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Topic starter
13/10/2013 6:37 pm
looking for some guidance please...
I am self employed and rely on a van for transport to produce my income. last December my old banger van gave up the ghost and was take away to the big scrapyard in the sky [:(]
After trying and failing to obtain any finance from any source due to my poor credit history and debt mountain, my sister kindly stepped in and got a bank loan to purchase a new van, for which I now pay her a monthly payment on a private hire purchase arrangement between ourselves.
I do not own the van, although I am registered keeper, she is the owner of the vehicle , which also is the best arrangement for taxation purposes (my sis is an accountant!)
Question : What documents do I need to provide with regards to the HP agreement for a trustee, if I decide to go for an STD... (ooops I will not use that abbreviation again !)
Will a privately drawn up aggreement be acceptable for trust deed to allow the vehicle as an HP vehicle?
Anything else I should be aware of ?!!
many thanks
Buz
14/10/2013 8:51 am
Hello Buz.
PTD (protected trust deed) might be a better abbreviation than STD (Scottish trust deed - obviously)!
You're just going to need to be able to convince your prospective trustee that your sister owns the vehicle, that you need the vehicle for work, that you'll not have the vehicle if you don't make the agreed payments and that the agreed payments are fair.
This might just come down to a letter from your sister, but different trustees are likely to want slightly different things to hold on their file to justify the situation.
It's not an unusual situation though and I cannot see it posing a huge problem for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
14/10/2013 10:38 am
A prospective trustee may wish to see proof that it was your sister that purchased the vehicle. As trust-deed assistant says though, I'm sure there won't be a problem with this kind of arrangement.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
14/10/2013 8:24 pm
Hi
Thanks for your replies much appreciated. Sister obtained bank loan and retains ownership of vehicle until I have paid all monthly payments commensurate with amount borrowed and term. Paperwork will reflect this, thanks again.
15/10/2013 9:48 am
Hi Buz
I did laught at the STD bit!
I do not see any issue whatsoever if your sister obtained the loan and can provide paperwork.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
