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Scottish Trust Deed Forum
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Topic starter
10/07/2011 6:58 pm
I have two more payments to make on my trust deed. I have managed to save a bit of money and my family are giving me some money so that I can buy a car - I have been without one since the TD started and I really need one so I can take my daughter about. My trustee says I will have to wait probably six months for my discharge. Can I buy a car after my last payment but before the letter's received and not be in danger of it being judged as an asset? Or is it better to wait until I have the letter.
10/07/2011 9:24 pm
Hi twentysixer and welcome to the forum.
A trust deed runs until your discharge, that's one of the reasons why some of our visitors get very annoyed about delays in bringing them to an end caused by some companies. Six months is a ridiculous amount of time unless there are equity or similar issues awaiting being resolved.
If you have managed to save money from your budget it's probably not an issue if you then spend it on a car. I suppose a Trustee might see it differently if you were to be gifted money to help buy it. However, given the circumstances, perhaps you should just ask your Trustee to give you the go-ahead to do this in writing now. I can see little reason for them not to allow it.
The alternative could be for a family member to buy the car with the help of your savings. They could always give it to you later after the trust deed has been closed.
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