Hi ldc,

How much do you think the car would be worth if you sold it on the open market?

hi it would be the car that was paid off and prob be ?ú1000 to 1500

I think that the Trustee might have an interest in collecting the proceeds of a sale of that amount to help repay the creditors.

It will be interesting to hear the experts thoughts on this as the sum of money involved, while certainly significant, isn't enormous.

I am interested in this topic too, my car is constantly needing repairs as it's so old and my partner has offered to buy me a new one which I would keep in his name but my old car is worth around ?ú800. Where do I stand with TD? do they take all the money??

Hello again Lorryjo1983,

If you need a car I would have thought your Trustee would allow you to sell this one and use the funds to help replace it with a new one so long as it doesn't affect your ability to make Trust Deed payments.

Probably a question to ask your Trustee directly in this instance.

Your trustee has a lot of flexibility, but the way such assets are dealt with in a trust deed usually mirrors that of sequestration.
ie:

- If a car is worth less than ?ú1000 and is reasonably required by the debtor then it would not vest (ie the trustee would allow the debtor to keep possession).

- If a car is worth over ?ú1000 it should be sold if the trustee deems it to be cost-effective and the proceeds paid into the trust deed - UNLESS the car is required for travelling to work in order that the debtor can earn money and pay a contribution to the trust deed.

Therefore in many cases a car is allowed to be retained by the debtor so that they can continue to work. However in your case, ldc, the car is not required so should really be sold and the proceeds paid into the trust deed.

As for you, lorryjo1983, I think you should find that you'll be able to keep the proceeds (you can always argue that the money is needed to go towards the cost of the new car).