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Scottish Trust Deed Forum
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Topic starter
30/07/2013 9:55 am
I am currently in Trust Deed which runs its 3 years in November 2014. I have a car in my own name and when entering TD I owed about £6k on it. This was taken as part of by debt. Just wondered what will happen when TD finished. Will the car be mine or will they be able to take it back. Not that it will be worth much. Also will I be able to trade in or sell when TD is finished or will it show up as having outstanding finance.
30/07/2013 10:01 am
Hi Ktuite
Its impossible to say as this should have been discussed and agreed at the meeting.
Only your trustee can clarify this as a lot will depend on the value at the start and at the end.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
30/07/2013 10:24 am
Welcome to the forum Ktuite.
There are two different issues here - the rights of the finance company and the rights of your trustee.
If the debt was included as part of the trust deed and the car has not been repossessed by the finance company already then I'm assuming it wasn't HP finance, rather a "fixed sum loan agreement" ie straightforward car loan. This means that the car is owned by you, not the finance company, and they have no rights to take the car back and there should be no outstanding finance showing if you came to sell it or trade it in.
However, the car is an asset that you own and as such your trustee may be expecting you to sell it and pay the proceeds into your trust deed, or buy out his interest in its value at the end of the trust deed (eg by making extra payments). As Mark says, this should have been discussed and agreed at the time of signing the trust deed.
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