Last ditch attempt about car!

skintasusual

Ok, so our car has been valued and I have 14 days to buy the BI due to my husbands br.

Would I be allowed to sell the car privately in the 14 days hopefully for a few hundred pounds more than the valuation, offer the or the full amount, and then use the extra few hundred to buy a cheap run around?

If the or has the money they wanted then they would have no further interest in it?

Desperate times I know!! I just have to have a car or I have to quit work

If not then it will cost us £240 to cancel the car insurance. Will the or give us back this money or I have no way of paying the cancellation charges!!?

Thanks again x

kepar

If the worst came to the worst surely the cancellation charge would come out of the lump sum they would return. That is what happened in our case.

Because you are the main driver, therefore the insurance policy is in your name the OR would probably allow your scenario.

skintasusual

We are not getting any money back, his car is not exempt as I need it not him! X

kepar

skintasusual wrote: »

We are not getting any money back, his car is not exempt as I need it not him! X

I am talking about the insurance or do you pay monthly?

As your husband is br have you notified the company or are you with a br friendly company?

Ineedaname

But Kepar...

kepar wrote: »

BR has no affect on car insurance.

Flyright

You cannot dispose of the vehicle as it is an asset within the bankruptcy proceedings and as such it 'belongs' to the OR, not you or your husband.

skintasusual

I pay monthly and am 6 weeks into 12 months. And flyright I thought that might be the case!!

kepar

Ineedaname wrote: »

But Kepar...

Ok I didn't word it correctly. If the insurance is in the Husband's name, then did he declare the bankruptcy if the premium was over £500 and he is paying monthly. If the OP has the insurance in her name then it doesn't matter.

Bankruptcy doesn't seem to affect the premium, its just that some companies will not insure you.

debtinfo

i think the main point here is as flyright says, he does not have the legal right to sell the vehicle.

as to insurance, can you not transfer it to whatever car replaces it

skintasusual

Nothing to replace it with at the mo!! Insurance is in my name, do I need to tell them then as I am also br!!

kepar

If you haven't been discharged, then technically if your insurance premium was over £500 and you plan to pay monthly, you are taking credit of over £500. Under the terms of your br you should have disclosed it to the insurance company.