Hi tamarabell and welcome to the trust deed forum. Congratulations on having reached the very final stages of your trust deed.

A trust deed is an individual arrangement and therefore your husband using credit has no implications for you in this respect.

Until you are formally discharged I'd suggest that the cars are clearly "owned" by your husband (even if you are using one of them) so that there is no confusion over whether you have acquired a new asset.

Thank you for your reply. That's made things so clear. Both "new" cars will be clearly in his name as the registered owner. I take it I am still able to take out an insurance policy though in my name for one of the cars? Thanks

Hi again tamarabell.

There should be no problem with that. It's very common for the user of a vehicle to be someone other than the owner.

For example, the registered keeper of a vehicle isn't always the owner of it.

Thats brilliant thanks for clearing that up. Do you know what happens now I have made my last payment? Throughout the 3 years I have never missed a payment and have answered each review that I have been sent every 6 months. Thanks

Hi tamarabell

Hopefully the case should be closed shortly, if there are no assets to be dealt with.

We average about 3-4 weeks for full closure, so hopefully it wont be too long.

Mark

It should take them just a few weeks to wrap everything up and confirm your discharge tamarabell, but we do hear in the forum of some firms taking quite a bit longer.

I'd suggest calling them and enquiring about timescales from here.

Thanks for your answers guys! So wish I knew about this forum at the start of my trust deed not the end!!!!

When you mention assets what do you mean? We dont own our house or have any savings over a couple of hundred put away for emergencies. At the time of taking the TD I owned two cars both of which where not taken into account of the TD as one was only worth £100 and the other was about £900.

Out income has gone up slightly over the last few months as my eldest son has been classed as disabled therefore we are getting approx £87 in DLA for him a month and an extra £200 in CTC. Will this be classed as our money or his? Since we started getting the extra payments I have been transferring £100 into his bank account each month.

Thanks

Should also mention both the cars above have now gone. Hence the original question about my husband taking out a loan.

Hi tamarabell

It will be fine. I meant if the Trust Deed had equity or a collection of antique paintings that required to be dealt with. If its a straightforward contribution x 36 Trust Deed, it should close pretty quickly.

Mark

And what about the extra money I mentioned?

I am sure the extra income can easily be offset against your extra costs involved in looking after your son,so your trustee is unlikely to be interested in it.

Paul

Hi tamarabell.

That's going to come down to the view of your Trustee.

If there has been extra income received with no connected increase in costs there may be some potential that you'll need to make some of this up.

DLA is paid to cover additional costs though, and you may well be able to confirm what these are if they aren't already covered in the budget used to set your trust deed payment.

Has there been an increase in childcare costs?

yes there has been an increase in childcare costs, at the time the trust deed was taken out we had no costs however last year when by eldest started playgroup our costs where £48 a month and have now been reduced to £8 a month since he turned 3. However my youngest is about to start playgroup in March so my fees will again increase to £44 to cover them both. Stupidly just realised that I never informed my TD of these extra expenses, instead we have just got on with it.

The DLA has been awarded as my eldest son has chronic excema and has to have creams & steroids applied daily, and the extra costs involved are mainly washing and having to buy new clothes as they get stained by the creams. My youngest also suffers from excema but doesn't qualify for DLA for some reason.

Hi tamarabell.

If the extra income becomes a subject that's asked about I'd suggest being ready to supply details of the connected expenditure.

Hopefully this will all be a non-issue for you, even if it does come up in the future.