Hi any advice much appreciated. i am thinking of attempting to get trust deed status. i owe 19thousand pounds ,however i am now in rented accomadation and the only asset i have is my car worth approx 4k. can they sell my car?
i have recently seperated and have two kids and need my car for work etc.
Thanks
Hi linz and welcome to the forum.
I don't think it's likely that you would have to sell your car if you wanted to enter into a Scottish Trust Deed.
I'm sure our experts will be able to let you know how their firms handle similar situations shortly.
Hi Linz
I wouldn't worry too much about the car if this is required for work etc.
However before doing anything, best get the IP's position with this in writing.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hi linz,
Just in case you're uncertain about the terminology an "IP" is an Insolvency Practitioner who is responsible for a Trust Deed at the firm you choose to handle it for you. They're also often known as the "Trustee".
Thanks for the advice, everything seems very open and no hard and fast rules. I have been advised by a friend to transfer car over to a member of my family, although I feel this may be wrong although i am terrified of losing car as i would be unable to buy another and could not carry on with my job
Hi linz,
I really don't think there is any need to do that.
Mark is simply suggesting that you ask whichever firm you choose to be clear in writing about how your car will be dealt with before you sign a Trust Deed. This is to protect you and ensure there cannot be any confusion later on.
The same advice is provided by the experts on this site to homeowners as well for the same reasons.
Good Scottish Trust Deed firms will be happy to put this in writing for you.
Hi Linz
please don't transfer the car. This would look as though you are trying to hide assets.
In cases we deal with where there is a car, the individual continues to use it as normal (unless it's a Porsche etc!!) At the end of the Trust Dee period we have it valued and if the value is greater than ?ú1,000 then we look for the difference. ie if its worth ?ú1,500, we look for ?ú500. If its value is ?ú1,000 or less we look for nothing.
Creditors seem more than happy with this arrangement.
Definately best to get it confirmed in writing though.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Thanks Mark. That really has put my mind at ease.