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Topic starter
30/12/2014 10:00 pm
Hi.
My car is dead.
Is it allowed during my trust deed to buy a car on finance and get a friend to do the finance application for me but me be registered keeper and the monthly payments come out of my account?
I can see no other way to do it as obviously I dont have any money to buy a car outright but I need one for work.
I can afford the monthly payments on top of current td payment. However will they then say if I am spending extra on a car I should be giving it to them?
steve
Topic starter
30/12/2014 10:04 pm
Ps. My wife is in a DAS scheme thing. Would it be better or worse to make her the reg keeper as it doesn't matter either way to me but is td or DAS better for my plan?
steve
30/12/2014 11:16 pm
Hi steve1984.
I cannot see your trustee having a problem with you taking a new car in these circumstances provided that it doesn't affect your capacity to make your payments. There would be no harm in checking with them though if you wanted some reassurance.
The issue might be more whether the finance provider and/or insurer would be happy with such an arrangement, something your friend might want to look into. Also, I'm not certain the finance provider would be happy to take payment from your account, but I might well be wrong on that.
It certainly wouldn't be the first time we've heard of someone getting a car on finance during a trust deed with similar support from a friend or family member.
DAS carries restrictions on taking out new credit that trust deeds don't.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/01/2015 3:56 pm
Got family member to get us it on finance and we insured it. Just need to set up a standing order to family member each month as the dd coming out their account.
On researching this online it seems mixed opinion if this is allowed or not as obviously its a way of getting something on credit when you have poor credit rating.
However I see no other way of getting a car which is essential to me for working so I didn't really have a choice as far as I can see......
Hopefully they wont turn up and take the car away on a truck some night!
steve
Topic starter
03/01/2015 4:03 pm
Got family member to get us it on finance and we insured it. Just need to set up a standing order to family member each month as the dd coming out their account.
On researching this online it seems mixed opinion if this is allowed or not as obviously its a way of getting something on credit when you have poor credit rating.
However I see no other way of getting a car which is essential to me for working so I didn't really have a choice as far as I can see......
Hopefully they wont turn up and take the car away on a truck some night!
steve
03/01/2015 4:18 pm
Don't see why it should be a problem whose name the finance is in, as long as you are he registered keeper and the main driver on the insurance policy.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
03/01/2015 8:25 pm
I wasn't allowed to be the reg keeper they said whoever financing had to be the keeper. Insurance was fine I am main driver and they are aware I am not the regkeeper no issue with that they said.
As I said it's not ideal but had to be done. Not sure how it will be viewed come next td review. 200 per month but double the mpg and 220 year less road tax and no repairs as under warranty so hopefully close to paying for itself when all considered......
I didn't contact tge trustee as really I couldn't deal with it if they said no as I need a car to work. I'll just make sure I make the monthly payments to the td and hopefully there will be no issue. Hopefully! !
steve
