Hello graeme7171,

When you say that the HP car is included in your Trust Deed do you mean that it is included as part of your income and expenditure calculations?

Hi

Yes, it is included in my income expenditure.

Is it possible to trade the vehicle in for a lower monthly payment option? I would be willing to contribute more ?ú to the TD.

Hi graeme7171,

I cannot see any problem with this as everyone involved would benefit. I guess the potential issue is whether your current (or a new) HP lender is prepared to fund a new vehicle while you are in a Trust Deed.

If you have a good payment record the current provider would possibly be the best starting point.

Hi Graeme7171

Like TD says I can't imagine the Trustee would have a problem with this. Please let us know how you get on.

Julie

Graeme, just be aware that the finance company will need to know you are in a trust deed, and may refuse you because of this even if you have met all payments due to them. I was refused credit for a new car through my existing finance company (Peugeot) although they later re-financed my existing car with no problems. I think the new amount of credit was too much for them to even consider taking on someone in my position, while the exisitng amount was seen as less of a risk.

I certainly won't be using them again due to this even when out of my PTD, which finishes on the 18th of April next year, not that I am counting or anything lol

Thanks for posting almeda - it's great to get this kind of practical feedback from people. I dare say different HP providers have different procedures but it is always very useful to find out about how specific companies view things.

Sorry to jump on this thread, but could I please ask for some advice!

My car is completely paid off and was so, before entering into my TD. It is worth just over ?ú1,000.
As I am incurring a few problems with it, I was wondering if there was a possibility of trading it in for another car of similar age/value?

Would I be able to do this while in my protected TD, or would I have to inform my trustee? Any advice would be gratefully received.

Hi greenie,

From your comments I doubt that there would be any problem with this but it would be best to run it by your Trustee first so that everything is out in the open.

Okay, thanks again TDA!