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Just Joined

1 Posts

Posted - 27 June 2022 :  22:47:16  Show Profile  Reply with Quote
Hello Iím here here and Iím hoping someone can help.

Iím currently away to go down the trust deed route after losing my business (sole trader) and only have a part time wage.

My biggest worry is I have 2 small cars on finance as my husband couldnít get one on finance so Iíve got both, however he pays for them, as he can afford it.

What would happen if I enter a trust deed? We live rural with no bus routes, we drive as part of our work, and we need cars for opposite shifts and child care.

Unsure what to do :( one company I spoke to said it wouldnít be an issue, but I have a feeling companies tell you anything to get you in.
I donít have a mortgage, I have about 30k of debt that was being paid off, I have excellent credit rating Ö however I canít afford the payments now due to losing my business ,.. covid hasnít been kind.

Thanks in advance

Kevin Mapstone
Trust Deed Expert

4111 Posts

Posted - 28 June 2022 :  09:09:01  Show Profile  Reply with Quote
Hi Scotgal84. Welcome to the forum.

There is no guaranteed answer to your question I'm afraid. I think it is unlikely to be a problem, however your chosen Trust Deed provider certainly can't be unequivocal that it wouldn't be an issue. It will depend upon a few factors such as what type of finance agreements they are on (ie HP/Conditional Sale/PCP/Fixed Sum Loan), who the lenders are and how reasonable the cost is.

I'd be happy to have a look at the agreements for you and give you a clearer answer if that would help, so feel free to click through on the button to contact me directly and we can organise that.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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