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Scottish Trust Deed Forum
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Topic starter
09/08/2010 5:53 pm
I have my first meeting with my trustee next week and have been in a car accident. The car is on HP for ?ú6000 and ?ú1500 personal loan which was carried accross from our old car, total ?ú7500 the car isnt looking to good and i am worried it will be written off.
If this is the case can i buy another car with the pay out from the insuance company or do i have to pay the hp company the money?
I am worried they will only pay me out about ?ú5000 and my balance is about ?ú7000, which would leave me on car and another ?ú2000 in the red and the chance i would get another car on hp is slim.
09/08/2010 6:21 pm
It's an interesting question, girl10, and I must admit that I'm not certain about the answer. However, I'd have thought that there is a good chance that any payout would go directly to the finance company from the insurance company. Maybe one of the other experts has dealt with this kind of situation.
In terms of there being a shortfall, if the HP was signed prior to the trust deed date then you should be able to include any shortfall in with your other creditors in the trust deed.
This doesn't help in getting you another car, though. May indeed be tricky...
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
10/08/2010 10:38 am
Hi girl10,
If a car is a necessity for you I wonder if it would be a good idea to sort all of this out, and make arrangements accordingly, prior to actually going ahead with any Trust Deed?
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