Hi Chillypink.

I'm pretty sure £3000 will be the relevant figure here.

Hi Chillypink,

It's £3,000. Any car worth less than this amount is automatically not an asset in a Trust Deed or Sequestration. A vehicle worth more than £3,000 is classed as an asset.

I would suggest you look at the paperwork which you signed at the beginning of the Trust Deed. It should be set out in that how they intend to deal with the car.

What do you think the value of your car will be at the end of your Trust Deed?

Hi
Thanks for replying. We have no idea what its worth, we checked on line & similar cars are on for between 4k and 6k. It doesn't mention anything about £3000 on the TD forms just that its an asset & they can take it to sell or extend TD. How does the trustee get a valuation for the car? Once they get it and say its 6k, do they sell it & keep all of it or do we get the 3k? We cannot be without a car but we also just want the TD over.

If a car is reasonably required then standard practice is to allow £3000. This would include if the car is being sold - £3000 would normally go back to you in order to purchase a cheaper car instead with the Trustee retaining the remainder for your creditors.