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Scottish Trust Deed Forum
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Topic starter
28/01/2019 10:01 am
My car will be part of my trust deed. I was wondering will I be able to sell this car and get a new one during the 4 years of my trust deed. The car is already 3 years old and I know it will not last me the 7 years.
28/01/2019 10:04 am
Hi ememem24
It may be possible, but you would need to seek the agreement of your Trustee first.
The other issue is that you may find it difficult to get a new finance arrangement given that your credit rating will have been affected by the Trust Deed.
Do you do a particularly high amount of travelling? 7 years isn't particularly old for a car, so maybe it could last you until your Trust Deed finishes after all?
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Topic starter
20/06/2019 1:52 pm
Hi Kevin
I have entered the trust deed and have been told I have a big bill to pay on car repairs. Will it be possible for me to trade the car in?
quote:
Originally posted by Kevin Mapstone
[br]Hi ememem24It may be possible, but you would need to seek the agreement of your Trustee first.
The other issue is that you may find it difficult to get a new finance arrangement given that your credit rating will have been affected by the Trust Deed.
Do you do a particularly high amount of travelling? 7 years isn't particularly old for a car, so maybe it could last you until your Trust Deed finishes after all?
quote:
Originally posted by Kevin Mapstone
[br]Hi ememem24It may be possible, but you would need to seek the agreement of your Trustee first.
The other issue is that you may find it difficult to get a new finance arrangement given that your credit rating will have been affected by the Trust Deed.
Do you do a particularly high amount of travelling? 7 years isn't particularly old for a car, so maybe it could last you until your Trust Deed finishes after all?
20/06/2019 2:08 pm
It's going to be the same answer as before ememem24.
Get in touch with your trustee to discuss this. In the circumstances I doubt that they'll object.
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21/06/2019 3:46 pm
In situations like it's always best to speak with your Trustee to see what the options are. If there is no financial loss to the Trust Deed then I can't see there being an issue trading the car in if it's becoming expensive to run.
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