Hi again everybody.
A thought has just occurred to me regarding a car loan.
I am over two thirds of the way through my trust deed (roll on next February !) and although my trustees are aware of my current car loan, it wasn't included as it is an HP agreement and they were happy for me to continue paying it until its conclusion in December. As the car was only worth about £4000 at the time of taking out the trust deed and with two years of finance still to pay at that time they came to the conclusion that it wasn't worth their while to repossess it.
However, over two years down the line and with only eight months left to pay, the car could be doing with being replaced and of course is now worth next to nothing.
What I was wondering, and I suspect I know the answer, but hey, there's no harm in asking, is this.
If an HP agreement is not considered to form part of a trust deed, would it be possible to take out another one ? I have my current one with a well known car dealers' finance company and have been paying it faithfully since January 2010 and will have done so for four years by the time it reaches its conclusion at the end of this year with my trust deed finishing two months later.
The point being of course, that to this particular dealer and their finance company, I am obviously a reliable customer even if being in a trust deed would seem to indicate otherwise !