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Haz7991
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4 Posts

Posted - 22 October 2020 :  21:07:01  Show Profile  Reply with Quote
Hi ,

I am 8 payments away from completing my 48 month trust deed and itís been a long 4 years. My car PCP unfortunately run out and due for renewal and I have obtained credit authorisation for a new 4 year pcp at same monthly payments as I pay currently. I have never missed a payment on my existing agreement. I obtained a Vanquis card no problem and pop fuel on it and pay it off on full.

I have been told is all I need to do is goto Arnold Clark with the deal I proposed to my trustee and I should be okay to obtain it.

I donít understand how? Arnold Clark will naturally do a credit check?

TDA (Debt Adviser)
Trust Deed Expert



13542 Posts

Posted - 22 October 2020 :  22:00:51  Show Profile  Reply with Quote
Welcome to the trust deed forum Haz7991.

Congratulations on reaching the final stages of your protected trust deed. That's excellent news that your trustee is happy for you to take out further vehicle credit finance.

As far as I know Arnold Clark isn't a credit provider. My understanding is that they're a credit broker and can connect you with lenders that will offer vehicle finance. There will be a credit check.

There are lenders who will offer vehicle finance to people while they're in trust deeds. Moneybarn may be the best known example. The condition for lending is sometimes that you can prove that your trustee has consented (which it seems they already have).

The interest rates and overall costs will be high, but at least it's an option.

It may make things easier and quicker for everyone if you tell the Arnold Clark rep about your trust deed and credit rating at an early stage.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Haz7991
New Member

4 Posts

Posted - 22 October 2020 :  22:25:40  Show Profile  Reply with Quote
Hi,

Thank you for your reply :) I appreciate it.

I really hope one of there lenders will approve me tomorrow even if the apr is higher than normal I can extend the months I pay over , I donít think I would go down the MoneyBarn route as it looks like it would Chuck me back into silly debt. Failing a new car tomorrow - hopefully fiat finance allow me to refinance my £4K balloon payment in January. Failing that option my partner may be able to take another pcp in his name and own the car whilst I use it ?

I really donít want to pay twice the car value in a ridiculous apr loan #128557; I donít get how thatís helping the nation thatís coming out the other side of financial crisis. Especially when during the whole trust deed I have paid a mainstream lender successfully. NEVER EVER AGAIN will I get myself into this situation. A learning curve indeed.

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TDA (Debt Adviser)
Trust Deed Expert



13542 Posts

Posted - 22 October 2020 :  22:51:21  Show Profile  Reply with Quote
The rates are likely to be high if you personally take out car finance while in a trust deed Haz7991. If there's another way to make it work then you should probably look at that first.

I guess "helping the nation" isn't necesarily what a private company can or will be able to do. There's no particular point of criticism directed towards this individual firm here; it's a risky time to be lending to a lot of people irrespective of trust deeds etc.

Hopefully you're right that we're coming out of a financial crisis. I fear this financial crisis is only just beginning and, for many people, there's going to be a lot of really tough financial challenges to deal with in the coming months.

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