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Trust deed review

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(@kirstymcniven)
Active Member
Joined: 9 years ago
Posts: 5
Topic starter  

Hello I was looking for a bit of advice. I've recently just filled out an income and expenditure for my annual TD review. This is my first one and I'm pretty nervous about it for some reason. I filled out the form and sent it away last Friday. One of the questions asked if I had any new assets since signing the trust feed which I put na because I've not. However since reading a few of the forums on this the other night I'm now extremely worried about this being incorrect information as in October I passed my driving test and my dad bought a car for me to use. Myself my mum and my dad are insured on the car and they drive it aswell however I am the one that uses it most of the time. I'm now worried that this May class as an asset even though it was my dad that purchased the car. I never slept last night thinking about it, I don't know what to do . I'm worried if I call my IP they will see it as me giving false information on my income and expenditure even though I never gave it a second thought at the time . Any help would be appreciated as I feel terrible worrying about it.

Thank you 🙁

Kmcn


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

Hi Kirstymcniven.

Using a car and owning a car are two different things.

If your dad purchased a car and merely allows you to use it then it's his car.

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


   
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(@kirstymcniven)
Active Member
Joined: 9 years ago
Posts: 5
Topic starter  

Thanks for the reply. So I'm right in saying there is no cause for concern here ? One year in to the trust deed and all is well so far so really wouldn't like any hiccups along the way

Kmcn


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi Kirsty,

As TDA has advised owning and using a car are different.

If your dad purchased the car then it’s his car unless or formally gifted you the car.

I can’t see there being any problems so try not to worry.

David is not currently posting in the Trust-Deed.co.uk forum


   
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