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Ksm00009 Posted - 24 September 2020 : 11:24:47

I have been learning to drive and I wondered if a relative was to buy a cheap runaround car for me (eg value 1000) if this would be ok during my trust deed? My insurance and fuel costs wouldn't be any more than I currently pay for public transport.

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Paul McDougall Posted - 30 September 2020 : 12:22:41
Hi Ksm

No this wont present any issues.

You are allowed a vehicle up to the value of 3k

Ksm00009 Posted - 24 September 2020 : 14:00:19
Thanks for your help that's great :)
TDA (Debt Adviser) Posted - 24 September 2020 : 13:54:41
Hi Ksm00009.

I doubt this will cause you any problems with your trust deed.

The safest way is probably for the purchaser (your relative) to retain ownership of the vehicle. This doesn't stop them from lending the car to you, and it doesn't stop you from being the registered keeper of the vehicle. Being the owner and being the registered keeper aren't always the same thing.

You could also run the scenario by your trustee if you want some extra reassurance.

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