worried sick

cassie43

i need some advice, been offered a scottish trust deed which will reduce my debt and clear the remainder in 3 years, but we have a 3 year old car which my fiance pays although the car is in my name, can anyone take the car even though it is getting paid, absolutely worried sick as my partner has no idea, total debt amounts to £30,000.

Mizz_Pink

I cant advise on this i'm afraid.

Just wanted to say try not to worry, is it about your partner finding out ? It really is best to have it all out in the open although I can understand how hard it is to tell him.

Sending a hug.

Annie_Fanny

Give these guys a ring for free confidential advice:
http://www.nationaldebtline.co.uk/scotland/

Good luck

Annie

Rgc_3

cassie43 wrote:

i need some advice, been offered a scottish trust deed which will reduce my debt and clear the remainder in 3 years, but we have a 3 year old car which my fiance pays although the car is in my name, can anyone take the car even though it is getting paid, absolutely worried sick as my partner has no idea, total debt amounts to £30,000.

Hi Cassie

If the car is worth less than £1000 then the trustee would nt have an interest(unfortunately not relevent for a 3 year old car but i thought it best to explain all) your trustee may allow you to keep the car if you can show its needed for your work!!(trustee has some discretion on this point )

Sorry its not the info you hoped for but if you dont feel ready to discuss this with your fiance yet(I think you know what you ll need to do at some point) then perhaps its worth phoning your trustee to discuss this point

Best wishes

Rgc_3

cassie43 wrote:

i need some advice, been offered a scottish trust deed which will reduce my debt and clear the remainder in 3 years, but we have a 3 year old car which my fiance pays although the car is in my name, can anyone take the car even though it is getting paid, absolutely worried sick as my partner has no idea, total debt amounts to £30,000.

Hi again

Sorry i misunderstood your question before(thought you meant how your trustee would deal with it)....im not sure of the legalities of how a creditor will deal with the car

if the payments are full and up to date then it may be possible to have it excluded from the trust deed(Im really not sure on that though) as you will probably still have the majority of the original payment to make plus depreciation of the car over three years will possibly bring the value of the car being sold down enough for it not to be an issue
Sorry cant be more help

pms

When I started my Trust Deed my car was worth £2500 and I have been allowed to keep it as I use it for work. At the end of the Trust Deed if there is any value left on the car then I will either have to surrender my car, or pay the value of the car to my Trustee. I am going to do the latter as there is no way I am giving up my car.

I hope this is of some help.

Rgc_3

pms wrote:

When I started my Trust Deed my car was worth £2500 and I have been allowed to keep it as I use it for work. At the end of the Trust Deed if there is any value left on the car then I will either have to surrender my car, or pay the value of the car to my Trustee. I am going to do the latter as there is no way I am giving up my car.

I hope this is of some help.

Hi pms

i think you ve read the post the same way i did first time...the car is still under finance so its not as clear cut as if the car was owned outright....the original company that the car was bought of are satisfied that the debt is being paid off so they wont lay claim to it(OP s fiancee is paying installments)

I dont know if it can be excluded from trust deed and payments continuing or perhaps fiance can have the loan put into his name??

cheers

cassie43

thank you everybody you have been a great help especially the hug it was well needed, did phone the trustee he told me not to worry about the car, but i am still apprehensive, any more people out there who have went through a trust deed?.

thefoolonthehill

cassie

I hid my debt for around a year from my o/h, I was hiding mail etc and hated it, but didnt want to bring the matter up as I didnt want her to be as worried as me.

When I finally plucked up the courage to tell her she was great and I feel so relieved that I did it.

I know its hard but once you do it you will feel so much better

cassie43

i cant tell him he absolutely hates any kind of debt and i feel so stupid for getting into this mess in the first place, if i told him he would probably leave my 18 year old son knows and he has been a great help.

thefoolonthehill

I am so sorry that you couldnt rely on your o/h in a situation like this. Afterall it is when you are in a situation like this it is when you need the support of others around you. I am pleased that your son is a help and is there for you.

dont feel stupid for getting into the debts as that will not resolve the issue, it is extremely easy to get into a lot of debt quickly, as I am sure others will testify.

I regret getting into debt but I cant go back and change the fact that I am.

hope you can get through this and come out the otherside