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Frequent Contributor

33 Posts

Posted - 21 March 2021 :  12:43:25  Show Profile  Reply with Quote
My partner is in the last few months of equity payments but the car has broke down.
In the event that he gets accepted for finance for a reasonably priced car (6k) would this be considered as something that can be taken at the end of the trust deed in six months? I remember them pricing the car we had at the time and saying it wouldn’t have any equity at the end of it so unsure what would happen with this situation.

TDA (Debt Adviser)
Trust Deed Expert

13705 Posts

Posted - 21 March 2021 :  20:20:24  Show Profile  Reply with Quote
Hi Penny1286.

If a vehicle is obtained using secured finance (like hire purchase for example) then your partner does not own it. It's still owned by the finance provider.

As such, a vehicle currently subject to secured finance isn's an asset and would not be of interest to the trustee.

Finance providers may request consent from the trustee prior to providing finance.

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