The Bankruptcy Club & Supporters Club

marwartooth

sandralovescats wrote:

Since your cars aren't worth a whole lot of money, and wouldn't raise much money at auction, I tend to think that the OR will let you keep them. Maybe you could dream up a reason why you need a car each? Just in case it is questioned.

Hi Sandra

I certainly need one for work and everyday use ,I guess 2 Marina's is a luxury as my wife uses the Vectra for work , I guess it depends on how the OR views it :eek:

sandralovescats

marwartooth wrote:

Hi Sandra

I certainly need one for work and everyday use ,I guess 2 Marina's is a luxury as my wife uses the Vectra for work , I guess it depends on how the OR views it :eek:

Just don't make too much fuss about it and the OR might just miss it!

Have you checked on the listed value of your two Marina's on https://www.parkers.co.uk ? You take the lowest figures for a trade-in as the value.
You may find the cars are not worth much at all. For them to be tax exempt they must be over 25 years old, don't they? My friend has an 11 year old car that is worth about £100!
Don't list the value of your cars as higher than they actually are!

Red_sky_2

I've just tried to check my car's value on the parkers website, but they wanted to charge me £2.99 for 'one day's access to the older pricing service'...

They only seem to be offering the free valuation for cars that are post 1997, which mine most definitely isn't!!

rog2

marwartooth wrote:

Hi Rog
I aslo have a joint bank account with my wife although I do not input monies into it or use it at all , will that also be frozen?
Regards
mwt

Just get your wife to change the account to her name only - it can usually be done instantly and you don't have to give reasons. If you need a bank account, for wages etc., then you can usually open a basic account at most banks. These accounts do not have all the facilities of a normal current account, eg cheque books, overdrafts etc. but you can apply to upgrade after br period.

rog2

Red_sky wrote:

I've just tried to check my car's value on the parkers website, but they wanted to charge me £2.99 for 'one day's access to the older pricing service'...

They only seem to be offering the free valuation for cars that are post 1997, which mine most definitely isn't!!

One way to get a 'free' valuation is to take your car to a car showroom, and ask what they would give you in part exchange against a newer model - they are unlikely to offer more than bottom book value - even if your car is pristine. The OR will, normally, have access to car values and would know if you are 'pulling a fast one'.

scootw1

Your mobile phone contract should be unaffected by bankruptcy, unless it is one of your debts. Provided you don't have a ridiculously expensive tariff and you need your mobile for work, the OR probably won't question it.
If your OR freezes your bank account, yes this will mean that DDs are refused by the bank. You should seek alternative ways of paying, or open a basic bank account that is unlikely to be frozen by OR.

The mobile isnt for work its for personal use and its £30 a month.

My bank account is a basic one for my IVA so that will probably be okay then?

scootw1

When I go bankrupt, do I assume the creditors will come back after me as soon as the IVA is terminated?

Also, student loans are not included in bankruptcy so do I assume I can put these down as an expense on my IE sheet?

sandralovescats

scootw1 wrote:

When I go bankrupt, do I assume the creditors will come back after me as soon as the IVA is terminated?

Also, student loans are not included in bankruptcy so do I assume I can put these down as an expense on my IE sheet?

Your student loan cannot be included in the br, but if you are paying the loan back at £xx per month then it can be included in the expenses.

Re your creditors, it depends how long the gap is between cessation of payment of the IVA to petitioning for bankruptcy.

Re your mobile - my debt management company told me that the OR would only allow £30 between the home phone and mobile together, but from what I have learned here, some folks are claiming £50 for both.

scootw1

Havent got a home phone so mobile is the only communication to my parents, girlfriend etc

As for the gap,it may be about a month, depending how long it takes to see the Citizens Advice about my income/expenditure sheet

sandralovescats

rog2 wrote:

One way to get a 'free' valuation is to take your car to a car showroom, and ask what they would give you in part exchange against a newer model - they are unlikely to offer more than bottom book value - even if your car is pristine. The OR will, normally, have access to car values and would know if you are 'pulling a fast one'.

I agree with Rog2 on this one. Also, because your two cars in the tax exempt
category the OR might think "Aha! Tax exempt=classic car=valuable=££££'s" and decide to get on to a classic car dealer. In which case there is nothing you can do about it. You just have to ride the storm and see what happens.