.

The most the car would cost is £1500 and won't be until October so it should be fine.

I have been told the discharge form will be with me this week after I phoned to find out about it.


   
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Mark McFadyen
(@mark-mcfadyen)
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Joined: 17 years ago
Posts: 4798
 

Hi 51titles

After the Form 5 is received then you are free to buy whatever you wish.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@51titles)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

Thanks for the answers

As I have read on other threads the first 2 and a half years flew by then last 6 months dragged in. Such a relief now.

The most the car would cost is £1500 and won't be until October so it should be fine.

I have been told the discharge form will be with me this week after I phoned to find out about it.


   
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