My partner is on mat leave just now(or would be if she was working)and as such, the payment for her HP has been included within my trust deed expenditure. Under normal circumstances going back to work is difficult because of the cost of child care, but now if she goes to work, we will be worse off again as I will have to pay more to the trust deed and she will be working for nothing effectively. Can anybody enforce this to happen? what will we be expected to do when the HP is up, she will have to refinance for the remainder of the car value, can i then include this in the TD? The reason for asking was that my case manager called the other day looking for info on my partners work circumstances. I don't recall informing anyone of when the HP term is complete. Bottom line is, I'm concerned that when it does expire she will loose her car and I will have to pay this money into the TD
SkintAlly
Hi skintally
slightly confused. I think the HP had been included as an expense, assuming your inc/exp shows both incomes and the whole expenditure.
This said the Trustee has no interest in the car as it is in your partner's name. The only variation when the HP is finished is that you r surplus may increase and they could look for an increased contribution.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hi Mark, your interpretation of what I was trying to say is correct, apologies for the poor explanation. What if my partner refinances the remaining balance after the HP? can they go down the route of this has been a decision that we made which increased our expenses? Any ideas on the employment situation? Can they increase my contribution if the decide that my partner should be looking for work?
SkintAlly
Hi skintally
Sorry my fault as I've been in and out and should have read it more thoroughly.
No they cant force your wife to work unless you've stepped through the door into the 1600's!
I'm not sure what you mean by refinancing the remaining balance after the HP. I assume there would be no balance when this is finished unless it's not HP but one of those PCP deals where you pay for 3 years and can hand it back or pay the balance. If it is the latter then I see no reason why you could not refinance.
I hope this makes sense.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Whoops! Think I've got my HP's and PCP's mixed up. Hopefully they both have the same standing and rules within a TD. Should I inform my trustee of this? With the world economy the way it is just now, and our ever so thoughtful government, we may all end back in the 1600's lol
SkintAlly
Hi skintally
I only know of the pcp deal as i have one for our meetings car. Strange going into Arnold Clarke and asking if they could do me a pcp deal. If you watch American crime/drug programmes this means something completely different over there!!
I think it may be wise to have your partner write to advise of the position. I really can't see any problems and it keeps it on record.
Regards
mark
Mark is not posting regularly in the Trust-deed.co.uk forum.