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Scottish Trust Deed Forum
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Topic starter
16/03/2011 8:31 pm
Hello,
I'm due to complete my trust deed at the end of may.
Due to cost in upkeep for the car I had at the begining of my trust deed I got a new car.
I bought this outright with help from family and a little bit i managed to save (the car cost £800).
I still have the original car but is off the road and not being used.
How will this affect my trust deed?
I've heard i'll need to buy my car back at the end but i can't see anything to that effect in my terms etc. if so would i need to buy back both or be told to sell one of the cars?
Thank you
16/03/2011 10:29 pm
Hi and welcome!
Congrats on reaching the end of your TD.
Usually at the end of the TD you will be given the choice to sell your asset (car) and pay the money into the deed or continue the monthly payments beyond 36 months until the value of the car has been reached. But there usually is an asset value threshold but I am not sure of the figure.
Not sure what will happen with the car you have declared off the road... Sure someone will be able to help!
16/03/2011 10:56 pm
Welcome to the forum Gordon.
As Scotslad says there is a minimum threshold, and £800 is well beneath it.
It's good news that there is nothing written into your trust deed about your car(s) as well.
As such I really don't think that there's anything to worry about apart from getting through the last couple of months of your trust deed, and then getting on with your future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
16/03/2011 11:34 pm
Thank you Scotslad and Trust Deed Assistant, you've really put my mind at ease.
If its value is below the minimum threshold will i still need to inform my trustee of the new car?
17/03/2011 10:52 am
Hi Gordon.
I'm not sure that there's any point, though of course if asked you'll want to be open about it.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
17/03/2011 7:40 pm
That's what I thought. Thanks again, you've been brilliant.
17/03/2011 9:14 pm
That's our pleasure Gordon.
Best wishes for the future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
