Car

freddy911

kepar wrote: »

You haven't lost your car yet , so it may be worth waiting to explain your situation to the OR and taking it from there.

That would probably be the best option, but if the OR then agreed I need a car would he then allow me to buy it out of the money in my savings?

skintandscared_2

Genuine question - how does a person go about getting bankruptcy agreed with £2k in savings?

freddy911

skintandscared wrote: »

Genuine question - how does a person go about getting bankruptcy agreed with £2k in savings?

Whats 2k in saving got to do with going BR? if your insolvent your insolvent, what difference does 2k in savings make against a 70k debt?

skintandscared_2

srichar3 wrote: »

Whats 2k in saving got to do with going BR? if your insolvent your insolvent, what difference does 2k in savings make against a 70k debt?

erm, it was a genuine question. I didn't know you could have savings and still go BR. I presumed that would count as something you'd have to offer to creditors. I'm sure they would let you keep your car if you tell them you need it to still see your kids?

dojoman

skintandscared wrote: »

erm, it was a genuine question. I didn't know you could have savings and still go BR. I presumed that would count as something you'd have to offer to creditors. I'm sure they would let you keep your car if you tell them you need it to still see your kids?

What do you base this answer on?

freddy911

skintandscared wrote: »

I presumed that would count as something you'd have to offer to creditors.

I dont think having saving in the first place would be an issue, but your right in that they would be taken and used to pay creditors by the OR.

philnicandamy

kepar wrote: »

If you bought a cheap car, £500 say the OR would probably not take it from you. .

dont bet on it...i've seen cars worth 2-3 hundred quid taken...even a case a while ago where a car was in bits in someones garage off road & classed as an asset


as others have said you need to make a good strong case as to why you need a car....in the end its then up to the receiver to decide the outcome

but i'll bet they will question the £2000 savings you had to buy one with

skintandscared_2

dojoman wrote: »

What do you base this answer on?

when I looked into going BR. Depends on the value of the car obviously. But as the OP is talking about £70k of debt it would have to be quite a car to make any difference really wouldn't it....

dojoman

skintandscared wrote: »

when I looked into going BR. Depends on the value of the car obviously. But as the OP is talking about £70k of debt it would have to be quite a car to make any difference really wouldn't it....

Not really, see Phils post above, it all depends on how much the car is needed, usually for work or medical related.

alastairq

when a BR is petitioned, the actual level of debt has little bearing on the quantity or value of assets the OR will take control of.

In the OP's case..[which has been raised in another thread before...and elicited much comment.................]..............I would recommend the purchase of a cheap small runaround-type car...[in line with DebtDoctor's quote from the regulations]......and the return of the HP car...

This to be concluded before BR petitioned. [Thus also saving the HP costs]...


Bearing in mind, the OP could claim usage to get to work.....[I think the OP currently cycles??].....but the ability of the OP to put forward a sufficiently strong case for the car's exemption from the BR might be uncertain.....then the cheaper the better?

This would allow for the OP to then purchase the OR's interest in the car as an asset in the bankruptcy.....should it not be exempted.

If this were to occur, then the OP needs to be certain that running costs, etc, can be funded from within the OP's existing SOA..[don't forget, as has been mentioned, transport expenses can still be claimed....even if a car was not exempted...[bus fares to work, etc..]

In past threads, it was pointed out that....with the OP's current car on HP....the HP company would not seek to reclaim the car until BR has been ordered...

And even then, it would take a few months for the actual process to be completed.

Thus allowing the OP use of the current car for that period of time.


The question is.....will the OP still then be able to purchase a cheap replacement?

Using the funds the OP has at present?

well......that would depend on the OR allowing an exemption for a car?

back to square one?



So..personally, I would do the deed before BR...after all, whatever the OR decides regarding exemption, you will be able to justify the expenditure from savings...................in the same way that suddenly needing a new fridge or a washing machine might well arise?

or a new bed, or a sofa......

What? Me?

Dropping hints??

never!