Hi all, after some advice please

noregrets2010

Hi there,

I'm in the process of getting all my paperwork together etc in order to apply for a debt relief order through CCCS.
My car is currently for sale and I just have a quick question regarding the proceeds of it.
A friend has lent me the money to pay the HP finance off on my car which was £4182. I'm hoping to sell my car for a minimum of £5250 which means I would have £1068 left over. I'm aware that I have to split the proceeds with my creditors, however, I do really need another car as the university I go to is over 50 miles away and I'd end up spending nearly double on public transport commuting there than if I had a car.
So basically, am I allowed to buy a car up to the value of £1000 with the sale of my car once the finance loan is paid off and then split the proceeds with my creditors?

Kind regards

Noregrets2010

GeorgeUK

I would say yes.

http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm
The DRO information allows you to have a car of this value, but if in doubt, i would phone the nationaldebtline just to confirm.