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(@andyjr845)
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Joined: 10 years ago
Posts: 3
Topic starter  

My car is on its last legs and my trust deed is due to finish in four weeks. My car is valued at less than £3000. I have a family member who has said they will sell me their car in December if i want it, but car is valued over £3000. Can my trustee touch this car if i have paid my final payment or do i have to wait before getting a newer car


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
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Joined: 16 years ago
Posts: 13594
 

Welcome to the forum Andyjr845.

A question that your trustee might ask you is where are the funds for the purchase of this vehicle going to come from?

They might also want to know what would happen with the old car?

In terms of acquiring assets, until you're formally discharged this is likely to remain an issue.

However, there's nothing to stop you running the scenario by your trustee. Depending upon the circumstances they might well be happy to give you the "all clear" to go ahead anyway.

There's more information about cars and trust deeds at:

https://www.trust-deed.co.uk/vehicle-car.html

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@andyjr845)
New Member
Joined: 10 years ago
Posts: 3
Topic starter  

I would be using the money i was paying my td with to pay for car and the sale of old car would go towards new car. I would not need to make a payment towards new car until start of next year


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
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Joined: 16 years ago
Posts: 13594
 

Thanks - that makes sense.

I'd contact your trustee about this. It's hard to see why they'd object.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@andyjr845)
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Joined: 10 years ago
Posts: 3
Topic starter  

Spoke to my trustee this morning and he said once final payment was made they would have no interest in my car. I had explained i would be paying for new car with the money i would of been using to pay my td and was happy enough with that. He also said only monies they would chase after final payment was ppi which is on going


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
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Joined: 16 years ago
Posts: 13594
 

That's good Andyjr845.

Common sense usually prevails in this type of situation - I'm glad that it has for you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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