Buying Car of OR

davetheman

My OH has now gone BR and spoken with the OR her car is worth £3,300 and the OR has given an allowance of £2,000. Was told that if we can get a 3rd party to make an offer in writing we can buy it back.

Has onbody done this and if so any idea on the letting the 3rd party needs to write.

The OR has said they are looking for the difference of £1,300. Which suprises me as if it goes to Auction they would have to pay the fees

tigerfeet2006

Yeah! I think your OR may be pushing it a bit. I would offer 1/2 to 2/3rds and say that is all you can get and see what happens.

Not had experiance but would guess they would just need to say that htey would like to buy the OR interest and they have £xxx amount that htey can afford to pay and no more. But wait and see what others say.

davetheman

Anybody done a letter?

davetheman

How does this sound:-

In reference to claim for the Car belonging to xxxxxx which you have valued at £3,300 and have given xxxxx an allowance of £2,000.

I am willing to purchase the Beneficial Interest in this for the sum of £xxx.

If you can let me know if this offer is acceptable and whom I would need to make the funds payable to

kittykat100

My other half bought the car off the OR, all they were interested in was raising money, I walked in with £2K cash the OR thanked me and gave me a receipt... job done!

fermi

Maybe add in a line like:

"Considering the recovery and sale costs that would otherwise be incurred by the Official Receiver, I believe this offer to be reasonable."

crow

as fermi says, but possibly changing the last bit from

I believe this offer to be reasonable."

to read

"I believe this offer, and its acceptance to be in the best interests of the creditors"

which is, after all what the OR is interested in - not being reasonable, but the best deal for creditors.

davetheman

Thanks for your comments, letter has been sent, see what happens

davetheman

OR has come to me saying the require the full £3,300 from the purchaser and would then the allowance of £2,000 would be sent to us. As the purchaser can't afford £3,300, looks like car going. Just seems daft movng money about

peachyprice

Dave, I think you need to speak to someone higher up than your examiner. That isn't they way other OR's have done it, they usually let someone pay the difference, as you said it's silly to move money around like that, and if your exmainer does it that way and you give up the car and give you the £2000 allowance they're going to have to pay someone to come an collect your car, and pay auctioneer fees, that's just crazy.

Don't be afraid to challenge them, it wouldn't be the first time an examiner had got it wrong.