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Ksm00009
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9 Posts

Posted - 24 September 2020 :  11:24:47  Show Profile  Reply with Quote
Hi

I have been learning to drive and I wondered if a relative was to buy a cheap runaround car for me (eg value 1000) if this would be ok during my trust deed? My insurance and fuel costs wouldn't be any more than I currently pay for public transport.

Thanks

TDA (Debt Adviser)
Trust Deed Expert



13520 Posts

Posted - 24 September 2020 :  13:54:41  Show Profile  Reply with Quote
Hi Ksm00009.

I doubt this will cause you any problems with your trust deed.

The safest way is probably for the purchaser (your relative) to retain ownership of the vehicle. This doesn't stop them from lending the car to you, and it doesn't stop you from being the registered keeper of the vehicle. Being the owner and being the registered keeper aren't always the same thing.

You could also run the scenario by your trustee if you want some extra reassurance.

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Ksm00009
Contributor

9 Posts

Posted - 24 September 2020 :  14:00:19  Show Profile  Reply with Quote
Thanks for your help that's great :)
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Paul McDougall
Trust Deed Expert



92 Posts

Posted - 30 September 2020 :  12:22:41  Show Profile  Reply with Quote
Hi Ksm

No this wont present any issues.

You are allowed a vehicle up to the value of 3k


p

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