Hi Anniefun,
With my trust deed it is anything from £3000 which is considered an asset, there has been very bad reports from this Wilson Andrews company. Thank God I did not use them. How can it be one rule for one trust deed company and one rule for another?

thanx for your reply sam21, i know after reading everyone elses comments online about wilson andrews i wish i hadnt went with them thats why i posted my last message to try and get others to avoid them. i heard that it was usually 3000, but as usual wilson andrews make up there owm rules. i am not accepting it though i am fighting them all the way i will keep everyone posted. thanx again xx

Hi anniefun

The figure for cars Rose to £3k in November 2010. Previously it was £1k.

I would have thought a garage inspection valuation would be more accurate than Parkers guide or other online valuation, as the garage can view condition as well as mileage, year etc.

Mark

thanks mark,

would wilson andrews go with 1000 allowed when i started my trust deed or should they go with the figure of 3000 for a car which is allowed now. my trust deed officially finishes in october but i will be paying monthly contributions until dec 2012 due to the car and the excess income i apparantly had over my trust deed. thanks for your help much appreciated.i am still paying hp on the car and wont be finished until august does this make a diference.

Hi anniefun.

I think that the rules that were in place at the time that you signed the trust deed will apply.

thanks for your help.

the car wasnt actually mine at the start of the trust deed and the registration documents were signed over to me after i seperated from my partner. the finance is actually in his name though although i make the payments. i dont know if this makes a difference as the car legally isnt mine until july when the car finance is finished.

I think that makes a difference of sorts anniefun. However if your trust deed is still running when it becomes yours I would assume it would be seen as an acquired asset that may have to be dealt with.

I don't know if the change in car valuations for trust deeds would make any difference in this case, hopefully one of our experts will explain.

I don't think there is any hard and fast rule here, it is down to the trustee's interpretation. The whole £3k/£1k question is merely guidance from the accountant in bankruptcy and I think is specifically to do with sequestrations, though insolvency practitioners would normally apply the same criteria to trust deeds. If you were going by the letter of the law then the trustee can seek to ingather the full value of any car that is owned by you I'm afraid.

If you are arguing that the car isn't yours then that is a different matter, and perhaps you could make a case for this.