Hi Bravator

There is no restriction as such for credit in a Trust Deed unlike sequestration, however in light of your credit file it may be difficult to get any form of credit.

Mark

Hi Bravator,

Typical of cars! Did you agree at the outset of your Trust Deed to pay over the value of the vehicle at the end of your Trust Deed?

You may be able to trade your old car in against a newer car but again, with your credit file it might be difficult to get finance on a vehicle. I would speak with a car garage to see if you can get approved for finance. No harm in asking.

If you can take out finance you might find that your payments for your new car start around the same time that your payments to your Trust Deed finish.

I recall another recent thread in that a someone managed to get a new Vauxhall Insignia in finance so it is possible.

Hi
There was no agreement to pay over any monies when trust deed was finished and nothing in my paperwork to say otherwise. So hopefully there's not going to be a bombshell at the end of my TD that they want the money for the car which isn't worth anything.

Hi Bravator,

I think it's unlikely then that your Trustee is expecting any more to be paid over for the vehicle. In the proposal to creditors at the start of your Trust Deed it has to be outlined to them what you will pay and what assets will be realised.

Best to put a quick call into them advising of your situation and making them aware that you may be changing vehicles and to confirm exactly how many payments you have remaining so if you do manage to secured HP for a new vehicle you can afford to pay this.

Do let us know if you manage to obtain finance for a vehicle.