End of a Trust deed...
 
Notifications
Clear all

End of a Trust deed, Car finance

17 Posts
5 Users
0 Reactions
9,504 Views
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

Hi, Im near the end of my trust deed, with 18th January 2016 being my last payment. I recently have been in a Car accident and there is a chance my car may be written off. I was wondering if and how I could get finance on a new car as I currently do 20,000 a year so needing a good reliable car so prefereably as new as I can, I was all looking forward to being finished my trust deed and to get back on track but this has came at a really bad time for myself. Could you guys give me some advice on this, first time poster here btw πŸ™‚

Thanks in Advance!

G


   
Quote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum Arrow1984.

It sounds like you've been really unlucky. This recent forum thread might contain some useful pointers:

https://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=5963

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

Thanks, much appreciated, my big problem tho is that one of the creditors in my trust deed was infact car finance so I may be stuck in a position where finance won't be available to me, just wish the insurance would move the process on quicker but at this time of year it's expected to take longer.

Thanks!

G


   
ReplyQuote
Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

I don't think that will necessarily make any difference, Arrow1984 - I reckon the main problem is the Trust Deed rather than who the creditors are.

Maybe you can explain the problem to your insurance company and get them to prioritise your claim?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
ReplyQuote
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

I should hopefully be finding out this week so then ill know where to go from then. Just need to wait and see what happens with my current car then take it from there, only got one payment to make for my trust deed and thats it finished, so will need to consider all options available if my car is indeed written off. Just wish I had found this forum sooner, enjoying having a read at others in the same position as myself.

Thanks!

G


   
ReplyQuote
(@plasticdaft)
Noble Member
Joined: 16 years ago
Posts: 1594
 

Be upfront with a big dealer and you may find they can secure finance for you.

Paul

Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.


   
ReplyQuote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

It's very nice to hear from you Paul.

Happy new year to you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
(@plasticdaft)
Noble Member
Joined: 16 years ago
Posts: 1594
 

Thanks. And to you all on here.

Paul

Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.


   
ReplyQuote
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

looks like my car will be getting repaired, so thankfully no need to go for a new car at this time. I do however want to increase my credit rating, any suggestions? I read some people saying a credit card to start with for monthly purchases and fully paying it off each month? will that help?

Thanks.

G


   
ReplyQuote
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

one other question, when I started my trust deed, I had to take out a life insurance policy, now that my trust deed is coming to an end do I still need to keep the life insurance, its Β£30.10 a month, surely I could find a cheaper alternative

G


   
ReplyQuote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi Arrow1984.

Nobody should have made you feel that you had to take out a life insurance policy at the start of your trust deed. We've heard this a fair few times now - someone is clearly doing quite tidily out of selling policies in this way and it doesn't feel right that so many people felt compelled to buy. Large commissions can be paid out on the sale of life insurance policies.

You're free to review options regarding life insurance, but nobody here can advise you to cancel a policy. It's a separately regulated area and you should seek out advice from an IFA or similarly qualified professional about whether your existing arrangements are suitable and good value.

After being discharged from your trust deed making use of a credit card in a responsible way would be one method of creating some positive credit history. The same can't really be said for payday lending (and similar) however, so I'd suggest you avoid that.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

thanks for all the help, much appreciated, my insurance saga still drags on so no further forward. I have a whip lash claim in, if I do get compensation, will that go to my trust deed? my final payment is on the 16th of this month and the accident happened on the 15th December, so if I get compensation will it go straight to my trustee?

Thanks

G


   
ReplyQuote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi Arrow1984.

In money terms, has the accident that led to the claim left you out of pocket at all?

Unpaid time off work, physiotherapy costs etc?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
(@arrow1984)
Active Member
Joined: 9 years ago
Posts: 8
Topic starter  

no it hasn't, I have to go to physiotherapy tho for a check up on the 9th feb, I can't see the claim being settled any time soon because come tuesday thats been 4 weeks since the accident and even my car hasn't been repaired yet as the their party are no longer claiming liability even tho they have right up to this week then changed there mind. Its dragging on and being more trouble than I expected.

Thanks

G


   
ReplyQuote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi again.

I do think there's a fair chance that your trustee will seek to use such a windfall to return more of what's owed to your creditors I'm afraid. Best to confirm this with your trustee directly though.

Do keep a note of any costs that might arise from this situation though, as you certainly shouldn't end up out of pocket.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
Page 1 / 2
Share: