Quick forms help

hunt85

just a quick question - Section 3.5 about assets it says "have you in the last 5 years given away, transferred or sold for less than its true value any property or possessions?" does this mean any car i have sold? i sold a car a month or so ago and am going to use the profit between selling that car (for a proper market value price) and buying my cheap £1900 car to pay my BR fee.... Do i have to list this here or is it only stuff i've sold for LESS than its true value? its a bit of an ambiguious question! thanks!

debtinfo

it is just about where you didnt get a fair value for an asset

hunt85

thank you thats what i thought but wasn't totally sure!

kepar

You list on your SOA that the value of your two cars is £1900, but you are now saying that is what you spent on that one. The OR may query this, also have you changed the car but there is no guarantee that it will be allowed. Each OR has there own guidelines, ensure you have a good argument ready if is queried.

hunt85

my partner has a car but it is only myself with sole debt that is going bankrupt, i have put on the bankruptcy forms about his car under the "do you have use of any other car" section also explaining that i could use it in emergencies, but he uses it to commute to work, as do I with my own car. His car is only worth about £1200 anyway so hopefully won't be an issue. I am aware that the SOA in the bankruptcy forms is alot more basic and doesn't include any of that information in the "outgoings" section, so would it be an idea to print off this more in depth SOA and put it with the basic one on the form?

alastairq

hi...you should have no issues regarding the sale of your car.

The usage to which you put the proceeds are quite provable, should the OR question you.

Your OH's car is not part of your 'assets', since it belongs to your OH.

Regarding your [new-er] car?

You will need to justify it's exemption from your BR.....use for commuting is one such argument..providing there is little or no alternative..ie [cheaper] public transport..or sharing the OH's car will prove impractical.

It is not an absolute 'given' that you would 'lose' your car.....


If the OR cannot be persuaded to give an exemption, then you can negotiate to purchase the OR's interest in your car.

You need to be careful when you put your own car's value on the forms......

The value must be realistic...as in, part-exchange, or auction value....and you must ensure it reflects the age, condition, and mileage of the car.

[what I am saying here is, it is to be hoped you did not pay significantly more for the newer car, than its auction price....since a significant difference in amount paid, to auction value, will impact on the amount the OR will be prepared to take , to purchase the interest, post-BR....in other words, paying £1900 so close to BR..then arguing its auction value is significantly less, ie £800, will be a lost cause.]


Regarding the SOA....the one included within the BR forms is more simplified...for example, your domestic expenses would include everything which is handily broken down to sub-headings on our SOA..

hunt85

what a helpful post - thank you! i bought the car a few weeks ago for £2000 - i estimate its real worth is about £1900 if it was to be sold on - possibly less if auctioned. I have to have a car to get to work - i could get a bus but they are not frequent enough to get me into work on time, or ridculously early. My parking permit is £100 a year, £8 a month basically! and petrol is on top but its only a 1.6 8v slow engine so its fairly economical so far. If i was to get on the bus i believe a monthly pass is around £50 a month anyway, so not far off what i pay for petrol etc anyway... So i hope I can keep it. Should i put detail about why i want to keep the car on the notes section at the end of the forms just to be on the safe side? it would not be possible for us to share a car as my partner's work is in the opposite direction to mine and he sometimes has to go to work related courses etc in slough and reading etc, as we are in portsmouth and his work is cash strapped (making redundancies etc at the moment, although he is safe) he is expected to use his car and not complain about it! including using his own petrol. So one car would be impossible! thanks

alastairq

Don't 'estimate' a car's worth/value.

You need hard evidence to support an argument....urban myth doesn't cut it.

You need to take the valuation from Parker's guide....

Then, using that [auction value]...apply mileage, condition [damage, etc] being realistically pessimistic in the value you arrive at.

Starry eyes regarding one's pride 'n joy are not a good idea at this stage.

If there is public transport, gather evidence regarding timetables, cost of tickets, etc.


The 'notes' section is one place to post your argument for exemption....[don't say that is your aim, though]....

Although it could also be included in the 'reasons' section [#13??] as well.


Would have been much easier if OH had owned the more expensive car....

hunt85

Ok i've just done a parkers guide (paid £3.50 for 24 hours access so i hope its worth it!) to get values on our cars - which one do I put on the forms that would reflect a true value? is it "private good"?

turns out his civic is worth more if it is going by "private good"

Used car valuation




BMW 3-Series Touring (95-99)




Original Price £17,845
Independent Dealer £1,775
Private Good £1,165
Private Poor £415
Part Exchange £500

Mileage 139,000 Options fitted None



Used car valuation




Honda Civic Estate (98-01)





Guide Price

Original Price £17,325
Independent Dealer £1,640
Private Good £1,360
Private Poor £805
Part Exchange £995
Mileage 70,000 Options fitted None

ontheroad_2

if your car is in good condition, use private good for the valuation.

I did put on the notes bit on the BR application why I needed my car (for work, and why public transport was unsuitable etc). This was also discussed at my OR interview, and accepted.

hunt85

they're both acceptable i guess, i suppose for their age etc they would be classed as private good - i will put some notes on it all in the back of the forms then. Thanks