can i still go bankrupt

beanielou

Dodo~you are not dense.
Its only easy if you know!
Have you looked at Parkers yet?

dodo50

franchised dealer 1825
independent dealer 1735
private good 1515
private poor 1060
part exchange 1305

well a good dent would make it private poor and knock 100 off!!
wish i knew of this site yesterday had to pay 3.50 for a valuation from glass's guide! what a rip off.

if i was an acc in br (i wish) i would prob go for somewhere in between good and poor about 1250 so maybe i'll wait a few months. what happens if i went br and then sold the car do i just tell aib and give them the money?

beanielou

As things go at the mo would think you are looking at private poor.
Wonder when in the month they update the prices?
You will get there.

dodo50

even if i waited there is no way of finding out which price guide the aib will use unless all values were under 1000 except perhaps the dealers cos they must know i wouldn't get that sort of money. i'll ask cab but still waiting for them to give me an appointment, looks like i need to go in early and just wait in their walk-in centres instead.

Here2Help

The Accountant in Bankruptcy subscribes to Glasses guide and goes by the book price when valuing a vehicle (what the auctioneers and dealers consider the true value).

Parkers/What Car etc are generally way off and the AiB does not recommend her staff use them.

If you are awarded bankruptcy and the car is valued at over £1k, it is not yours to sell, it is vested in your trustee who will decide whether to sell it or not. I would recommend that you steer clear of selling your car in this situation as it will land you in a heap of trouble!

If you don't go down the LILA route and you end up in normal bankruptcy, your trustee may give you the option to purchase (or have a family member purchase) her interest in your vehicle, although I stress may as she has no obligation to do so.

dodo50

hi i got 5 prices from glasses and they range from poor trade-in to dealers and are quite different - see earlier post - so what value do they use? i cant sell it as it has finance and no one would buy it anyway because of this.

how do i go 'down the normal route of br' as opposed to lila? cab still haven't contacted me and they don't answer phone, so going in this week but i have a feeling there's nothing i can do as i don't have all info about creditors like account nos or addresses. how do i find these and how do i get a charge for payment or stat demand?

i was paying 1.00 to some but stopped as thought i could go br thru lila so should i start again before they do something (whatever that is)?

tigerfeet2006

Dodo give one of the other agencies like National Debtline a ring and have a chat with them. You may have to keep your finger on the redial button as they are all very busy at the moment, surprise, surprise.
.
Information for those in Scotland.


Advice on bankruptcy.

• Consumer Credit Counselling Service (Scotland) - Website: CCCS Telephone: 0800 138 3328
• National Debtline (Scotland) - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline Scotland - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

dodo50

thanks, yes i've done that. it was them who told me car was prob not on hp therefore couldn't go br on lila. they never actually said what i should do instead apart from charge for payment or stat demand to show insolvency.

as i've never had these don't see how i'm going to get one now. is there a way to get one?

i'm terrified my benefit money will be frozen which will leave me with nothing.

how do i get debt coll to take car back? credit agreement mentions the car and its reg so its a personal car loan so apparently this means until i pay all of car its not mine so i cant sell it but i cant give it back either as although i've paid over 3yrs of it the hp rule of handing it back doesn't feature . seems catch 22.

i cant afford car and when the tax/ins etc run out in a couple of weeks then it'll be sitting illegally and this is another worry. why do aib treat this as an asset when its not really mine to sell? they should take it and let me go br.

Here2Help

dodo50 wrote: »

hi i got 5 prices from glasses and they range from poor trade-in to dealers and are quite different - see earlier post - so what value do they use? i cant sell it as it has finance and no one would buy it anyway because of this.

how do i go 'down the normal route of br' as opposed to lila? cab still haven't contacted me and they don't answer phone, so going in this week but i have a feeling there's nothing i can do as i don't have all info about creditors like account nos or addresses. how do i find these and how do i get a charge for payment or stat demand?

i was paying 1.00 to some but stopped as thought i could go br thru lila so should i start again before they do something (whatever that is)?

Hiya, in regards to the glasses price, why don't you PM me the vehicle details and I will confirm an accurate value for you (I have a copy of the book handy). Need the make, model (inc if is 3 door, 5 door etc), engine size, year of registration and mileage. However will not be able to do this until tomorrow evening.

e.g. Ford, Mondeo 5 door hb GHIA, 1.8, 05 plate, 50k miles.

If you want, that is!

Whether your application for bankrutpcy is treated as normal or LILA is decided by the AiB, depending on whether you meet the criteria. I don't know what the rest of your circumstances are so hard to say, have you read this?

LILA is the route into bankruptcy for people who have low income and low assets.
Low income means gross weekly income of no more than the standard national minimum wage for a forty hour working week. This is equivalent to £229.20 a week. Any pensions or maintenance payments that you receive are also counted in with your income.

If you receive income support, income-based jobseekers' allowance or working tax credits you will be treated as meeting the low income test, even if your actual income is more than £229.20 a week.
When calculating your income no account will be taken of other social security benefits or tax credits you receive or any income paid to another member of your family. However, your income, pensions, maintenance payments, benefits, tax credits and the income of other family members may be taken into account when considering whether you should pay a contribution while you are bankrupt.
Low assets means that you have no single asset worth more than £1,000 and your total assets are not worth more than £10,000. In addition, it means that you must not own or jointly own a house or any other property or land.

Do you meet the LILA criteria (with the exception of the car, which we are discussing at the moment)? If not then you need to go down the 'apparent insolvency' route. See here: http://www.aib.gov.uk/MainNav/Services/Legislation/accesstobankruptcy/Debtorsapplication

Incidently, I would be patient and speak to someone like CAB (they don't tend to give advice over the phone by the way). There are alternatives to bankruptcy which may be more suited to your circumstances. Bankruptcy is a fairly extreme step and one which should not be undertaken without seeking advice.

dodo50

cheers for this help and i will pm you if you advise how i do it?

i meet all criteria except for car. i've emailed cab 2 wks ago, no reply and no answer to phone. all i wanted was an appointment so looks like i'll have to go and wait at the drop-in centre.

i've read lila stuff but i'll read more. the more i read the more questions i have!

thanks