OR and car

seh567

After being on a DMP for a few months and now losing my job I think my only alternative is to go bankrupt. My main concern is losing my car. It is valued as a private sales with Parkers at £1300 but its not in very good condition, large dents, boot lock broken, in need of new clutch, interior condition not in good condition as used as work vehicle for ceiling fixing so I don't think it is worth this much. I checked on another site and the valuation came out at £900 poor condition which I believe is the true value. I want to keep it though as the engine is in fairly good condition and is reliable so I want to keep a I will want it for work when I can find some. Can anyone tell me how the OR is likely to view it, ie would he want to sell it as an asset?

I will probably have to file my papers at Reading Magistrates Court, has anyone had any experience with this court. Thanks

philnicandamy

The OR's use parkers guide for valuations......have a look there & see if poor condition is listed

sadly no two OR's are the same where cars are concerned so I cant guarantee the car will be touched..what you'll need to do is write a few notes for the OR as to why you NEED rather than want to keep the car

ALTHOUGH....if your using it for work purps then it could be classed as a tool of trade so the OR couldnt take as an asset

seh567

My parents have offered to buy the car so I can still use it. What are the rules about this

marmalady

My car was valued at £1500 but true value about £500 due to several bumps and acratches (not caused by me lol) when i explained this she accepted the £500 valuation plus i need to work commuting betweeen different businesses so now exempt from my BR

CG77

It might not be necessary if the OR has no interest in it. If he does, however, then your parents could make an offer to the OR for the car so you could keep it.

CG. x

crowman19

seh567 wrote: »

My parents have offered to buy the car so I can still use it. What are the rules about this

I would imagine that any money you get from the car would have to go down as an asset and will be claimed by the OR. Not too sure how you may stand with the car expenses then (ie. tax,mot,servicing,insurance,breakdown cover) if it is not your car. You may not be allowed these on your SoA and will still have to find the money for them, unless your parents would pay for these.

philnicandamy

OR's will allow car expenses (cant remember where abouts but on the forms one of the questions are "have you use of a car"

crowman19

CG77 wrote: »

It might not be necessary if the OR has no interest in it. If he does, however, then your parents could make an offer to the OR for the car so you could keep it.

CG. x

I agree, probably best waiting to see if OR has any interest in it and if so then your parents can still buy the OR's interest in it. You may well be able to keep the expenses for the car on your SoA then.

CG77

crowman19 wrote: »

I would imagine that any money you get from the car would have to go down as an asset and will be claimed by the OR. Not too sure how you may stand with the car expenses then (ie. tax,mot,servicing,insurance,breakdown cover) if it is not your car. You may not be allowed these on your SoA and will still have to find the money for them, unless your parents would pay for these.

The OR does sometimes still allow car expenses for a car you have use of even though it's not your own.

I'd just wait and see as I think there's a good chance the car may be exempt. If not, then look into your parents making an offer.

CG. x

CG77

CG77 wrote: »

The OR does sometimes still allow car expenses for a car you have use of even though it's not your own.

I'd just wait and see as I think there's a good chance the car may be exempt. If not, then look into your parents making an offer.

CG. x

Haha you two were too quick for me! :rolleyes:

CG. x

philnicandamy

The OP's stated "car used for work" so that would be classed as a tool of the trade so doubt the OR's would touch...no car no work no possibility of an IPA