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Scottish Trust Deed Forum
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Topic starter
02/09/2013 7:12 pm
I'm just about to sign the papers to my trust deed but have a question after reading all the paperwork.
I've just passed my driving test and my brother has offered to put me on his car insurance and he'll pay the extra every month as he know's my money will be limited for the next few years. I'm going to phone my adviser tomorrow and let them know, but i don't want to go on his insurance if my TD will affect him. The car is in his name and its fully paid off, i'd only be on the police as a driver.
Will this affect anything?
02/09/2013 7:31 pm
Hello glasgow_gal and welcome.
Your brother should check that his policy will cover you if you're in a trust deed. It's probably OK, but not with every insurer.
You should also be sure you meet the insurers definition of an additional driver if you're really the main driver.
These issues aside, the trust deed shouldn't affect your brother at all.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/09/2013 10:20 am
Hi glasgow gal,
Well done on taking steps to deal with your debts.
As you are at the final stages of entering into a Trust Deed, make sure you have had everything in writing confirming the timescale, your monthly payments and what will happen to any assets that you have etc. Generally Trust Deeds last for 3 years but then can run for 4 or 5 years also.
It's always best I think to have had a sit down meeting with an advisor to go through all of your options which could be a Trust Deed, Debt Arrangement Scheme and Sequestration. Is this something you have had?
As TDA has said, there shouldn't be a problem for the car insurance but it's always good to check with them for reassurance.
Good luck with things and I'm sure it won't be long till your coming to the end of your Trust Deed and asking questions about your discharge.
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