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Scottish Trust Deed Forum
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Topic starter
20/08/2013 5:47 pm
Hi, I am currently in the final year of my Trust Deed and my husband would like us to move abroad to the Canary Islands. Although this would mean I would have to give up my job he would continue making the payments on my behalf. He is not included in my Trust Deed, this is only taken out under my name. My Trust Deed does not include a mortgage but one of the terms is that my car would be valued at the end of the TD. The car has quite a lot of negative equity at the moment and will most likely still have negative equity by the end of my trust deed.
My question is would my husband be allowed to continue making my payments when I have no source of income and if we need to sell the car to move abroad, how does this affect my trust deed?
20/08/2013 6:07 pm
Hi Tracy
There should be no problem with you moving to the Canary Islands you lucky %##{{^^%^$ and nothing to stop him continuing the payments. Probably safe to check the car position with the trustee as I guess you won't be taking it with you. If there's no value, I'm sure it will be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
20/08/2013 6:32 pm
Thanks for your advice Mark. [8D]
As we are only just talking about it at the moment we may even consider taking the car with us. Not sure how this would go in terms of getting it re-valued after the trust deed is finished, as it would no longer be registered as a British car. Any idea about this? Or would I need to discuss this with my Trustee?
Thanks again
20/08/2013 11:23 pm
Hi Tracy1882.
Are you allowed to move the car overseas under the finance agreement? Wouldn't it be hugely expensive to ship a car that far?
The location of the asset shouldn't be relevant in terms of your trust deed, just whether or not the equity in it meets the conditions for it having to be dealt with.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
21/08/2013 10:00 am
Hi Tracy1882,
Nothing like reading a post about moving to the canary islands on a typical Scottish morning to make you jealous although as I'm tying this the sun seems to have popped it's head out. Fuerteventura is my favourite canary island and we always say if we won the lotto, we could consider buying a small property over there. You can only dream I suppose.
I'd agree with Mark in that I wouldn't see a problem with you moving abroad as long as the contributions were maintained and contact details provided for any paperwork etc.
If your car has negative equity and quite a balance outstanding on the finance then it's unlikely to be worth any value at the end. We tend to use online websites to give us an idea of a cars value so if you do take it with you it should be fairly straightforward to value.
TDA makes a good point about the T&C of the finance agreement which you may want to check.
David is not currently posting in the Trust-Deed.co.uk forum
