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Scottish Trust Deed Forum
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Topic starter
23/08/2009 9:35 pm
Hi
Sorry for posting so many new topics, but keep coming up with questions I need to ask before I can take most appropriate action
I have a car on a finance agreement - I need my car for work - without my car I cannnot keep my current job. Therefore, as I understand it, finance company would be stupid to take it back as they would be cutting their nose off to spite their face
My wife has a car on HP - as it is on HP it is calculated along with mortgage etc as ''necessary'' expenditure ?????
Therefore, would we be able to keep both cars ?? (my wife has occasional business requirement to use her car)
thanks
Dan
24/08/2009 4:25 pm
What kind of finance is your car on, Dan? If it is a fixed-sum loan then the finance company cannot easily take it back anyway - certainly not if you are in a trust deed or das arrangement.
Car HP payments can be "necessary" expenditure in a trust deed, as long as they are justifiable and not too high. The HP company would normally be happy for the agreement to continue if the payments are being made.
Bottom line is, if it can be justified that you both need your respective cars, would be worse off without them and the cars are not overly valuable/expensive then there is no reason why you would not be able to keep them both.
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