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Scottish Trust Deed Forum
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Topic starter
14/10/2009 9:14 am
Hello again,
I have a job where a company car is an option as an alternative to a self financed car. Several years ago I opted out of the company car scheme to save on tax and bought a second hand car.
The company policy states that cars cannot be older than 6 years old and this day is fast approaching. Doing around 3000miles a month I also need something reliable (not fancy)and am worried I wont be able to finance a 2nd hand car.
I receive ?ú500/month allowance for a car and this was included in my income in my TD. I would loose this should I go back to a company car however I wouldn't obviously have to fund a car.
Can the experts tell me if a reduction in monthly contributions would be an option should I go down the company car route?
PS. My current car is worth circa ?ú2k and I would be quite happy to add this to my TD pot.
14/10/2009 9:19 am
Hi Ralph,
That's going to be a question for your Trustee as it may affect your contribution level.
The Trustee will need to weigh up the situation because as you say you do need a car under six years old to do your job, and it's this job that is making the payments into your Trust Deed possible.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
15/10/2009 5:45 pm
TDA is right Ralph, discuss it with your trustee. I am sure most insolvency practitioners will see the sense in accommodating your car needs so that you can carry on earning enough to make contributions. And if you are offering to sell the car you have too then this would seem very fair.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
