Was the car mentioned at the start of the TD?

Hi kidz192523.

The £3000 rule is relatively recent. It used to be a figure below this and, as you are approaching the end of your trust deed, I think the old figure will apply to you.

Exactly how this old rule was applied seemed to vary a little from firm to firm.

You may therefore find that you have a responsibility to contribute towards equity in this car (though that doesn't mean losing it in most instances, it might be paid over by extra contributions for example).

Tinsoldier makes a good point about whether this asset was noted at the start of the trust deed.

I guess you have a tough choice. You could contact your trust deed firm to establish where you stand. Alternatively you could wait it out and hope that the question about your car doesn't arise at all.

hi tinsoldier , no as we only got the car a few months ago , my father lent me the money , as we are finished the trust deed in june the £300 per month i am paying to the trust deed i was going to start to pay my father back ,i had another car but it is a write off now and my wife needed a reliable car for the school runs and her mobile work , could they take the car off us ?

Hi kidz192523.

Not if your father, who some might interpret effectively purchased the vehicle, remains the owner of it?

If you're the owner it may be seen that you have acquired an asset which may have to be dealt with in terms of your trust deed.

Being the registered keeper of a car is different to being the owner.

hi again , how will the TRUST DEED firm know what car i have and what value the car is ?

SO I CAN SAY IM THE REGISTERED KEEPER AND MY FATHER IS THE OWNER , WOULD THAT WORK ?

Hi kidz

It would be difficult for a Trustee to find out, but not impossible. That said, I think any trustee would be harsh in looking at this as acquirenda and not just as the use of a car with the financial assistance of family.

Mark

HI MARK ,SORRY TO APPEAR THICK BUT I DONT UNDERSTAND YOU LAST CONTACT ACQUIRENDA ??

Hi kidz192523.

I'll apologise for Mark's accidental use of technical terminology! There's nothing at all thick about not knowing what that word means.

"Acquirenda" is effectively another word for a "windfall". That would be assets or money that come into your possession during the course of a trust deed.

Commonly used examples might be an inheritance or a lottery win.

thanks for the info , but i am a bit thick ,ha ha .so what should i say about the car if im asked ?

Hi there.

That really depends on who you and your father consider is the owner of the car.

Hi

Technically your father could be the owner of the car, you haven't paid him back yet have you? Personally i wouldn't mention it to the trustee at all.

Before yu get insurance you should check out a insurance comparison website i would suggest (LINK REMOVED)

Hi paymonthly.

I'm afraid this isn't a place for you to advertise. Your link has therefore been removed.