Confusing, complicated situation, help gratefully received please - New SoA posted

BlueIsTheColour

Not sure as I would need to save for the BR itself and I wont be starting work until mid Jan anyway, currently only on JSA, possibly? Presumably the OR then takes the car I currently have, which if it was sold at auction or similar, not sure how they sell them, but if they did would only fetch about £4k, with about £12k OS on the finance......

I feel so confused with it all, I just dont know what to do for the best....

Thanks Tigerfeet

peachyprice

Unfortunately the £12k doesn't factor to the OR as the finance co just get added to your list of creditors.

Where have you checked the price, they'll use Parkers, in poor condition, as a guide.

But as I said before, if you need a car for work they will give you up to £2k to buy another one. If yours isn't much more they won't bother taking it. We were allowed to keep 2 cars, one worth £2750, the other £2500.

BlueIsTheColour

Parkers says £5950 in poor condition, but when I looked at one of those dodgy we'll buy any car websites they said £4655, which is probably more realistic at the moment, but if OR goes off Parkers then thats the car gone, do they actually give you up to £2k?? That seems odd, well, to me anyway, can you tell am not overly understanding of all this LOL.

Basically the OR can take the car to sell, tough s**t to the car finance company and my debt to them just adds to my creditors, making my total debt about £28k, good god, thats even more scary than I first thought.....

When I had looked at DMP, I had thought the car was on HP, but now it isnt that becomes a factor in any DMP, so the finance company probably wouldnt accept reduced payments, so would snatch it back and then sell it, presenting me with a bill for the balance left, which would then have to be added into any DMP, so basically either way, the car goes, does that sound right?

Sorry for being so dim peachy and thanks for all your help so far

peachyprice

Yes, Blue, that's about the long and short of it.

BlueIsTheColour

peachyprice wrote: »

Yes, Blue, that's about the long and short of it.

Oh well, its only a car right.....:embarasse OH has a nice one, me going BR wont affect that presumably so its not the end of the world I guess, I just need to find a cheap reliable run around from somewhere.....

Thanks again, you have been great :A Am sure I have loads more questions but dont want to be a pest LOL

peachyprice

Hey, you never know, you may get a charitable OR who will let you keep it. Stranger things have happened

Oh, and you're never a pest, ask away all you like.:D

BlueIsTheColour

Hmmm knowing my luck that wouldnt happen, lucky is one thing I am certainly not, worst luck! Although I have a friend who went BR at the court I would have to go to, and she got to keep hers, but I think it was worth about £3k or £3.5k max...... It all just seems so scary to me, petrifying in fact....

Do you have to tell your employer or do they get to find out? Am starting a new job in a few weeks, finally, and dont want this to go against me, its not in any financial related service, dont worry LOL

peachyprice

No, you don't have to tell your employer, and no-one else will.
The only way they would find out is if they read it in the paper, but who reads those notices anyway?

BlueIsTheColour

My Mum, haha! No idea why? Wierd woman!! :-)

That's good to know, and presumably, even this nil tax code thing isnt obvious its cos of BR, could be any number of reasons???? Does the nil tax code thing apply to everyone who goes BR and is on PAYE?

Dont worry am off to bed very shortly so will leave you in peace(s) LOL

peachyprice

The closer it gets to the end of the tax year the less likely it is to happen, then it will go back to normal in April.

Your new employer probably wouldn't bat an eyelid, they'd assume it has something to do with paying too much tax in your previous job.