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replacing car while on TD?

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 FF36
(@ff36)
Trusted Member
Joined: 11 years ago
Posts: 90
Topic starter  

I've just remembered something...signed TD, car is in my name although I am not main driver and hardly ever drive it and at last mot was told it would last a year maybe two at most...what happens when it needs replacing...Is it ok for my husband just to get another car on his own, is this going to effect anything...it's not worth anything anyway?

Protected 2014...due to finish 2018...early finish after selling house!


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

Hi FF36.

If your husband isn't in a trust deed there's nothing stopping him from buying a new car.

If your trustee understands that you're the current owner of your existing car you should check whether there are any implications should you sell it.

Was there any discussion about your vehicle at the start?

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


   
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 FF36
(@ff36)
Trusted Member
Joined: 11 years ago
Posts: 90
Topic starter  

Yes, trustee knows although car is in my name that it is used 99% by husband and also that it is not worth anything, if it was getting replaced it would be because it was going to scrap yard

Protected 2014...due to finish 2018...early finish after selling house!


   
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(@sparky1)
Reputable Member
Joined: 12 years ago
Posts: 277
 

Thankfully, my car lasted the term of my trust deed, and i now have a new one through a loan from my parents. They are creditiors not too cross. @ least I've got something to show now for being in debt again but for all the right reasons this time, my parents are just fantastic.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

I wouldn't worry, FF36. Any car worth less than ยฃ3000 is invariably ignored in a trust deed.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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