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Scottish Trust Deed Forum
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Topic starter
23/02/2018 10:51 am
Hi,
I have been in a trust deed since April 2017. I have had a car out on finance since November 2015 for 5yrs. I was looking to upgrade my car for a bigger one as we have since had a baby and my 3 door car is just a bit cramped for prams and car seats etc.
I spoke to Arnold Clark. They said they would buy my car and pay off some of my current car finance (£2500) and then the rest of the money I have left to pay (£1000) would get added onto my new car finance.
As I am currently in a trust deed, I'm not sure if this is worth while even attempting to get a new car just to be disappointed.
Has anyone ever taken out a new car lease whilst in a trust deed? Or is this even possible at all? I was thinking as I currently have finance out it could be easier to get accepted but not sure.
Any advice would be great. Cheers!
23/02/2018 10:58 am
Welcome to the forum CR96.
There are finance providers who will lend during trust deeds, but the interest rates tend to be pretty high and you may be required to get written consent from your trustee.
Your trustee might be reluctant to provide such consent if it would reduce your ability to repay your creditors. Hard to see why they'd object though if the new payment wasn't higher than your current payment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/02/2018 11:08 am
Thanks for the reply.
It's looking like the payment will definitely be higher than my current payment. Do you think there is no chance then because of this?
23/02/2018 11:14 am
Hi CR96,
I can't see anything to lose by asking your trustee about it?
It's their judgment that will count here. It might be useful if you have an idea regarding the increased cost when you contact them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
23/02/2018 11:15 am
I will give them a call. Thanks for your advice!
07/03/2018 11:14 am
Hi there. I took a new lease out 2 years into my trust deed after my current lease expired. My trustee was fantastic throughout the whole process.
In the end I ended up paying around £15 more per month, so not enough to take the proverbial out of the situation.
When initially contacting my trustee I stressed how important the requirement for a car was for my employment and for family life. You should do the same.
08/03/2018 8:41 am
Hi CR96 ,
As TDA has said you are best to contact your Trustee however generally if the lease payments are slightly higher, your Trustee would be reluctant to consent to it as this could possibly affect your ability to pay your contribution, you could maybe propose to reduce other expenditure therefore keeping your contribution at the existing level.
Sarah is no longer posting in the Trust-Deed.co.uk forum.
