Thinking of BR but so many questions. Please help!

cs101

In my case I was allowed to keep my van which I was using for work but u r right dalip you have to fight and Ratty has to prove that she is using for work..

dalip

Thankyou both cs and shadow.
I was worried you would think i was being, whats the word,deliberatly conflcting(worry about all these trolls about)but i have known the OR take piddley amounts,then some allow great big amounts.


An example some person(with an IPA) on a forum had a pay rise of £350 a mth and their OR was not interested . Then another got an bonus of £200 and the OR took half.


It is never certain until it's in black and white;) D

skylight

Who actually paid for the car? Can you prove OH paid for it or is that a no-go?? Do you actually own the car outright?

If the car is solely yours, outright and no HP etc, then with a value of £6k you are going to lose it. The OR will not allow you to keep it, but as you urgently need one for work you will be allowed a sum (max £2k) to purchase another. Now - these are the guidelines and not law, so if your OR couldn;t careless he may not bother as you need it for work.

With regards to the Plasma, its current value is no-where near what you spent on it. Did you pay cash or not? If you paid on a card (credit/debit), then the OR may well question what the £1k at currys (eg) was for. Then again, they may not, so whether or not you mention it on your forms, is entirely up to you.

If all the debts are solely in your name, then your OH cannot be dragged into this - although you will need to specify a contribution he makes to the household in your I&E. The OR will expect this to be approx 50% as he needs to know you are not keeping your OH.

Do not transfer ownership to anybody at this stage. The OR will go potty and can go to the "new" owner and demand the value/item etc, whilst slapping you with a BRO/U (this means that your bankruptcy restrictions are extended for up to 15 years).

Go back to Payplan and tell them you cannot keep up payments and you want to look at alternative options.

skylight

dalip wrote: »

An example some person(with an IPA) on a forum had a pay rise of £350 a mth and their OR was not interested . Then another got an bonus of £200 and the OR took half.


It is never certain until it's in black and white;) D

And thats what is so horrific about BR. It really does (in some cases) boil down to how the blasted OR wakes up in the morning. As the rules are guidelines only, its so difficult to know what may or may not happen. Perhaps the guidelines should be more "law-ish" and all the OR's get re-trained to interpret them in the same damn way.

Some OR's are jobsworths and I do believe others hate their jobs and cannot careless with some stuff because its too much paperwork.

At the end of the day, when they are in effect playing with our lives, they really should be consistent.

hanspan_3

No i don't really own it outright as one of the loans that I got was used to pay for it. Basically when I got the loan for the car, I had a job that paid me a car allowance every month which covered the loan payments. 1 month later I lost my job as the company wasn't doing very well and I wasn't hitting my sales targets.

I never would have bought such an expensive car if I had known what was going to happen. I probably should have sold it ages ago but I couldn't bear to.

I may have over-estimated the value of my car. Who decides what it's worth? Should I take it to a garage and get it valued or does the IP decide?

Thanks for everyones input. You're all so helpfull and kind. I know it may seem as though I'm getting a bit ahead of myself thinking about my assets before I've even starting filling in the forms for BR but I've been waiting for them to arrive all week and I really wanna get the ball rolling now.

Waspeze

Check it out in the parkers guide (online) .. its what the OR will use

skylight

When you say you got a loan for the car, is it a designated car loan from the dealer, or a cash loan from a bank (equivilent) which you subsequently used to purchase the car from the dealer??

Its important as in the first scenario the car doesn't belong to you - in the second then you do own it outright, but own the bank lots for it!!!


With regards to forms, you can fill them in online you know. They are less daunting that way and actually make more sense. Plus you can do a section as you go along and save everything. So on one day you can concentrate on the I&E, the next on assets, the next on who you owe etc.... The forms as a whole look mindblowing!
Go to the insolvency website to do this.

hanspan_3

No it wasn't a car loan, it was a cash loan from the bank most of which I used to buy the car.

So which forms am I looking for on this insolvency website? sounds good to do it that way. Thanks

Merry_Gentry

Waspeze wrote: »

Check it out in the parkers guide (online) .. its what the OR will use

Apparently not all. H's OR told him on Friday that the valuation from Parkers would be considered a bit high, and that she would arrange for a valuation from the local auctioneers!! :eek:

hanspan_3

I've been spending the day going through my paper trail of finances and have now sorted it all out into some kind of organised mess! I've got quite a few missing bank statements and credit card bills. Does this matter? Also I have another problem and it's quite a strange one.

Me and my partner manage a pub. We're not tenants or anything we are privately employed by someone to run their pub on a day to day basis, so I don't have any stake in the business, I just get paid a salary monthly. I also don't really have anything to do with the finances (probably a good thing!) apart from the fact that I do the tills, banking and make cash purchases from the cash and carry etc...

The problem I have is - looking through my bank statements it dawned on me that there are a lot of transactions from my personal account that are for purchases for the pub. I don't have a card or cheque book for the pub account, so sometimes rather than take cash to pay for things, I pay for them using my debit card and claim back cash for the receipts. So looking through my statements there are several payments ranging from £10 up to £850 for items such as a new bottle chiller, fridge for the kitchen, trips to the cash and carry, TV for the public bar. I can't prove that these are not my purchases as the receipts will all be filed with my bosses accountant. I think if I asked him to go routing through random receipts for the last year I'd probably get fired!!!!

We also get paid in cash and it often dosn't make it as far as my bank account, so payments are very sporadic. Obviously I have all my payslips so atleast I can prove my income.

It all seems such a mess!