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Scottish Trust Deed Forum
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Topic starter
15/08/2012 1:33 pm
My car finance was included in my TD.
Unfortunately, now the car is too expensive to run whilst in my TD. Petrol (it just eats the stuff!)and road tax costs are high.
Firstly, can I trade my car in for something more economical?
Secondly, will it not show that there is finance outstanding on my car when i trade it in?
Do I need to tell my Trustee?
Any advice as usual greatly appreciated!
15/08/2012 1:47 pm
Hi Neverendingstory.
What type of finance is it?
When you say it's included in the trust deed does that mean:
A - The debt is now a creditor in your trust deed or/
B - An allowance to make the monthly car payment is included in the calculation of your trust deed payment (your income and expenditure).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
15/08/2012 1:56 pm
Hi TDA
It was through Santander so I think it was a loan agreement?
A - the debt is now a creditor in my TD.
Thanks
15/08/2012 2:39 pm
How much is your car worth, neverendingstory? Is you trustee expecting you to pay anything in to the trust deed in respect of the car? You probably need to clear this with your trustee before you do anything. Bear in mind that your trustee may look to review what you can afford to pay into the trust deed too should your outgoings reduce...
If it was a loan agreement then the finance is not connected in the same way and should not show as outstanding when trading in.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
16/08/2012 2:19 pm
Hi Kevin
The car is valued on my TD as £1. No, no payment has been requested for the car.
Thanks for your help.
