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Scottish Trust Deed Forum
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Topic starter
04/03/2011 10:11 pm
Hi there,
I am looking for some advice.
My wife has just made her final payment to her trust deed and is just waiting to get discharged. I have one more payment to make and then i will be in the same situation.
The car that we have is on it's last legs and we are desperate to get rid of it. My wife's parents have offered to help purchase a new one and will transfer the money into our joint account.
As we are not yet discharged would this be deemed as an asset - and would this put the discharge in jeopardy
Any help on this subject would be greatly received
SB
04/03/2011 10:40 pm
id defo wait till you are discharged mate, no point risking anything for the sake of 1-2 months
04/03/2011 11:21 pm
Even if they bought you the car without giving you the money, wouldn't it then become an asset?
Tread carefully!
05/03/2011 12:37 am
I wouldn't do it. Not now you are so close.
If they put that money in your account it becomes your money.
Then if you fail to declare they gave you it the trust deed may feel and they might move for bankruptcy.
05/03/2011 7:16 am
im no expert ,,but if your wifes parents registered the car in there name and not yours i.e there name on the dvla documents ,i cant see how they can say its an asset of yours when its not in your name , therefore your only borrowing your in laws car , untill your clear then swap the names on the documents
05/03/2011 7:57 am
Hi all
Good bit of a debate. If it can be shown that they purchased it, then very unlikely to be acquirenda ( new asset)
Even if the V5 is in sillyboys name, the document states that the registered keeper is not necessarily the owner.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
05/03/2011 10:26 am
so if his in-laws name was on the purchace recipt and also on dvla documents ,i suppose in legal terms the car is not yours ,but nothing stopping you from using it until your deed has been cleared ,then is fine for you to add your own details to the car registration ?
05/03/2011 10:35 am
Hi nevil99
Exactly.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
