Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

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#196530 Does my car loan have to be included in a trust deed,payments are up to date and only have about 10 months left to pay?? If its included in the deed are they likely to try and take the car back?? :shock:

Thanks for any help and advice folks.
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#196585 Hi

I entered my trust deed 2 and a half years ago and I was 8 months into paying for my car. I was allowed to keep my car and continue paying the HP on it. My last payment is in July and if it is worth anything at the end of the TD then I will have to either surrender my car or pay the value of it to my IP for my creditors (I don't see that happening though)

Hope this helps

Hunny :)
#196588 Thanks for that Hunny,I wasnt sure what to expect with regards to them taking the ferrari off me or not!!! :shock:

TEEEHEEE :lol: Ferrari my elbow,its a crappy renault laguna!!!(but will do me till the wheels fall off!!!) :lol:
#198677 HI

It depends on the basis of your car agreement. If it is actually a personal loan the loan compnay will be added to your list of creditor in the Trust deed and you will not need to keep paying the car payments and the car will not be aken back by the company.

If however it is on HP then as long as the payments are reasonable you should be allowed to continue making the payments and retain the car. However some IP's work on the basis that you keep the car to allow you to get to work to make the contributions. If you fail to make your contributions over a period of time they could arrnage for your car to be returned to the HP company or sold at auction.
#198678 Its hp so they are happy for me to keep it,the payments are done in 9 months so my TD is to go up when I have paid off the car as I will have extra income left over,although its not going up by quite as much as I pay per month for the car(£153/month).

The Ip has set a future value figure of £500 so I am to make an extra small contribution per month into the TD to buy out the trustees interest in the car.
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