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Scottish Trust Deed Forum
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Topic starter
21/11/2013 3:53 pm
Hi, my trust deed is due to finish in May 2014 (was originally set up for 3 years but was extended for a further 2 in place of equity for house). When I last spoke to my advisor I was told that my car would not need to be sold at the end of the trust deed as the last 2 years payments are in respect of home equity only.
However, my car is on its last legs and my parents have offered me the money to part exchange to a newer car. My question is, as the new car will be worth more than my present car, will the advisor change their mind so the creditors get more money back? If this is the case there's no point in me changing the car just now albeit it will cost me more in the long run with repairs.
Any assistance you can provide would be appreciated.
Many thanks
21/11/2013 3:59 pm
Keep the new car in their name for the time being to save any bother.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
21/11/2013 4:05 pm
Have a look at a V5 registration document
On the front it says that it is not proof of ownership.......
if you own the car and it is a fixed sum loan you got for it then it is an asset.
if you (or more likely your parents) get on PCP then you never own the car.
if they (your parents) get it by what ever means and you drive it without taking ownership of it [;)] then it is not your asset (as long as you can shown they own it not you). you can still be the registered keeper of the car.....
Cryptic hey[:D]
21/11/2013 4:07 pm
Yeah what Paul said............
21/11/2013 5:52 pm
Hello haggisagus.
You've had good advice from plasticdaft and pingpong.
Being the registered keeper of a vehicle makes you responsible for it. It doesn't mean that you're the owner.
If your parents decide to buy themselves a car, lend it to you, and make you responsible for it by registering the V5 in your name, it would probably keep things nice and straightforward for all concerned.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
21/11/2013 5:56 pm
Thanks all for your replies.
