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Topic starter
29/06/2020 4:21 pm
Hi All,
I recently entered a trust deed in November 2019.
My car PCP is due to finish in August of this year, and I was just wondering how easy it is to get a new PCP deal?
My understanding is that as long as it isn't more than my current monthly payment it would be fine.
I am worried that if I went to a dealership and they put through my credit report its just automatically rejected..
Does anyone have any idea if I need to do anything before going, such as talking to my trustee so they know im about to apply for credit, or is PCP finance out the of the question?
29/06/2020 5:17 pm
Welcome to the forum mhairiblack20.
It may be possible to get a vehicle on finance but your choices are likely to be restricted and potentially expensive.
Some finance providers may want your trustee's consent before providing the finance to you.
If you need a vehicle and won't have one otherwise I doubt your trustee would stand in the way of this (presuming it would not get in the way of making your trust deed payment).
Do you have any other options to be able to keep a vehicle in operation?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
29/06/2020 5:48 pm
Thanks for your reply!
As its a PCP i need to pay the balloon payment or hand it back, and without a car im unable to get to work.
I just wondered if i needed to contact my trustee before going to see about a new finance deal, and as i have an existing agreement already that I can pay along side my trusted in thought it would be okay.
Im just panicking as i dont want to do anything wrong as im fairly new to the TD
30/06/2020 10:14 am
Hi mhairiblack20.
I doubt your trustee will have any issue with you replacing a car that you need for work purposes so long as it doesn't affect your ability to pay into your trust deed.
Good communication is always useful so you might want to contact your trustee to make sure of this.
I think the bigger challenge will be finding a finance provider that is prepared offer you vehicle finance while you're in a trust deed at an affordable rate.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
17/09/2020 8:26 pm
I went to Moneybarn who sorted out car finance for me. I think they specialise in TD situations.
S.C.
18/09/2020 8:26 am
Hi Roverrunner76,
This firm certainly does assist people that many firms aren't willing to help.
Were you required to provide a letter of consent from your trustee before getting the finance?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
23/10/2020 9:36 pm
Hi Mhari,
I’m in the same situation except 8 months from completing my trust deed. I can only obtain the finance through the mentioned lender but the rates are high.
I was under the impression that I could get a pcp as I already have one too but it’s not the case. Moneybarn seems to be the only way. Unless a family member takes a new pcp in there name I believe is what my trustee told me. You also need a letter of approval from trustee. Hope this helps as I trawled the internet for help on this topic.
