Hi scappa04.

It always depends a little on individual circumstances. In general terms however people can and do often carry on with these types of vehicle arrangements during trust deeds. As you say, in many instances their ability to fund the trust deed depends upon having a viable means of getting to work.

Many thanks,I'm seriously considering a trust deed, but do desperately need my car for work..

Hi scappa04

I dont think there would be any great problem. The monthly cost is a wee bit high, but as you say, this is required for work and if you were to hand this back and get something cheaper then there would be a penalty for handing it back, which in turn increases the debt and this would reduce the dividend to creditors. Both scenario may end up with the same dividend to credditors.

Mark

Thank you Mark,
I just got the car 2 months ago, but didn't know the true state of my finances,if forced to give it back, would find it near impossible to get another.

i too have a car on contract which runs out 3 mmonths before hopefully trust deed finishes,so unfortunally i,ll have to use th ebus and train for work from then on as any money gained from the sale goes towards paying off final fianance on car not sure if it will pay it all off so this may be added to trust deed?

Hi maverick267.

I'd check with the car finance company what happens if there is any kind of "shortfall" at the end of your contract.

Will they not let you extend the finance at that point?

i have been advised to hand the car back as it would save me £200 a month,unfortunatlly thats about the cost of bus/train fares with inconvenient times for work.there will still be £3-4000 left to pay on the car so if the car goes it will pay some or all this off any left over obviously wil goto trustee