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Scottish Trust Deed Forum
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Topic starter
24/04/2016 2:34 pm
Hi, new to forum, been in protected trust deed since start of the year, allowed to continue paying £270pcm for car on PCP. This 4yr agreement ends next April. If we had £5k lol we could keep the car which would then be an asset but we don't have the money, we would also be subject to a massive payment-up to £1k for excess fuel (we were not aware of the mileage cap)
So my question is, like my mortgage rate came to an end and we negotiated a new deal, would black horse do the same knowing we are on a trust deed? Is it allowed? Or if we obtained permission from the TD, could we go somewhere like yes car finance which would allow us to get around? Then pay any difference to out debts? If not we will have to give the car back
Thanks
24/04/2016 9:37 pm
It may be possible to come to a deal to pay off the lump sum in instalments with black horse and your trustee may be willing to allow that if the car is required to travel to work, which I'm presuming it is?
I've a feeling that the first of those requirements is probably the tougher ask. Maybe others on the forum may have been in a similar position and can share their experience.
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25/04/2016 9:16 am
Hi Lynne_e_loo and welcome to the forum.
As Kevin has suggested you could approach Blackhorse to see if they would allow an extension to pay the balloon payment in instalments but the Trust Deed might create a problem in doing that because of your credit rating.
It's maybe something to speak to Blackhorse about now to see what your options are rather than wait to see how things are next year and then struggle to source an alternative solution of Blackhorse say no.
If the car does go back then you could try and secure another vehicle but it might be difficult because of the Trust Deed.
I can't see the Trustee standing in your way of doing anything as long as it doesn't impact on your payment per month to the Trust Deed.
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