Car Question

tommus

Hi

On my IVA from back in 2006 i had a car listed as an asset but needed it for work,i traded that car in with my partner and got another car to share in 2007,my payment towards the car was the trade in of £5200 and he paid the rest on finance.

Explained this to the really friendly OR today and she spoke to someone else to see what to do,she came back with the fact that they are classing it as a loan from me to my partner and they will be requesting the whole amount back and he is to write in with a case and payment proposal.

I was expecting for them to say for him to buy my interest in the car but not for the full amount!

The OR said(and that she shouldn't really be saying this)That he should write in with an offer and give a reason for that offer,i.e like i've had 2 years use of the car etc.

My question is,how much realistically should he offer? What do you think the OR would accept? would half the amount in one lump sum be taking the mick??

Thanks

Tom

boltonangel

how much is the car worth in todays market?

tommus

It was an 05 fiesta,think it would be worth around 3.5-4k but I think the OR is classing it as a loan tho rather than a trade in. Prob there way of getting more money. Don't really want to pay more than 2.5-3k.

dalip

So start at 2.5k and see what happens,you can only try and you won't know unless you try.Dx

Merry_Gentry

Why not start at 2k and take it from there? You know the limit of what you want to pay but work your way up to that - it's all about negotiation.

tigerfeet2006

I agree Merry, take a cheeky punt at £2k and work from there