Help. Advice needed re: Cars

maxmycardagain

strimmerman wrote: »

Lily thanks.......I am trying to actually get to grips with what i wrote myself.....feeling a bit better now.....still think i will pass out with fear on Weds at OR interview.......it is a really hard thing to relinquish control

I knew 20 years ago i wasnt in control, since then ive just clung to this bit of wood and floated with the tide

OhDear

hi strimmerman,

I don't know what the current cost of transfer to a retention cert is, but last I was aware it was £80 (plus vat?). I'm not sure how the OR would view this, and it would also make it an asset that's easier for the OR to realise. It could be an asset that has more worth than you realise if bought 20 years ago! It may be better to see what happens with the vehicles first. If the OR doesn't take the vehicle then you've saved the transfer fee.:D

strimmerman

Hi oh dear........I realy don't think they are worth anymore than £500 between the 2 of them.....have searched the DVLA and anything of a comparative nature is that price....they don't make a word or anything....one of then is a pre fix letter and number with my OH initals and the other is a bit cheesy the 1st letter is my initial followed by 2 numbers and then my OH initials again.....his initals don't form a word or anything. Yes as far as I know retention costs £80 per plate.....I know it is a small price to pay if they are lost but it would be sad...can only hope OR might allow us to get FIL to buy them instead of having OR having to incur the transfer and sales costs.

God I feel pathetic droning on about this but as I say it would be really sad if they did go...they are like part of us esp the one my OH has had virtually since he has ever owned a car......imaging it they go...get stopped by cops..."sir what is your reg number?" reels off rote always had number...oh no it isn't sir....reply " oh yes I am bankrupt sorry I forgot the number is XXXXXXX....as we were forced to change it." You have to try and find the funny side.

Thanks for the advice I won't touch them and hope the OR maybe doesn't notice the plate...some hope and no hope eh lol.

maxmycardagain

anybody seen In Deep? .............

chelseabun_3

Last around at 8.44 am, apparently!

strimmerman

yes max I was just wondering that....and the answer is no....where is indeep? Shall we all continue this thread with our own ramblings and assume indeep has jumped over board into the deep lol.
It is a shame as the advice that was given was the honest opinion of what is most likely to happen.....and as I tried to say it is no good continuing to debate the issue with people telling you what the rules are....rules are rules and in this case were made to be set in as harder stuff and the OR can make them if it is in the interest of your creditors.

BTW I assume this is correct as NDL told me but they said that the OR can be sued personally by any of your creditors if they belive they have not taken steps to recover anything they could of......so on that basis it is not really likely that a high value car on HP or not is going to be disregarded when as every1 has said an old banger will do the same job.....whether maintence is higher or lower is not the OR's issue really...he is taking a caluculated gamble that even if an IPO was granted and you had to pay for the full 36 months on that, if during that time you had to finance 6 old bangers at £400 costing £2400 due to complete vehicle failure...which you would have to fund out of you remaining surplus anyway (god knows how lol) that this would still actually work out better in the interests of your creditors than allowing you to keep a car which was on HP and would certainly incur more cost of HP payments over that 36 month period than the old bangers purchase would. Much as I hate to look at it from the creditors point of view.....if you were a creditor how would you expect it to be handled. hence why anyone has to need to prove catagorially in the case of retaining a newish car that a certian standard and age of vehicle is required (maybe the only way of keeping job if hi powered type job requiring a vehicle to project a suitable image in order to that job etc)...although the same is somewhat true of retaining a low value car....in so much as if it is not essential then the money you are saying you spending on maintenance, insurance tax etc could then be surplus and there for again would mean that the creditors may see some money and if the OR failed to take this step he could be negligant in collecting the surplus that would become available.

God I sound like a fan club for the OR.....but actually wrting this down is theraputic in some ways as by doing so I am getting a better grasp of why the OR will do certain things that seem unfair to us but he actaully really has no choice to do.

If I have got this wrong please correct me!

maxmycardagain

I think IN Deep will be ok, 2 houses, £34K worth of cars, no overdue payments (upto date) and hubby on £73,0000 a year come january

daughter is in the UK house paying the mortgage and the one abroad could supply an income if rented out

all she needs now is a lottery win and all wil be well.........

strimmerman

Someone else did say wasn't BR an extreme option so quickly......and you would think on the face of it that it is......I can see the logic if you think that as income has halved and outgoings haven't that even if you continue paying bills (cept this months...recommencing when hubbys £70k plus job kicks in) that to try and negotiate halving the credit payments (while there is only one wage...and maybe even if there were 2 wouldn't amount to the previous income therefore meaning not being able to meet previous commitments anyway)will eventually mean that one of the creditors forces you into BR.

But having had your world crash in 2 weeks and in line with your winning the lottery comment Max how do you know that actually in 6 weeks time your world may have rebuilt itself.....and actually you roared off into BR and wished you hadn't.

Surely in this case it is better to let things run their course for a few months see what happens with new job and search for other job.....but at the same time not paying anything but keeping the dosh in reserve.....if it then becomes apparent there is no way out.....you have your BR fees if no-one has already forced this upon you, you have enough money to down size the car to a tiny bit better than a really old banger but still acceptable to the OR to keep (if indeed if agreed it was necessay).....enough money to find a new rental property if required......the only downside to that would be a few months of creditors persuing you and living with the uncertanty of the situation.

DISCLAIMER --- this is only my opinion based on what I read and reserve the right to not be publically whipped for it lol

maxmycardagain

I must admit i did wonder how they were skint after a turnover of £250,000 went to nil in just two weeks when i used to trade on 60 days credit terms, thats all.....

aproblemshared

Hi

I have been on this site for a while and have not had the courage to post anything yet. Just a newbie and as an outsider looking in you lot have been really nasty to her (indeep). Maybe she is not a typical bankrupt I don't know but she only wanted advice. I was going to post something but am not going to bother now. I thought as she did this site was not judgemental obviously not. Going to surf the web and see if there are any other sites.