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Topic starter
02/03/2015 7:52 am
Hi folks, looking for some advice? I have made my last payment to my trust deed in February(thank goodness) and am now going to be contributing to the equity agreed for my car. It was valued at ?é£1600 but having read through the website and previous posts I'm confused as it is below the ?é£3000 limit for vehicle/equity. Any chance someone can clarify if this would be an asset that needs realised?
Thanks
02/03/2015 10:00 am
Hi bc1979,
When did you enter your Trust Deed?
At one point the minimum value of the vehicle someone could have without classed as an asset was £1,000. If the value of the vehicle was over £1,000 then this would be taken into consideration when the proposal was made to your creditors.
It all really comes down to when you signed your Trust Deed and what was agreed and proposed to creditors. If you agreed to extend the payments and pay over the value then this is what will need to happen.
Now any car worth less than £3,000 isn't an asset in a Trust Deed or Sequestration.
David is not currently posting in the Trust-Deed.co.uk forum
02/03/2015 11:21 am
From memory the car value figure increased from £1000 to £3000 in November 2010, so if the Trust Deed was signed after November 2010, then the £3,000 figure should apply.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
02/03/2015 4:57 pm
Thanks guys, makes more sense now as the trust deed was signed in August 2010. To be fair, most of the equity in the car has been paid already, so a few payments more won't hurt.
Cheers.
