26 yr Old Single Lad just Bankrupt (panic stations or Not?!_

fiveyearplan

The only thing about cars and bankruptcy is nothing is certain - you'll just have to wait until Thursday. Let us know how it goes.

FacingReality

My car was worth about £2.7K and was exempted. Admittedly, I get a car allowance from work which will have been a big consideration for the OR.

richyorks

***Update 10th September***

Hey All

I had my telephone interview at 11am as planned. All went ok. Just basically talking about why I ended up in this situation!

So whats happening next??

I explained my car is worth about £2k and this is explained on the bankrupt papers.
I just have to wait a few weeks to see if my car is going to safe.. Fingers crossed.
They explained that I will be on a NIL tax code until end of fininacial year.
My surplus is £423.
So I am not sure how much extra they will take.

Oh another thing...
HBOS have given me an £900 Cheque, as they missold part of their loan. But I need to send this cheque to the OR.

Soo.. still a bit of uncertaintly regarding, how much I am going to pay and about my car.

Fingers crossed!

Rich

philnicandamy

well done rich sounds like a productive interview

as far as what they'll take on your surplus see below



and that would run for 3yrs or suspended IF your surplus ever dropped below £99

richyorks

****Update 14th Sep****

Hello all. Not a great deal of change... well, except the creditors have clicked on that I am not paying any credit card / loans. Should the OR have contact them by now? How long will I get these letters from creditors??
Will they stop soon?

Rich

So_Sad_Angel

It can take a few weeks for the letters to die down & remember that the creditors letters are often just computerised & will have been in the system a while.

I`m sure you can find a use for them....hmmm I used to have a log burning stove...bundles of letters used to save me buying kindling to get it burning:D:D:D...very moneysaving I thought!:rolleyes:

I guess you could always call the OR office & see if they want them?

richyorks

yea.. I am going to give them a call tomorrow morning. I am sure they said, just ignore the letters and If I get really bad .. just send a copy of my BR front sheet, which was from the court.

Happy days hopefully!..

So glad Monday is lover and done with. Its been a long day at work!!

richyorks

*****update 17th October*****

Hello All,
Its been a while since I updated you all.
The good news is that my car is safe. My car is worth just over £2k and it was decided that I kept the car.
At last, the OR have agreed a monthly payment of £310 for 36 months. Its taken ages to sort out!.. but least I know which direction i will be going.

Its been a very long process, but I am glad that I took bankruptsy as a option. It wasnt an easy option. It was a very uncertain option and 1 million if's and but's in my head!

Anyway.. lets see what happeneds..

Thank you all for your comments and input.

Rich

richyorks

Hi
All I can is that everything was above board...
On the form I did put £2k for my car. But its aprox figure..

The auditor who examed my car said it was over £2k (which is fair enough.) After their internal enquries, they did dicide it wasnt worth for auction.

I am sorry if this has upset anyone, but I have full cooperated with the OR at all times.

Rich

So_Sad_Angel

Hi rich....dont worry about it....such comments are par for the course.

I am pleased that the process is moving on for you Rich.

I would expect that c 2k is reasonable value to ensure you keep your car....when you commute to work it is essential for reliability & also ensures that you continue earning in order to pay the IPA.

Well done for getting through it.

Angiexx