Trust Deed Forum - Can i sell my car during a trust deed
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
 Can i sell my car during a trust deed
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Billyboy1
Advanced Contributor

52 Posts

Posted - 16 November 2020 :  17:20:00  Show Profile  Reply with Quote
Hi all a we bit clarification would be great here thanks, ive been in my trust deed about 18months now,if i sell my car for 5500 am a right in saying i pay the 2500 towards my trust deed as it was part of my asset when taken the trust deed out ,and the other 3000 left would be for me to buy another car is this correct, obviously i would need to ask my trustee first , and advice very welcome thanks in advance.

TDA (Debt Adviser)
Trust Deed Expert



13542 Posts

Posted - 16 November 2020 :  17:21:22  Show Profile  Reply with Quote
Hi Billyboy1.

Was there an agreement to pay over a certain amount of equity in lieu of your vehicle's value when your trust deed began?

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

Billyboy1
Advanced Contributor

52 Posts

Posted - 16 November 2020 :  17:33:41  Show Profile  Reply with Quote
Hi tda thanks for getting back to me,my trust deed company got took over about 6months ago to another one,if i was going to sell it the previous company valued it at 5500,and said they would want the 2500 which ive not got a problem with and the other 3000 left would be mine to buy another moter, but i dont know if the new trust deed company would allow me to do the same , thanks tda
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3900 Posts

Posted - 16 November 2020 :  17:39:48  Show Profile  Reply with Quote
Hi Billyboy1

Yes, I am sure that you have nothing to worry about on that score. What was agreed with you at the outset should be honoured.

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

Billyboy1
Advanced Contributor

52 Posts

Posted - 16 November 2020 :  17:48:56  Show Profile  Reply with Quote
Hi kevin thanks cant honestly mind if this was agreed at the start of the trust deed,but i asked the question to my last trust deed company who i will not mention for professional reasons and i still have an email saying thats how it works but i dont know if the new trust deed company would allow me to do the same , think al need to give them a call, i dont want to mention any company's here dont think i need to, but just wondered if they all did the same as i potentially have a buyer for my car ,thanks
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13542 Posts

Posted - 16 November 2020 :  17:49:36  Show Profile  Reply with Quote
As you identified in your first post Billyboy1, it's going to be sensible to contact your trustee and agree a plan of action before you actually sell the car.

Hopefully there will not be any problem with this.

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

Billyboy1
Advanced Contributor

52 Posts

Posted - 16 November 2020 :  17:56:47  Show Profile  Reply with Quote
Ok tda thanks very much for your valued advice,thanks.
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2020 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.