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Topic starter
03/02/2011 8:19 pm
My employment has just been relocated (same job/employer) to an office outwith the City centre to a location that is very inconvenient with regard to public transport.
Having discussed my position with my family, my father, who is looking to buy a newer car has offered to give me his current car with a view to paying him the money that he would be looking to sell for at a time after my trust deed has ended.
Given that we are not talking a Bentley or Mercedes just a small hatchback I have looked at my monthly budget and think that if I scrimp and save here and there I can just about afford the associated running costs without compromising my monthly budget.
My question is, do you think that if I declare this to my trustee, would they be likely to be agreeable to this proposal given that this would be almost critical in allowing me to travel to and from work daily in a reasonable timescale (3 buses otherwise and 2 hours travel time one way)
Thanks
03/02/2011 8:26 pm
Hi gresgow
I don't think you will have any problems with this at all.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
03/02/2011 9:05 pm
Thanks Mark
That's good news if that is the case and would certainly help make life that little easier.
Good to know that trust deeds are not all about restrictions.
Thanks again
05/02/2011 9:29 am
Hi gresgow.
If the car has a significant value it might be best if your father were to lend you the car rather than give it to you just now.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
05/02/2011 9:45 am
Hi TDA
As far as the value of the car goes, I think we may be talking in the region of ?ú1500 - ?ú2000. When you say lend rather than give me the car what do you mean? I have never owned a car before, do you think that my trustee would treat this as an asset and also taking into account the need for this for work purposes would this not be taken into consideration. I realise that ultimately this is something only my trustee can answer.
05/02/2011 10:09 am
Hi gresgow.
It's probably not much of an issue, just thinking it might be best not to be seen to acquire an asset.
You can be the registered keeper and insurer of the vehicle even if your father retains ownership. It therefore will not make any difference to you in terms of being able to use the vehicle, but should ensure there will not be any confusion with your Trustee later on.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
05/02/2011 10:13 am
Thanks TDA
I will contact my trustee to discuss this matter.
