purchase of "old banger" during br

robbo22_2

this forum continues to be an invaluable resource for those going through br (and pre and post br too), however couldnt find much info on this issue: i also know as a person currently br (Aug 2010) that i need to declare any property/assets aquired during br.

would i need/be expected to inform the or of the following.....my car died last week....head gasket gone big job (the car was already exempt by or as the value only about 1k), however ive had to get a runner as i need a motor for work and also for child care purposes

i got £250 for the old motor off the breakdown guy who towed my car off and had to make immediate purchase as i'm reliant upon a vehicle....my mate knows my circumstances and after hearing my plight offered me £500 towards my budget....got a car over the weekend for £750, all i could afford but at least it goes! do i need to inform the or or rtlu (my case is at rtlu unit since jan) or is the car exempt anyway as my new banger is of less value than the old one?

any help much appreciated.....ta robbo

Ineedaname

As the OR declared no interest in your old car and the new one isn't worth any more than £1k then I don't see any need to tell the OR. They were happy for you to have a car and keep the one you had, this is just a continuation.

What is the arrangment with your friend about paying back the £500? I'm not sure if the OR needs to know you have taken on a small loan during BR or not.

robbo22_2

ta buddy....my mate said i can have it (the £500) as a gift.....i guess id pay him back in time if and when my financial situation improves....didnt want to bother the OR if i didnt need to thats all

Ineedaname

In which case relax and breathe.

dojoman

No need to inform the OR of this, hope your car runs well for you:)