Hi melaniemax,

I'm really glad to hear that everything went through for you. Thanks also for your support for mcbz9 and best wishes for the future.

Hi guys

I have another question. My car has been valued by the Trustee at ?ú3500. I knew that I would have to pay towards the equity on this, but I did not realise that I would have to pay every penny it was worth to the Trustee. This means payments over the three years of nearly an additional ?ú98.00 per month. I need the car for work, but I don't see where we will find an additional ?ú98.00 per month from, if it was worth less than ?ú1,000 the Trustee would have had no interest in it, but I need my car to be reliable - I just don't know what to do now. Any advice gratefully received!

Hi melaniemax

I'm afraid this is another example of an area which should have been clarified at the start. Personally I think the firm is being slightly 'cute' demanding the full value as the car is required for work and as such allows you to earn to pay the agreed contribution. The guidance on cars is:

Only vehicles valued at over ?ú1,000 vest in the trustee (see Section 6.9 of these notes).

If a vehicle is valued at over ?ú1,000 and the trustee thinks that it is cost-effective to sell it, it should be sold as soon as possible unless the vehicle is considered essential to the debtor to get to work so that he can make a meaningful contribution to his estate. But, if the debtor is allowed to keep a car that could vest in the trustee, he must maintain the agreed regular contributions. If he fails to do so without reasonable excuse, the trustee should repossess the vehicle as soon as possible and sell it if that is cost-effective.

Mark