You can retain a car up to the value of £3,000 and it will not be considered an asset in your Trust Deed. Even if the car has a value greater than £3,000, as long as you need your car for travel to work purposes then in most cases you will be able to keep your car. If, at the end of your Trust Deed, your car is valued at more than £3,000 then your payment period could be extended to take account of the car’s value and/or a third party could pay the amount in full or by instalments during the Trust Deed period.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
Free debt counselling, debt adjusting and providing of credit information services is available to customers by contacting MoneyHelper.