considering a dro

davejones

Hello folks. Just considering a dro, I believe I can have a car up to a 1000 pounds, that's fine, I have s classic motorcycle I inherited from my grandfather, its only worth 2000 is there anyway I can keep hold of it? Or put it in somebody's name? It hasn't been on the road for 5 years but the v5 is in my name, it just means a lot to me.

wba31

davejones wrote: »

Hello folks. Just considering a dro, I believe I can have a car up to a 1000 pounds, that's fine, I have s classic motorcycle I inherited from my grandfather, its only worth 2000 is there anyway I can keep hold of it? Or put it in somebody's name? It hasn't been on the road for 5 years but the v5 is in my name, it just means a lot to me.

You would not be able to do a DRO with this motorcycle. Transferring it into someone else's name would be deemed as giving away an asset and would cause a DRO to be revoked. The only way you could do a DRO is to sell the motorcycle, pay the creditors pro rata with the proceeds of sale, and then do the DRO, which obviously you don't want to do.

You may get responses of "you have the right to remain silent" or something along those lines, which suggest you dont have to declare the motorcycle, however this is an offence in the DRO, and could leave you liable to prosecution as well as having your DRO revoked, thus leaving you back with the debt, and minus your £90 fee

radio-jo

Are you sure it's worth £2000? Especially if it hasn't been used in five years? It may need lots of work done to get it back on the road.
I was 'guilty' of overestimating the value of some of my belongings when I was applying for my DRO, until my advisor pointed out I hadn't taken into account depreciation.

davejones

When its working it is, checked on parkers price guide. Should i worry about this

wba31

davejones wrote: »

When its working it is, checked on parkers price guide. Should i worry about this

I would get some independant valuations done if you're not sure. however with it being off the road, and not a vehicle in use, i believe the Insolvency Service would class it as a vehicle asset (£1000) but as a standard asset (£300 limit), but i could be wrong. be wary of that, it might be worth checking with the dro unit if you get a valuation between £300 and £1000.