Question please buy interest in car

jayk

Hi have a question think I am being a bit thick but can anyone clarify. Had my OR interview today.

Re car have had x 3 quotes value of car ranges from 1,500 thought to £1,800. (top price was put on SOA).
Told that if someone can buy the interest in car they have to put in writing to the OR and make an offer. OR says can keep car if an offer received.

Question is this- Would person make an offer for whole amount say £1,600 or is it the difference from £1,000 up to say £1,600.

How does all this work with car know it could not be in my name. My insurance is paid till later in year does that stay? Getting a bit mixed up with it.

Member of my family has asked about car but I cant give straight answer as dont fully understand it.

If cant be done then I fully accept wont keep the car.

Any advice.

IF

Hi jayk, Until a poster can advise further these links may help x

IF...x



Cars and bankruptcy.

• What will happen to my car? (MSE)
• OR's Case Help manual - Motor Vehicles (March 2007)
• What will happen to my motor vehicle (IS factsheet)

Ineedaname

Just to clarify, the registered keeper's details on the V5 do not necessarily denote the legal owner of the vehicle.

debtinfo

Hi JayK, in answer to your question it could be either depending on the circumstances, what you need to find out is if

1) it is going to be considered as exempt put is simply of excessive value (then you look to make an offer for the difference)

or

2) it is not going to be considered as exempt (then you need to make an offer for the whole lot)

jayk

Thank you for responses, that's clearer to me now. Will ask OR tomorrow what situation is. Debtinfo thank you. Been quite a day and have just gathered all documents OR has requested ready to sign and witnessed so can go post tomorrow.

Have to say OR was very nice and made me feel so much better even asked if I now felt calmer when phoned back this afternoon with a further question.

Emmamumof2

What kind of % on the value of the difference might an OR look for? i.e. if car worth £2500 for example but they consider exempt will they credit a £1000 and you have to make an offer on the £1500 difference - are we talking 25%/50% all of it?

alastairq

I'd advise, start the bidding low! They can only say 'no'!


After all, purchasing the OR's interest is about negotiation?

Re car have had x 3 quotes value of car ranges from 1,500 thought to £1,800. (top price was put on SOA).

This I feel may have been unwise....but I can see how folks might want to up the value of one's pride 'n joy?

When deciding on a value for one's car on the SOA, always look for the lowest possible value, and to evidence that, describe accurately the condition, emphasising warts and all!

A bit like, trying to sell one's car, and not bothering to wash it first, and pointing out all its faults to a reluctant buyer?

Emmamumof2

Alastair, would you comment that this is the same with any "assets" you may have to the OR. I have some bits and bobs of jewellery each worth under £200 and listed - 6 or so items - the agent is valuing these tomorrow - he says as long as someone made an offer which would be fair price similar to what they would get at auction they would be considered acceptable - will the OR get sick of you negotiating if you start low - I only ask because I would like to try to keep a couple of the bits for sentimental reasons.

alastairq

Is it not better to start low, thus allowing one to increase one's bid?

Rather than bunging in a higher bid, only to have it readily accepted..then wondering if a lower bid would have had the same response?

With cars, people often have a mistaken idea as to their value.

As a guide, Parkers auction value is perhaps something to go by?

With regards to your [jewellery] assets?

I'm not certain whether an OR would treat each item, individually as an asset?

Or whether the whole lot would be 'bundled together?'

Last time I looked, OR's weren't interested in assets unless they had a value over £1000.

I cannot remember whether individual asset value guidelines have been adjusted recently, as with cars..or not??

Your issue is.... are they all treated as assets in the BR?

Do you wish to retain them?

If so, what can you afford? [within the estimated [low?] auction valuation you've had done]

Emmamumof2

Thanks a lot - I will see what the chap values them at and go from there. I know what you're saying with the car - the Parkers guide values our car at just over £2K so even if she agrees to exempt it we will no doubt have to offer something for the excess of the valuation. I really appreciate your replying thank you

jayk

I guess I was unwise but just did not want to do the wrong thing on the SOA and put the first valuation on SOA which was Parkers. I will ask OR if exempt or not exempt. Depending on answer will ask family member about it. May well turn out that it will go as don't think can cope with getting someone to make an offer and all that goes with it.

Many thanks for all advice.