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14/06/2017 10:46 pm
Hi folks. Well my previous issue regarding my cancer diagnosis has worked out not too bad, I am getting surgery within the school holidays and can receive treatment at my local hospital afterwards without having to travel so that's a huge weight off my shoulders as my husband won't need to take too much time off work.
But it never rains but it pours in our life... And this morning my car gave up the ghost once and for all- it's going to cost 3x the cars value to get fixed. My parents have offered to give us the money for the car and we don't need to start paying them back until trust deed is finished. Very good of them. (They only know we have a dept to pay- not that it's a trust deed... Too ashamed to tell them that)
Will this b ok? It will b a reasonably new car as they want it to b long term and reliable so talking in the 9-10k range...
It will b bought in my husbands name- who finishes his TD in August this year.
I called my TD provider who said she would have to run it all past my trusted, but I'm just wondering if anyone can see any issue here?? We are both just paying to release equity at the moment and our 36 payments have all been met. I finish in dec
15/06/2017 8:40 am
You are right to seek the ok From your trustee first.
I think you should ensure that you keep evidence that the car was bought by your parents as if there is any problem at all then you can argue that it belongs to them and that your husband is merely the registered keeper - two different things.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
15/06/2017 9:27 am
Hi Nemo1,
That’s great news about your diagnosis and treatment. As you say I’m sure this comes as a great relief.
Like Kevin has advised it’s best to run it past the Trustee but to also ensure that it can be clearly demonstrated that your parents are the ones that are purchasing the vehicle and allowing you the use of it.
Make sure you receive something in writing from your Trustee to confirm that there will not be any problems with this arrangement regarding the vehicle. I’m sure it will all work out fine.
David is not currently posting in the Trust-Deed.co.uk forum
15/06/2017 2:28 pm
Could your Parents not be the registered keepers and you and your husband get insured to drive it? That way it wouldnt be an asset of yours noo matter how its viewed.
16/06/2017 12:02 pm
Hi Black Night,
Being the registered keeper on the V5 doesn’t mean that they are the owners. It comes down to the person that is legally buying the vehicle. The best thing is for the purchase invoice to be in the name of the person actually buying the vehicle.
Nemo1 parents can purchase the car, the purchase invoice is made out to them as they are the legal owners but Nemo1 can be the registered keeper on the V5 and insure the vehicle.
As long as there is a paper trail that shows the parents bought the vehicle it should be fine.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
20/06/2017 7:34 pm
STILL waiting to get confirmation.... Chased them twice to no avail
