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Scottish Trust Deed Forum
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Topic starter
23/11/2011 9:05 am
This may seem a really daft situation and question but here goes
My husband and I are entering TDs we still pay toward a car we no longer own- my mother has agreed to pay car instalments until it ends next year so that a TD is affordable to us- we don't have any of the car docs any more and the finance company know we don't have the car any longer but have allowed us to continue payments to prevent repossession - the car will be worth under £1000 now and much less in 3 years could the car be seen as an asset and the reg docs asked for- I'm worried because we don't have them also I'm not really sure what to do here- I'm grateful to my mum for offering to pay it so we can afford a TD and the car isn't an asset cause we don't own it anymore- is this likely to cause a problem for us- the car is owned now by a family member who I sold it to in good faith that car was fully paid- it was only after selling it that my husband confessed to being behind with payments and this mess began
23/11/2011 9:11 am
Hi Bee.
If the car is worth less than £1000 I really don't think that this will be a problem for you in terms of your trust deeds.
Presumably you can evidence that a sale took place if you need to?
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23/11/2011 10:48 am
Was the finance HP or was it a car loan, Bee?
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Topic starter
23/11/2011 11:22 am
Hi Kevin- it was HP which is why I need to have it paid as I'd hate the car to be taken
As it was a family member I'm not sure how I'd evidence sale it was a year ago and I don't want to discuss it with the family member as it would be horrid
23/11/2011 7:56 pm
How much was the car sold for Bee?
Did the money pass through a bank account?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
24/11/2011 10:32 am
Hello there- the car was sold for under a £1000 pounds because it needed a lot of money spending on it to get through an MOT- because it was a family member they just dropped the money round and it was earmarked for something so wasn't ever put into a bank account- as I said at the time I thought the car was completely paid off- the finance company know where it is and the circumstances and agreed to allow us to clear the arrears on the premise that if we missed a payment they would repossess
24/11/2011 11:25 am
Hi Bee.
I doubt that there is an issue here in terms of your trust deeds.
I don't think either you or your family member really owns the car; the hire purchase payments haven't been completed.
If you don't own it now it's not an asset now.
When the HP payments are finished I suppose it could be considered to be an asset, but as the value of the vehicle is comparatively low and you contend that the ownership of the vehicle is with someone else I think it's unlikely that this will become a problem.
I'm interested to hear how Mark, Shona or Kevin might view this though as it isn't entirely straightforward.
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25/11/2011 9:47 am
I'd agree with everything trust deed assistant has said
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
