wifes car what will happen

trickynicky_3

Hi, in the process of going bang.
Im a self emolyed plasterer and due to the finacial climate it has hit me very hard.
My question is will they take my van and tools as I may need them in future for my job and will the take my wifes car, it is registered in her name etc.
Hope someone can help and thanks in advance

nervousmother

If your wife is not going BR and she is the legal owner of the car they wont take it..
They dont normally take tools of the trade but it would depend on how much your van was worth, if its worth over 2k they make take it and give u money back to get a cheaper one.

maxmycardagain

The OR wont take tools/vehicles of a trade IF you intend to carry on trading, if not then they are liable to seizure

trickynicky_3

Thanks everyone, my vans only worth abot £1k tops and the wife aint going bang with me.
Wow thats a put my mind at rest.

cheers

motivate11

im in similar position have just gone bankrupt and have my interview next wed
will post when its happened to explain what happens
looks like im about a week ahead of you im getting all jittery again waiting for the phone call

nervousmother

You will be fine motivate11, The worse part of the whole bankruptcy process is our own minds. We beleive the worst will happen, we beleive the OR's and staff are so far above us but we put them there, all they want is the truth so they can tick their box's. They will speak to you in a good manor.. just dont waffle!

motivate11

nervousmother wrote: »

You will be fine motivate11, The worse part of the whole bankruptcy process is our own minds. We beleive the worst will happen, we beleive the OR's and staff are so far above us but we put them there, all they want is the truth so they can tick their box's. They will speak to you in a good manor.. just dont waffle!

i only waffle when nervous :Avery nervous at mo my wifes been doing alot of overtime

motivate11

im a plasterer too as well as decorating tricky and have struggled to get regular work too been working for someone else to fill the gaps but money not good i have about 3 weeks work of my own at present been pricing up but no accepted quotes at the moment just hope things pick up soon
does any one know what happens if i run out of work again if an ipa is set up am i stil liable ti pay the ipa
not trying to hijack your thread by the way but im sure you have some of the same thoughts going through your head

philnicandamy

motivate.......IF your subject to an IPA this runs for 3yrs...BUT any changes in financial circumstances you have to inform the OR within 21 days...SO if you've no surplus the IPA can be frozen but if you started earning more again it's restarted and anything you've already paid will count towards the months...

motivate11

that clears tha up i was in an iva before this and was a nightmare with unexpeted problems
was laways expected t cough up eventually missed to many payments