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Just Joined

2 Posts

Posted - 09 March 2020 :  18:44:30  Show Profile  Reply with Quote
So I have been in a trustdeed for 2 years and I have car finance which was agreed and put into my expenditure. Iím now struggling with the upkeep of the car and itís not a choice as I need it for my work.

I have been in contact with a car dealership for a vehicle lease. The deal will work out about £15 cheaper a month and will include servicing and MOT and being a new car it shouldnít have any issues that Iím currently having with my current car. Do you think my trustee will allow this? Thatís if I can secure the lease as nothing is definite.

My current cars finance should be cleared as it values roughly the same.

Kevin Mapstone
Trust Deed Expert

3839 Posts

Posted - 09 March 2020 :  20:22:52  Show Profile  Reply with Quote
I don't see any reason why your trustee should have a problem with that, liamtd. I guess they might want you to pay the £15pm you are sing into the Trust Deed instead though...

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Paul McDougall
Trust Deed Expert

55 Posts

Posted - 10 March 2020 :  08:15:30  Show Profile  Reply with Quote

In my experience the trustee will not have an issue with this as your finance will be cheaper than what you are currently paying however, the car finance company may ask for a signed letter from the trustee.

Whilst most trustees will take a view on whether to sign the letter, there is a risk that by providing permission to the individual , the trustee may be criticised in instances where payments are later missed to the car finance provider.

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David Tannock
Trust Deed Expert

2382 Posts

Posted - 10 March 2020 :  09:55:29  Show Profile  Reply with Quote
Hi liamtd and welcome to the forum.

As Kevin and Paul have advised I also donít see any problems with you swapping one car finance with another.

Iíd shop around to make sure you get the best possible deal you can when it comes to another car. One thing that could stand in your way is your credit rating but the only way you will know is if you apply for it. Iíd be up front and honest with the car garage/salesman about your financial situation and credit rating as this will help them.

You could even look on line at car leasing as well to see what options you have. Sometimes when someone isnít able to get the finance in their name a friend or family member can help out with this and you could make the payments for the finance.

Best thing to do is contact your Trustee and have it all confirmed in writing from them that there wonít be any problems.

How have you found the Trust Deed in the 2 years that you have been in it, has it helped?

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