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Scottish Trust Deed Forum
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Topic starter
13/01/2011 5:19 pm
In the process of getting a T/D and just realised that I actually have a Loan for my car as apposed to Hire Purchase agreement which I initially thought. How does this effect me as I need my car for work and family life. Will my car be taken from me???
13/01/2011 5:23 pm
Hello Maisie.
If it's an unsecured loan the lender has no hold or security over the vehicle. It's yours.
The loan would need to be included along with your other creditors in the trust deed.
The other difference is that if the vehicle (which you own) has significant value it may be treated as an asset in the trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
14/01/2011 9:07 am
Hi Maisie
If your car is valued at more than ?ú3,000, a third party may be required to pay any value over and above this sum to allow you to retain the car. Have you signed the Trust Deed yet? If not you need to get clarification on this, in writing, as soon as possible.
Julie
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