Hi,I was told you cant put HP on a TD.

Hi hellfire31

I think you need to get this clarified before doing anything. If the IP contacts the HP company, they will almost certainly repossess the vehicle as it breaks one of the conditions (clause 9 usually)

My own opinion is that the car can't be regarded as an asset as you never obtain legal ownership ntil the last payment is made.

Mark

Just to clarify... ongoing HP agreements cannot be added as debts into a Trust Deed. Scottish Trust Deeds cover unsecured debts such as credit cards, store cards, overdrafts, bank loans, catalogue debt etc.

Just to clarify a bit further hellfire31. An HP debt can be included in a protected trust deed, but only if you are willing to give up the car, as the finance company are entitled to repossess it and sell it towards the debt. However, any shortfall left over would be covered by the trust deed.

Your trustee may be willing to allow you to carry on paying the HP payment if it is not an unreasonable amount and the car is required (eg for work purposes). However, as Mark says, by signing the trust deed you will find that the HP company will have the right under the conditions of the agreement to repossess the vehicle if they wish. In practice this rarely happens as long as the payments are being maintained.

cheers guys thats kinda what i was expecting to be honest. i would need it for work so will keep on paying it