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Just Joined

2 Posts

Posted - 06 August 2019 :  17:48:51  Show Profile  Reply with Quote
My TD took effect on May of this year and it hasn't been as straightforward as I'd hoped due to changes in family circumstances affecting my income, etc and it's taking quite a bit of adjusting. Today I am seeking advice regarding my wheels. I'm 20 months into paying off 2 year finance for my car which, of late, has been causing me no end of problems. Within the last few weeks I've had to replace the gearbox and clutch, this cost 1200 I don't have, went to my family with the begging bowl so now I'm in debt to them as well as the creditors Now there are further mechanical issues that I cannot afford to resolve and I am without a vehicle which is not a good position. I sought advice from my relationship manager and after much deliberation, it seems my only option is to voluntarily terminate the agreement, rendering me liable for costs to recover/repair the vehicle. I understand this would be factored into my TD. However it's essential that I have a car for work and personal reasons. The 180 I currently pay monthly would essentially become available upon VT and I could, in theory, afford to finance another vehicle but is this likely given my circumstances? If anyone has been in a similar position or can offer advice, I'd be eternally grateful.

David Tannock
Trust Deed Expert

2284 Posts

Posted - 06 August 2019 :  18:05:02  Show Profile  Reply with Quote
Hi LadyRaven and welcome to the forum.

Sounds like you have had a tough time of it recently.

We have heard of success stories on the forum of people securing finance for a car whilst in a Trust Deed. Only recently we were asked by MoneyBarn to confirm that a client (who is in a Trust Deed with us) could take on finance for a car.

One thing to pay attention to is the amount of interest you could be charged for the finance. Some companies can charge more interest than what the car is worth.

You could look at finance or you could look at a lease agreement. The key is to shop around.

If you find it difficult to secure finance in your own name at a competitive rate you could ask a friend or family member as a last resort to help you with the finance. You could then make the payments to the finance company.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Regular Contributor

17 Posts

Posted - 06 August 2019 :  20:39:33  Show Profile  Reply with Quote
Hi Ladyraven

Much like yourself I used to plough 1000's into repairs on my car (older vehicle), then shortly after get hit with another repair or broken car, this was using money I did not have that would add to my overall debts. What I have found helpful which I wish I did years ago is to lease a vehicle, I find it easier to budget for. You also get leases which you pay extra to cover maintenance but at least your sorted should you break down with no further worries. Also some employers offer lease car schemes, don't know if it would be applicable in your case. I do see the benefits also of hire purchasing a vehicle hence you own it after the final payment, but there is always the ongoing servicing to factor in with maintenance plus depreciation. There are plenty reliable motors to go for these days, I recommend doing your homework for a reliable brand as it could save you a fortune in the long run. Many good deals to be found online for reliable brands to lease and reasonably priced. Good luck!
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Just Joined

2 Posts

Posted - 07 August 2019 :  09:18:06  Show Profile  Reply with Quote
Thank you for the advice, it's much appreciated especially when you're a newbie like me! Looks like I have some groundwork to do and I've started to make enquiries. DASdude I hadn't even considered leasing as a viable option but shall certainly look into it. Research is key and I may be here for some time but hopefully it brings the right result in the end!
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