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Scottish Trust Deed Forum
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Topic starter
30/04/2014 11:55 am
I have an 11 year old car which is costing us more than a new car payment per month on average to keep running. It's barely worth about £600. My Dad is buying a second (used) car and says I can use it (so long as I pay for our own insurance) until I'm out of my trust deed (12 months) for getting to and from work etc but I'd like to offer my car as a trade in against my Dad's new car by way of a thank you to my Dad. How do I stand as far as any monies offered for our car ?
30/04/2014 12:35 pm
Hi collywobbles
It is not listed as an asset and falls below the £3k value, then there should be no issue using it as a trade in.
Always wisse to run it past the Trustee, but I don't see an issue.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
30/04/2014 12:49 pm
That sounds good. And my dads car would not been seen as an asset of mine because of the investment from selling my car? Just concerned that it would be seen as income which hasn't been passed on to trustee ?? Would I still be able to claim petrol allowance even tho its not my car ?
30/04/2014 2:40 pm
Hi collywobbles.
I doubt that it will be seen as either income or an asset, but as always with these things it's the opinion of your trustee that counts. Best to run it all by them, but hopefully they'll agree that this is a good move for all involved.
In terms of petrol allowance, is this paid by your employer?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
30/04/2014 4:47 pm
Hi collywobbles,
I can't see it being a problem. Run it past your Trustee and make sure you receive their response in writing.
You should still be able to claim petrol allowance.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
01/05/2014 12:49 am
Thank you all.
