Help. Advice needed re: Cars

JCS1

regarding the HP, if there is any equity in the vehicles, then the OR will take the vehicle, pay off the HP and then sell the car.

If no equity, then down to the HP company, but the OR legally has to inform of them of your BR. HP company may take the view that you are high risk, and may be with the newer vehicle take it back as they can probably get a chunk of their money back if they re-sell.

It all really depends on the HP company, but be prepared for this to happen and then if they take the opposite view it's good news.

maxmycardagain

You don't just change over night you know. I have not made any decisions lightly trust me! I suppose I could borrow money from my daughter but how would I pay her back she will be on maternity leave soon how could I even ask? Based on your theory I buy a run around fine what do I do when it goes wrong how do I afford to fix it.

well hubbies £73,000 per year might be a help

strimmerman

Indeep.......I have just posted part of this on another thread but heres my dilema.

OH has van for work..self employed....during a call with OR today OR said that would be fine...so he gets to keep the van.

We have a couple of scrap style vehicles and although it would actually cost more to remove and sell them than they would fetch the Or said he may have to take them as thats the rules...i.e. IT IS THE LAW.

We have a household car there are 7 of us us plus 4 kids and my dad. Like you my youngest can't get to school without it as no feesable public transport. I do intermittant freelance slef employed work and I cannot get to where I have to go which could be anywhere in the country without it. Also due to my dads ill health and the fact that we care for him we have to be able to take him to and from appts just like you and your older son. This car is worth £500 max not per month.

OR said oh well it will prob be OK to keep but if not we could get a 3rd party to by it for a nominal £100-200 and retain it.

Now it is a toll of my trade...so how can he say my OH can keep his van but question me.......we have our meeting on WEds when we will get an answer. OH is not main breadwinner one of us had to be here with my Dad so if I work Oh doesn't

What I am really trying to say here is that the OR is possibly going to remove a vehicle from us with no wheels and half the engine missing because its the rules....I think it sucks...I think he's mad as that car would save us money much as your new one may save you on repairs.....BUT IF THATS THE RULES then what can I do about it.

We can go backwards and forwards on the debate of keeping a new car vrs being forced to drive an old banger....but from what I have learnt in the short time I have been here being a newbie......it will all depend on your OR on the day....and if he decides you can have it whoopie for you but if he doesn't then you lose it........

Really you need to accept that once you take that step to BR (I didn't it was forced on me out of the blue).....you are no longer in control the OR is.

I am not trying to be hard but I am telling how I see it.

I should be feeling happy right now but I am not I have 2 SOA to prepare this weekend and loads of other finacial workings out and must have it done by Monday in prep for Wed.....me and OH have rowed most of today...and about somethings that I know are out of our control.

I have cried half the day and right now feel like I will pass out when I get into that interview and would rather run for the hills. BUT I CANT

I just thought the example of what an OR said to us today might help in terms of the fact that even though 2 people in this house have same work needs the same treatment may not apply......and before anyone suggests I drive his van....please don't as you would hear about it on news at 10 lol

maxmycardagain

after, what, over a year on this board i thought id seen and heard it all, but sometimes i wonder...

rents one house for a grand a month
has two on mortgages (1 rented out to a family member - theres another stone to look under) and the other in spain was it?
has two new or newish cars (which seem the priority here)
the ltd company isnt bust YET but looks like being dissolved/liquidated
(wont be standing by the personal guarantees then!)
has had TWO rough weeks with business
hubbies got a £73,000 a year job
was tuirning over £250,000/year but has no money


its good job im not a cynical suspicious conspiracy theorist int it



In Deep will now launch a tirade of abuse and excuses at me (and anyone else whose thoughts do not align with hers)

JCS1

Were the other vehicles in your OH name same as the Van? OR can't let people have more than one vehicle, even it that means scrapping a car.

Cars and motorbikes (boys and their toys) are often the most contested part of any BR, and it's never easy.

skylight

Strimmer - gather as much info as you can on your "bus" (cos thats what I call our 7seater!!). If you can prove that you need it for work then it should be exempt so get as many details as possible on that. The same treatment should apply - afterall, BR is a personal thing and although SOAs are usually viewed as one (because its easier for the OR to deal with), all other assets are individual. Whose names are the van and car in?? I could only see this being a big problem if both are in one persons name, but if you are both BR and both have a car each, then they should be treated individually.

Fermi has posted links to the insolvency site before, especially about cars and exemptions so it may be worth searching and trawling through old posts on the BR board.

But you are right about them taking the other ones though. ORs have taken less before.... (and more!)

JCS1

Just thought of another thing before I disppear for the weekend.

Did you have sufficient equity/assets to cover the PG's when you gave them? If not, then OR may consider this an offence and lead to a BRO/BRU.

Again, worst case but better to be prepared.

maxmycardagain

JCS1 wrote: »

Cars and motorbikes (boys and their toys) are often the most contested part of any BR, and it's never easy.

bit harsh int it? everybody needs a hobby, we blokes need to feel spanners and a good grinding is just reward for a weeks work after all

deedee_3

Here we go, this was in the Bankruptcy Help sticky, a must read for everybody considering bankrupty


Cars and bankruptcy.

What will happen to my car? (MSE)

OR's Case Help manual - Motor Vehicles (March 2007)

strimmerman

Max in your cardie...( sory I couln't resis after the other thread lol)...yes OH is setting forth to remove the rest of what is worh having off of it so will get to play.....though we did wonder it cost £200 to buy as a non runner and as I have is pillages to hell already so as OR said about selling for a nominal amount if we told him the FIL would buy it for £50 surley that would be better than him having to incur costs of removal...does anyone have experince of that?

Yes I will gather every piece of info known to man about our "bus" and yes I will appeal if necessary.

Will try that tack with the other scrppo car too as if he really wanted to the oldest son could try and offer to buy it and spend the dosh to repair it and use it when he is 17....he has some money grandparents have saved for him....but if it has to go it does...though I know my mother (whose car it was b4 she died) will turn in her grave if it does go.