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Scottish Trust Deed Forum
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Topic starter
23/10/2012 10:22 pm
My car loan was included in my TD however I was advised that at the end if my TD in 12 months time it is unlikely to be worth much so IP say will not be interested in it however it is slowly dying and I am worried that it needs too many repairs that I can not afford. My friend has offered me the use if his car if I pay the monthly payments due on it which is about £200 per month. This would stretch my budget but I do need a car as I work very unsocial hours and can't use transport. Would I be allowed to sell my car and use what I get for it to pay my friend £200 per month to rent his car?
23/10/2012 10:39 pm
Hi Mrs Mac.
If your trustee has no interest in your current car, and this switch will not affect your ability to make payments to your trust deed, I'd hope that they would be open-minded about your idea.
Probably worth giving them a call to check though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/10/2012 10:45 pm
Once again a speedy reply. Thank you so much.
23/10/2012 10:48 pm
You're welcome Mrs Mac.
I hope you get the answer that you're hoping for.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
25/10/2012 5:21 pm
My TD company did not allow this. They say if I sold my car they would need to get the money so I wouldn't be able to rent a car from my friend.
25/10/2012 6:21 pm
How much do you think that the car would sell for Mrs Mac?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
25/10/2012 7:30 pm
What's the cost of taxis home for 12 months and how does it compare to buying a replacement?
Topic starter
25/10/2012 9:41 pm
About £2000
Topic starter
25/10/2012 9:44 pm
About £2000 is what I should get for the car. Taxis would cost me a fortune I reckon about £50-£60 a day soon way I could do that either. 🙁 I guess I will just need to keep my car going as long as I can. Thanks anyway
25/10/2012 9:55 pm
Fingers crossed your car holds out Mrs Mac. Treat her gently I guess!
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