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Topic starter
05/08/2021 9:51 am
Hi all,
I’m about to change jobs, previously I’ve had a company car so no need to worry about finance etc however with this new job I’m being given a car allowance.
What will my trustees view be on this? Obviously a car is essential to my job hence the allowance, will I be able to source credit for a lease vehicle? My allowance is paid monthly.
Many thanks
Alasdair
05/08/2021 10:59 am
Hi. I'm certain your trustee will be fine with you using that allowance to get a car - given that it is needed for you to work and therefore earn the money to contribute to your Trust Deed then it would be nonsensical to see it otherwise. You can't of course take this for granted though and should run it past your trustee first.
A potential problem might be finding a lender willing to give you credit, due to your damaged credit rating. Hopefully it will be ok, though in the past I have had to provide letters to lenders as trustee to confirm that a debtor's budget allows for the repayments.
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