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27/06/2022 10:47 pm
Hello I’m here here and I’m hoping someone can help.
I’m currently away to go down the trust deed route after losing my business (sole trader) and only have a part time wage.
My biggest worry is I have 2 small cars on finance as my husband couldn’t get one on finance so I’ve got both, however he pays for them, as he can afford it.
What would happen if I enter a trust deed? We live rural with no bus routes, we drive as part of our work, and we need cars for opposite shifts and child care.
Unsure what to do 🙁 one company I spoke to said it wouldn’t be an issue, but I have a feeling companies tell you anything to get you in.
I don’t have a mortgage, I have about 30k of debt that was being paid off, I have excellent credit rating … however I can’t afford the payments now due to losing my business ,.. covid hasn’t been kind.
Thanks in advance
28/06/2022 9:09 am
Hi Scotgal84. Welcome to the forum.
There is no guaranteed answer to your question I'm afraid. I think it is unlikely to be a problem, however your chosen Trust Deed provider certainly can't be unequivocal that it wouldn't be an issue. It will depend upon a few factors such as what type of finance agreements they are on (ie HP/Conditional Sale/PCP/Fixed Sum Loan), who the lenders are and how reasonable the cost is.
I'd be happy to have a look at the agreements for you and give you a clearer answer if that would help, so feel free to click through on the button to contact me directly and we can organise that.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
