Help & Advice

Car Finance whilst in a Scottish Trust Deed

I am currently in a Trust Deed (Scotland) and my wife has wrote off our car. I was paying £115 per month.

What are the chances of being accepted for a car with the same amount of payments? Possibly going up to £140 per month?

Anthony


Answer

Hi Anthony, thanks for your question and sorry to hear about the car. I hope your wife is OK.

Regarding your question - we won't know whether we'll be able to help you until you've made an application and we've had chance to review your credit history however, i can tell you that we do have lenders on our panel who help people in Trust Deeds get car finance. You seem to have a decent monthly budget too.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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More related questions

Hi, my credit score is very low (320) at moment due to being in a Trust Deed (IVA in England) which finished 21/Nov. I am coming to the end of my current HP agreemnt in May with a car as p/x and no payments missed in 5 years. Would I be able to get car finance?

Answer

Hi Rachel, your credit score does seem low but there is a chance that we can help. Everybody's case is different and until we see your credit profile we can't guarantee anything. We have helped people get car finance whilst they have been in a trust deed before so there is hope. Have you applied at any other internet brokers? If so, what was the outcome. If you haven't we look forward to receiving your application for a car loan. Thank you, Rachel

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I entered into a Trust Deed at the end of last year, ironically as a result of PPI - my mistake was that I stopped paying the bank until they gave me the correct figures, which they never did and I ended up in default . . . c'est la vie! However, i have landed a new job and desperately need to replace my car (180k and climbing) and don't know where I stand regarding HP or Leasing. Can you help/advise? Kind regards, David

Answer

Hi David, as a business we mainly supply HP (Hire Purchase) and from what you have said i know this would be the best option for you. You say you're in a trust deed - can you explain a little further as to why you have entered this arrangement and the extent of your debts? How much is your default for? Kind Regards, Rachel

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Hi Rachel, I have recently satisfied my trust deed (equivalent of an English IVA) and am now no longer financially obligated. However, it will be 2-3 months before I am legally discharged due to the administration that needs to be completed. What do you think my chances of getting a new car on credit are and if there is a chance how much do you think I can get? Thanks, Mohmed

Answer

Hi Mohmed, thank you for your question. If i'm honest i'd wait for the all clear from the trust deed before applying for car finance. This will give your credit profile time to adjust to the changes and when you do apply the lenders will be able to see that the trust deed has been settled and all of your creditors have been paid off. This would give you a greater chance of being approved. If we get you approved in 2-3 months time i think we'd realistically be able to get you £6000 maximum. However, do you have a cash deposit or part exchange to place into the deal? Thanks, Rachel

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Thanks Rachel. I do have a car that is worth about 1K that I could use as a part ex. Alternatively, I may be able to get together a 1K deposit. Do you think that would help me? I think I will take your advice and wait until my discharge is posted by the credit reference agencies. Thanks! Mohmed

Answer

Hi Mohmed, a £1000 deposit would certainly help as it shows commitment on your behalf. Look forward to receiving your application in a few months. Rachel

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I am coming to the end of a protected trust deed. I am self employed and also have a good pension. I need a car to work . Can you help?

Answer

Hi Rod, as long as you can prove your income with bank statements we should be able to help. How are your current live credit agreements (mortgage, loans, credit cards etc) performing? Are they up to date? Regards, Rachel

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Hi Rachel, just wondering is it worth my time applying for bad credit car finance whilst in a trust deed, i currently have a car on HP, and this ends in April, but the car won't see me another 3 years due to age etc? I don't think the current HP provider will give me finance again as i got this before i entered in to the trust deed. So do you think it's worth while trying some bad credit companies? As my HP agreement is not included in trust deed and i have been good with payments. Thanks, Debbie

Answer

Hi Debbie, it's always worth a go. I would say not to apply with more than one company though as we all have access to the same lenders and you don't want too many searches on your credit profile as this has a negative impact. Everyone's case is different and i couldn't give you an exact answer either way as i haven't seen your credit profile yet. If your current live agreements are up to date and paid on time then we may have a chance. Do you have a deposit at all? How much is your car worth as you could always part exchange that? Rachel

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Hi, I am half way through a trust deed and wanted to know if it was possible to get car finance? I am a teacher and have been employed as one for 4 years. My salary is over £30,000 which increases every year. I have a car which is only worth about £500 but it needs work done to it and it's costing me a fortune every month. Can you help?

Answer

Hi Lesley, we may be able to help you - it all depends upon how bad your credit was when you entered your trust deed. We could use your current car for £500 as a deposit which is great news and you do earn a good wage so this helps the situation. Please apply and we'll try our best to get you approved. Kind Regards, Rachel

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Hi Rachel, I'm at the end of my trust deed and I'm wondering roughly how much i could borrow for a new car, my mortgage and secured loan are up to date and I have a 2k deposit. My earnings are around £40k a year.

Answer

Hi David, if your current credit is up to date that's great news. The fact that you also have a £2,000 deposit and earn £40,000 per annum is also a very good sign. How much do you need? I have one lender in mind who accepts customers who have had bad credit in the past but have a large deposit for a new car. Kind Regards, Rachel

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Hi Rachel, I'd be looking for around 12-14k. Not seen a car yet but the ones I've looked at are around that price range. Also do your lenders have clauses in place i.e mileage, age, engine size etc?

Answer

Hi David, if we get you approved with the lender i have in mind then the £12,000 to £14,000 shouldn't be too much trouble. However, we need to get you approved first. Engine size doesn't matter too much but the car can't be older than 5 years at the start of the agreement. Please make an application and inform me when you have done so. I shall then get my manager to look at your case. Kind Regards, Rachel

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Hi, i have a credit score of 652. I had a trust deed but after 6 years it has now been taken of my profile. I have managed to get store accounts and credit cards and i am never late on payments. What's the likelihood of me getting £8000 for car finance? I work full time and earn £19,000.

Answer

Hi Louise, most of our lenders only look back over 5 years so we should be able to get you approved as your profile now shows some good payment history. If approved the £8000 may be a stretch but £5000 to £6000 wouldn't be a problem. Do you have a deposit at all?

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I had a trust deed 6 years ago and lived in Canada from 2006 till 2011. I've just got a house and have just registered on the voters role. Recently i got credit cards and a overdraft from my bank. What are my chances of getting credit for a car?

Answer

Hi Paddy, there is a possibility of obtaining car finance if you have a deposit of at least 15% - 20%. Is this the case? Regards, Rachel

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Hi Rachel, we have 8 months to go in our trust deed and need to get another car for my new job. Due to improvements in our circumstances my payment has gone from £238 to £750 per month and i now earn £55k pa and my partner £34k. We have not defaulted or missed any payments on our mortgage / hire purchase / phone / bills etc from entering the trust deed. I would prefer to wait until the TD is completed but circumstances force our hand. My new job would provide a further salary increase to £69K. We have no problem with cash flow now, but i don't want to start applying for credit to be refused. Your advice is appreciated. Many thanks, Debra

Answer

Hi Debra, thank you for your question. I can't guarantee an acceptance but there's no doubt that you can afford a new car and that you have had a good run recently. How long have you been in your trust deed and what is the remaining balance of debt you owe? Rachel

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Hi, i'm looking for advice. We currently have debts of about £55k and we are beginning to struggle. All payments are up to date and none have been missed. Entering into a trust deed has been suggested to us however, we have two fears about doing this. Firstly i am a Taxi driver and i always need finance for a vehicle otherwise i'm out of work. 2nd point my wife s job is under threat however her employer has offered her a recruitment agency for a few thousand pounds which i just about have. However, i read somewhere that neither of us could be directors of a ltd company. Is this true? I get the feeling that i'm coming across obstacles at every angle. Should i carry on and if the defaults start reconsider or should i act now. Please help!!

Answer

Hi John, apologies for the delayed response. I shall try and help you out the best i can. One things for certain is that the debt won't go away and a trust deed may well be the best option. Do you need car finance now as it may be worth financing a new car for 5 years and then entering a trust deed after you have your car. They won't take this away as it's the only thing you need to earn a living which can obviously get your debts paid off. I'm not sure on the legalities of being a director of a company if you're in a trust deed personally. I'd double check with a solicitor to be honest - they should be able to offer a little bit of free advice. Have you started to miss payments already or are you just about to go that way?

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Hi! I finished my trust deed a few months ago and noticed my credit rating has improved to 607. I'm looking for a car loan for about £6000 as i've about £3000 saved! Do you think it would be posible to get a loan? I earn over £35000 a year.

Answer

Hi Ian, congratulations on completing the trust deed. As you now have a fair credit score and a decent deposit i'm quietly confident we can get you approved for the amount you need and as you're now on a good income you should be able to prove that you can afford the repayments. Please apply when you get 2 minutes.

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Hi, I have been recently signed off from my trust deed. I am in need of a new car as my current one is starting to cost a lot in repairs. I need a car for work and during my trust deed I continued to pay car finance with Black Horse. I am frightened to apply for credit as I would be embarrassed if I was refused. Any advise on how to proceed would be great. Thanks

Answer

Hi Heather, as long as you kept up all of your payments with Black Horse during your trust deed period then we should be able to help. However, i can't say whether we'll be able to 100% get you approved until you've made an application for finance - at which point we can see your credit history. You can make the application on our website and then come back to me with the reference number. I'll then be able to inform you of whether we can help you out. As i said i'm confident but can't promise anything. You won't be able to get finance without making a credit application so don't worry about being embarrassed. Looking forward to hearing from you. Rachel

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I had a trust deed 6 years ago, which has now been clear 3 years. My credit score is now 401. I have a credit card which I make regular payments to and never late. I was hoping to get a new car but unsure if I would get credit. I have a car to trade in and would expect a minimum of £2k for it. My salary is £32k. Do you know if I would be accepted for car finance?

Answer

Hi Jacqueline, from what you have said i'm confident we can help as the trust deed finished 3 years ago and since then you've had some clean active credit. Not to mention a good deposit and a good income. Please apply when you have 3 minutes :-)

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Hello Rachel, I successfully completed a Protected Trust Deed (IVA in England) without any defaults back in Feb this year and I'm desperately in need of a new car as my current one is going to be too expensive to get through another MOT. My credit score isn't at all great as a result of the TD (just under 500 I think), but my other ongoing accounts (mobile bank account etc) are all up to date. The creditors which were in the TD have all been paid there dividends from my trustee although it may take them a little while to update the accounts as satisfied. (there are Notices of Correction on the file to this effect). I have been on the electoral roll at my present address for 14 yrs and in full time regular employment with monthly take home pay of £1200 .I have a deposit of around £1000. Do you think you could assist? Regards, Tom

Answer

Hi Tom, congratulations on completing your Trust Deed. I bet that's a big weight off your shoulders. As you have a decent deposit and income we may be able to help but it may be wise waiting until your accounts show as settled on your credit report. How long would this take - could you find out? Kind Regards, Rachel

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Hi Rachel, As a result of constantly phononig and emailing them, the 3 creditors that are dragging their heels are all aware that the accounts should be updated as satisfied/partially satisfied, so hopefully it shouldn't take any more than a few weeks or so. My brother, who has a very good credit rating has said he would act as guarantor. Is this permitted? Thanks. Tom

Answer

Hi Tom, yes that is permitted. Please apply when you feel ready and let me know the reference number. Kind Regards, Rachel

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Can i get credit after completing a Scottish turst deed? I have been paying a PCP for almost 4 years and have not defaulted in the payments. My financial problems are with credit which i did not use Direct Debit. I await hearing from you.

Answer

Hi Wilson, even though you've had troubles in the past it does seem like you have taken care of some of your accounts. We have helped people get car finance even though they have or are in Scottish trust deeds before so please apply and we'll go from there. Let me know the reference number of your application after you have applied. Have a good day. Kind regards, Rachel

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Hi, I'm in a protected trust deed and wondering if I use the same finance company would they lend me finance for new car? I have never missed a payment for the same price each month as I am paying now. Could this work? Thanks

Answer

Hi Michael, perhaps this would be a possibility but you'd have to discuss this with your current finance company. If you get declined please try us as we help people in financial difficulties. Regards, Rachel

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Hi I recently joined a trust deed in July 2012, they let me keep my car due to using it for work but unfortunately the car required a lot of work which I couldn't afford so sold it for scrap value at only £200. I really need another car now but can't afford to buy one outright so I was just wondering of the chances of car finance roughly to the value of £3000/£5000? My income is £19,000 per year and my debt is probably roughly £8000. Thanks

Answer

Hi Kayleigh, Thank you for using our Q&A. I apologise for the delayed reply. However the good news is we may be able to help you. We work with most of the lenders currently on the market and manage to secure most of our customers an approval. Many of these lenders will lend to people who have been/ are currently in a trust deed. However you may require some form of deposit. Please make an application so we can try our best to place you with one of our lenders. Thanks Rachel

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Hi there, I'm currently in a trust deed with a year to go till completion. I've applied for finance from car loans for you and been accepted but repayments were a little excessive? I'm on 30k a year plus OT. Cheers

Answer

Hi Mikey, we may be able to help you. We are limited to the number of lenders we can try to get you approved with due to your trust deed. However an approval is not out of the question. Please make an application so we can see if we can get you the repayments you are looking for.Thanks, Rachel

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Hi Rachel. I'm in a trust deed and my car has died. I need to get a new one for work urgently or face losing my job. I earn £19k a year and could get a £500 deposit. Can you help?

Answer

Hi Hazel. You would need to make an application so we can take a closer look at your credit profile. However if we were able to secure you an approval you would need some form of deposit. We have been able to help customers in similar situations to yours so it is definitely worth applying. Thanks, Rachel

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Hi Rachel, I have one month to go on a 3 year Protected Trust Deed (Scotland). The payments are £220 p/m. My basic salary is £24000 and I was wanting to lease a car for 3 years at the same amount or less. My existing car is getting to a stage where it is likely to need more money spent on it than it's worth and I'd rather not do that. Can you help. Thanks in advance.

Answer

Hi Peter, we'd love to help. As you're near the end of teh Trust Deed and have a good income i'm confident we can get an approval for you. I take it you'd be using your current car as a deposit (part-ex)? Are you ready to apply now as if approved the approval is valid for 30 days? Rachel

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Hi, I am currently in a trust deed (Scotland) with only 3 monthly payments left to go. After the last payment is made it is my dream to be able to get a car on finance. Is this possible? Thanks

Answer

Hi Linda, apologies for the delayed response. We can indeed help people who are in Scottish Trust Deeds. You can even apply now if you wish. As long as you can prove your income, are on the electoral roll and have some current clean credit we should be able to get you approved for a car on finance. Once approved you can get your car from any local dealer and we do provide a no obligation quote. Have a good evening. Rachel

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Hi there, i completed my 3 year trust deed in May 2013 and i was wanting to buy a new car under finance locally. The repayments are £238 per month. My annual income is £24,880 - do you think i would be refused? I don't really need the embarrassment of being declined. Regards, Jamie

Answer

Hi Jamie, thank you for your question. There is a real possibility of being declined by the dealer as they mainly tend to deal with high street names for finance and they will be looking for people with clean credit records. The decision is yours but if you wanted to get the finance in place first we could certainly help you. Once approved you know you have the cash in your pocket to choose any car from any dealer and we do provide a no obligation quote. Rachel

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Hello, I completed a trust deed in Nov 2012 but it stays on my credit file until 2015!

However, I am looking for car finance and don't want to pay through the nose. I earn £32,000 a year and my credit score is 849 i think. What are the chances of me being accepted for any car finance?

Answer

Hi Lorraine, thank you for your question.

As you have completed your trust deed, have a good income and current fair credit score i'm very confident we can get you accepted for car finance.

Please make an application and once approved you can choose a car from any dealer. Kind Regards, Rachel

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Hi Rachel,
I have 9 months left of a protected Scottish Trust Deed, and was wondering if I could obtain car finance? My salary is about 18000 per annum.

Answer

Hi Ross, Thank you for your question

We do have lenders that can help those that have previously been in, or are currently in, trust deeds with finance, so we may be able to help!

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

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Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender