Welcome to the forum Slender28.

I'm not sure I properly understand your question/point.

Are you querying the valuation, the calculation, or the fact that your car is being taken into account at all?

How much in total are you being asked to pay towards equity in your car?

Hi Slender28,

Normally if someone has a vehicle worth more than £3,000 then this will be treated as an asset and you may be asked to pay over a sum of money to retain the vehicle and avoid it being sold. Different firms handle this scenario slightly differently so the best thing to do is check what you paperwork from the start of your Trust Deed confirmed regarding your car.

I hoped that the new regs or even guidance would have tightened the position with cars as there seems to be several ways of dealing with these. Generally the Trustee has no interest in a vehicle if it has a value of £3000 or less. Which means he has an interest in cars worth more than £3000.

Some firms will look at the difference and seek this as a payment ie If the car is worth £3,500 then most firms will seek the payment of £500 being the difference, having deducted the £3000 limit. However it also appears that some firms will look to seek the full amount of the value (£3,500) as the guidance states that cars over £3000 vest in the Trustee.

It's probably something to have clarified at the early stages before signing anything.

Mark