Hi Timelord

I am guessing it was a straightforward finance agreement ( fixed loan agreement) and not HP or conditional sale. If this is the case, the other company have no claim on the car and it should be ok to sell.

Mark

Mark, thanks for your response, I appreciate your help - this really is a,great site. My concern in this regard is that the car will show as having outstanding balance? Is this.the case?

Hi Timelord

Very unlikely. It's similar to going to the bank, getting a loan and using the money to buy a car.

I'm sure it will be fine. AC will only be worried that they have a liability if the buy it, but depending on the type of agreement, they won't.

Mark

Thanks Mark, the loan was a hire purchase agreement I believe, through Barclay Partner Finance. I spoke to webuyanycar.com who say if I took the car to them and its not paid off the money is paid to the lender and for the deal to go through I also need to give wbac.com the amount of negative equity to allow them to pay off the lender, suggesting I'm stuck with my gas guzzler?

This is a difficult one, it seems.

I don't want to go onto AC and embarrass myself.

Hi Timelord.

If it was hire purchase it wouldn't normally be a debt that went into your trust deed.

Do you have a copy of the original loan agreement available to have a look at?

Hi Timelord

Barclays Partner Finance is more often than not a straightforward finance agreement and not HP.

If you sell the car and there is HP, the company will pay off the finance first and you will get any balance. If not, you will get the funds.

Mark

You really need to get your hands on the CCA agreement, Timelord. Barclays Partner Finance do both HP and fixed-sum loans I think (though as Mark says, not usually HP)

Ithis is really difficult, I've no idea if I can do this or not, trustee can't offer much advice and I don't want to ask AC as it'd be embarrassing 🙁

Hi Timelord

It should be something pretty straighforward to find out. On your statement of affairs, does the car show Barclays as finance against it?

It is the job of your Trustee to check this immediately as it will make a material difference to contribution payments if its not. I assume you're still not paying for it.

Mark

Mark

Hi

If you are in a position to trade your existing car be aware if the new car is valued over £3000 at the end of your TD then this will be seen as an asset.

So, it's official, the gas guzzler was on a personal loan and not HP. Went to Arnold's and traded it for a wee 1.0 car. With the inclusion of a service/MOT pack it was a straight swap.

Glad that's all sorted for you TimeLord.

Thanks Amy 🙂

hi new to the forum, sorry for hijacking the thread.
My partner is in a trust deed.
We have a car - my car. Is it okay for me to sell it to buy something smaller.
Or do his trust deed company have a claim on the money as joint income for instance?