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Scottish Trust Deed Forum
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Topic starter
18/01/2012 10:37 pm
Back in August 2011, I was notified by the trustee that he intends to uplift my car and number plate to sell it in February this year. He had given me the option to try and get the cash together and pay a lump sum, but theres no way I can raise 3745 for car and 840 for plate especially when am paying 400 per month still towards my arrears. Once the car gets uplifyed next month I will carry on paying towards my equity in my property. My question regarding this is, my mum has taken out Finance through a car dealer in her name. Could I put the car in my name for insurance purposes etc although she will be paying it and will the trustee find out and then try and uplift this vehicle bearing in mind we dont own it. What is ikely to happen? Can anyone give any advice?
18/01/2012 10:46 pm
Hi Dollybee.
Your Trustee will have no interest in a car that you don't own. Taking our insurance to drive it does not make you the owner.
I take it using this car will not affect your ability to make your payments to the trust deed?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
18/01/2012 11:04 pm
Hi TDA is correct, it states on the V5 that the registered keeper is not necessarily the owner.
I'm sure it will be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/01/2012 8:22 pm
Hi TDA,
Ill still be making payments to the TD every month, infact ive told them to increase my Direct Debit from 400 to 500 per month to try and clear the 14952 equity I own on the house. The trustee has told me I must have this paid in full by July 2013, ill need to worry about the balance nearer that time as he says he doesnt intend to extend the trust deed any longer than that as by then it will have been running 5 years. I thought it could run longer, surely he wouldnt sell my house at that point.
19/01/2012 8:46 pm
Hi Dollybee.
The issue with the car seems fine.
Do you think you can pay the equity over by July 2013?
Is it just that which you're currently repaying, or regular trust deed payments as well (sorry, I'm sure you have told us before).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
20/01/2012 6:02 pm
Mu 36 months finished in July last year, but I continued to pay 400 per month to clear my arreara, now my arrears are clear ive increased my payments to 500 per onth to pay most of the equity due, but by July 2013 ill still owe over 6000, which ill need to take out a secured loan.
20/01/2012 7:56 pm
Thanks for the reminder Dollybee.
You're obviously doing all you can to meet the terms of your trust deed which I think will help your case. A secured loan might be tough to get; hopefully we will see lending criteria relax a bit over time.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
