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Scottish Trust Deed Forum
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Topic starter
13/10/2011 10:28 pm
Can someone give me some advice please. My husband and I are talking about the possibility and ever increasing likelihood of going into a Trust Deed. However, our car is at a stage of needing replaced and I was wondering if we would be 'allowed' to get a newer one on a finance agreement, that would not have to be taken into account when setting up the Trust Deed? The car is needed for my work.
13/10/2011 11:10 pm
If you took a car on HP then as long as the repayments are reasonable there should be no problem in continuing with the arrangement within a trust deed. It is possible that the finance compnay could choose to terminate the agreement if you subsequently entered a trust deed, and I have seen it happen, but it is quite unusual.
Are you sure that you would still be able to afford enough to fund trust deeds after taking on a car? Bear in mind that if you both have debts or have joint debts then you may be looking at two trust deeds as you cannot do one joint one.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
14/10/2011 9:04 am
Hi weakwilled
Kevin is correct, but I would add please be carefull of the type of finance agreement to ensure its hp, lease etc and not finance which could become a claim in the trust deed.
The normal rules apply, if you need transport to get to work, to earn money, to pay the contribution.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/10/2011 6:55 pm
Thanks guys, much appreciated.
