Trust Deed Forum - Renting and trust deeds
Trust-Deed.co.uk
Home Home Page









Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Renting and trust deeds
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Max-confusion
New Member

3 Posts

Posted - 10 February 2019 :  17:27:58  Show Profile  Reply with Quote
Hi, I'm looking at entering into a TD. I'm in a private rental and wondering if they could use the TD as reason to end the tenancy, I've never missed rent payments. Also have a car that I'm paying, will I lose this, as it is essential for me to get to work. Thanks in advance for your help xx

Lmaxwell

Porcupine
Advanced Contributor

211 Posts

Posted - 10 February 2019 :  21:56:55  Show Profile  Reply with Quote
Your landlord cannot end the tenancy because you are in a trust deed..... Only issue is that a may prevent you getting a new private tenancy if you decide to move as some landlords insist on credit checks.....
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12985 Posts

Posted - 11 February 2019 :  09:22:38  Show Profile  Reply with Quote
Welcome to the forum Max-confusion.

I guess some tenancy agreements might include an insolvency clause. I can tell you though that in a decade of operating this forum I cannot remember anyone writing about having to leave their rented home for this reason.

Car finance may be different. In most instances it's fine so long as the payments continue to be made. There are a couple of finance providers who will recover a vehicle if you go ahead with a trust deed. Who is the finance provider?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Swandog
Advanced Contributor

200 Posts

Posted - 11 February 2019 :  12:01:05  Show Profile  Reply with Quote
Hi Max-confusion and welcome to the forum.

Well done on reaching out for some help and advice about your debts and taking the brave decision to enter into a plan.

I agree with TDA, in all my time Iíve never had a client have their tenancy agreement terminated because of a Trust Deed. I guess from a landlords perspective if they have a client who is in a plan managing their debts their rent should be more guaranteed than someone struggling with lots of debts.

The issue can be credit checks on moving to a new property but again very rarely in all my time has a client struggled to find a suitable property.

Normally cars are fine in a Trust Deed. We just need to look at what type of finance it is i.e. PCP, HP or just an unsecured loan. Do you know what type of finance it is? You can check this by looking at the original loan paperwork.

How far along are you in looking for some help and advice, have you spoken with a qualified advisor about all your options and not just about a Trust Deed?

We always say to take your time, speak with a couple of advisors, ask loads of questions make sure you feel comfortable with everything before proceeding. That way your Trust Deed should run smoothly and without any issues.
Go to Top of Page

Max-confusion
New Member

3 Posts

Posted - 11 February 2019 :  12:40:11  Show Profile  Reply with Quote
Thanks to you all. I've looked at this before but decided to try budget better and clear debts. Now cause the interest has become astronomical and I'm basically paying interest off not the actual debt. I'm not sure about the car, I'll need to look out the paperwork. I'll probably be back here asking more questions soon. Thanks again. X

Lmaxwell
Go to Top of Page

Swandog
Advanced Contributor

200 Posts

Posted - 11 February 2019 :  13:30:37  Show Profile  Reply with Quote
Sometimes even with budgeting itís just too much to try and pay back all of the debt. I think itís always about finding a balance. If you budget too much and cut back there can be no quality of life and that can make things worse.

A Trust Deed or even a Debt Arrangement Scheme can be fantastic for helping to freeze interest and charges and allow you to pay back an affordable payment per month that the lenders are happy to accept. Thatís always the thing I try to remind clientís is that the lenders are given the option to accept it or not.

Have a look at the original loan agreement. This should tell you at the top left hand side and the box where you sign what type of finance it is.

How much debt do you have and can you give us an idea of the companies you owe money to?
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3753 Posts

Posted - 12 February 2019 :  08:52:24  Show Profile  Reply with Quote
It is very unusual for a car finance agreement to be terminated on entering a Trust Deed, though it is impossible to give a 100% guarantee as there is always a clause in the contract allowing for termination and we do see it happen very occasionally.

If it is a "fixed sum loan agreement" instead then you basically own the car outright and the lender could not take it back. However, it would instead then be looked at as an asset by the trustee and it may be necessary for extra payments to be made to a Trust deed in order to be allowed to keep it, depending on how much it is worth.

I too have never seen a tenancy terminated as a result of a Trust Deed being signed. May be more chance of issues if looking to get a new tenancy though.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

Max-confusion
New Member

3 Posts

Posted - 04 March 2019 :  11:41:23  Show Profile  Reply with Quote
Hi, I looked at car paperwork and it's on a HP, so I don't own car till end of the HP term. Does that mean I can keep car and continue with the payments?
Also does anyone have any recommendations on who I should do the TD with?
Lisa x

Lmaxwell
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12985 Posts

Posted - 04 March 2019 :  11:49:40  Show Profile  Reply with Quote
Hi Max-confusion.

It's likely that you could keep the car and continue to make the payments. As already mentioned, there are a couple of finance providers who seek to recover vehicles when people enter an insolvency process. An expert will be able to tell you if your finance provider is known to do this.

This site recommends the firms represented here by Kevin and Sharon. We're not saying they're the only good firms out there, but they've provided great help and support to many of our forum users over the years. You can get in touch via the "contact buttons" in their forum signatures if you'd like to.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Swandog
Advanced Contributor

200 Posts

Posted - 04 March 2019 :  12:11:40  Show Profile  Reply with Quote
Hi Max-confusion,

In the majority of cases people continue with their finance payments and keep the car. If your is in HP for the duration of the Trust Deed then as long as you continue with payments you should be fine.

Who is your car finance with?

In terms of picking someone to set up the Trust Deed with itís important to use someone who will handle your case from start to finish and ideally be your point of contact. Some companies will pass your case onto someone else to handle.

Also itís always a good idea to meet the actual person who you speak with face to face. Kevin and Sharon the two experts on the forum Iím sure would be happy to give you one to one advice and meet with you. Very few advisors and firms put themselves out in the way in which they both do which I think is a positive thing.

Donít feel rushed, take your time and ask loads of questions from whoever you decide to proceed with. Also have a look on the forum for feedback on different firms.
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3753 Posts

Posted - 04 March 2019 :  18:20:20  Show Profile  Reply with Quote
Hi max-confusion. You should be ok to keep the car and enter a trust deed but will need to keep making the payments to do so. It is possible that the lender may wish to terminate the agreement and ask for the car back but that isn't usually what will happen. Certainly we have managed to sort it out the vast majority of the time that the car can be kept on.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.