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Scottish Trust Deed Forum
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Topic starter
23/04/2011 10:42 am
Hello.. I am about 2/3 way through my trust deed. When I entered into it I did not have a car.. still don't. Due to a change in my working conditions it is likely that I will need a car.. I know I can not aquire new assetts therefore should not be able to purchase a car.. is there anyway around this? If a family member purchases it is that ok? is there a max value? £1000? Can I be registered keeper but not owner? Help?!?
Many thanks!
23/04/2011 10:46 am
Hi bowiegirl
No problem with a family member purchasing it & you using it. V5 docs clearly state that the registered keeper is not necessarily the owner. So you should be ok.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/04/2011 1:10 pm
Thanks so much for that, would i be able to pay family back for their purchase? Thanks again.
23/04/2011 2:12 pm
Hi bowiegirl
Probably not until the end of the Trust Deed, unless the Trustee allows it as an expense which is unlikely.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
23/04/2011 7:54 pm
Hi Bowiegirl welcome 2 the forum.
As Mark says you don't need to be the registered keeper to own the car, as iam in a similar situation. As my mother is registered blind, she needed myself or wife to drive her about. She purchased the car and the V5 was put in my name due to insurance purposes, as iam led to beleive that the person named on the V5 must be the main person named on an insurance policy. So please make sure that if anyone buys a car for you that you are both the registered keeper and main insured.
25/04/2011 7:28 am
If a family member is purchasing the car for you then there is no issue about the value of the car, bowiegirl.
Will you be getting a higher income with your new working arrangements? If so, remember you should inform your trustee.
It is also certainly worth trying to get their agreement to be able to make a payment for the car each month, after all it is an essential travel cost and as long as you are still able to pay at least the same contributions then your creditors aren't worse off.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
25/04/2011 7:29 am
If a family member is purchasing the car for you then there is no issue about the value of the car, bowiegirl.
Will you be getting a higher income with your new working arrangements? If so, remember you should inform your trustee.
It is also certainly worth trying to get their agreement to be able to make a payment for the car each month, after all it is an essential travel cost and as long as you are still able to pay at least the same contributions then your creditors aren't worse off.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
