Welcome to the forum worried2465.

I'm not sure that this is going to cause any kind of problem for you.

What was the approximate value of the car that you part-exchanged?

Got 2 and a half k to pay off the finance owed and and then new finance taken out on the other car which is in a family members name, but I am paying her each month for that payment, the thing is this was done a while ago, I don't know if u should have done anything then, but as I said it's exactly the same amount, thank you

Was this car identified as being an asset when your trust deed began?

Was there any discussion or paperwork about having to pay anything extra in lieu of any equity that was in the old car?

I was told I could keep the car they wouldn't take it off me because the original finance would rum longer than the trust deed

OK - I can't really see how your creditors could have lost out in that case. They haven't lost an asset that was due to the trust deed and you're still making the same payment each month.

If your creditors haven't lost out it's hard to see why your trustee would object to what you've done.

Thanks TDA I am now saying PHEW!!!

Hopefully Mark/Kevin/David will agree with me when they next visit the forum worried2465.

Then you can say "phew" again!

Lol thanks again, but how will they see my IE report when they see that payment for £140 not on it,

I think you'll just have to provide an explanation and get your relative to confirm everything if necessary.

Thanks again

Thanks again TDA

I suppose the only slight issue would be that under the previous agreement, the car was required and there was a legally binding finance agreement in place so it was regarded as a legitimate expense.

There is no legal arrangement in place for the current vehicle, however the position remains the same. If they do not make the payment, the vehicle is taken back and this may affect the ability to work.

Personally, I don't see it as a problem as it was not an asset at the start and apart from the fact that there is no longer a finance agreement in your name, the position is exactly the same.

Long way round to say, I'm sure it will be fine!

Mark

Hi worried2465,

From what you have described I don't see there being a problem.

Put the £140 on your income and expenditure as that's the amount your paying your relative for the finance.

Thanks guys much appreciated