BR & Car, wasn't expecting this...

barclaynyc

fffffffffffffffffffffffffffffffffff

Ineedaname

Unfortunately the value for cars was recently reduced to £1K.

For the valuation, try Parker's price guide and be realistic about the condition, note anything and everything which would bring the price down.

Anondebtadvisor

The OR will use parkers car guide for a valuation as well

acko83

If its in great condition, may be worth making a few marks on it as I know there is a large difference in price for an excellent condition car compared to average one, in that Parker book anyway, or just say it is in poor condition and if they ask to see it do the cosmetic damage then!! I know I'd rather be driving around in a car with a few dints and scratches that's reliable, than any car you can buy for a grand these days. Just a thought anyway

dojoman

My OR sent an agent out to value the car, he valued it at £4300 but we were allowed to buy it back at £3700, so with the £2000 allowed by the OR (old rules 2009) we had to find £1700, we tried to haggle but he had already knocked off £600 so we were happy with that.

boobies

acko83 wrote: »

If its in great condition, may be worth making a few marks on it as I know there is a large difference in price for an excellent condition car compared to average one, in that Parker book anyway, or just say it is in poor condition and if they ask to see it do the cosmetic damage then!! I know I'd rather be driving around in a car with a few dints and scratches that's reliable, than any car you can buy for a grand these days. Just a thought anyway

This is really stupid advice, it is fraud. If the OR caught on to what you had done you would have far more problems than finding a new car.

fermi

Ineedaname wrote: »

Unfortunately the value for cars was recently reduced to £1K.

Yep. Unfortunately, a lot of sources still quote the old figures.

IF

barclaynyc wrote: »

Ah, so I may be able to haggle then?

I'm sure I'll be able to beg, borrow or steal some of the interest money, but if it's valued to excessively then I'll have to see.

I guess I'll have to wait and see what they come back with.

Thanks for all the help so far!

I would haggle as it is a 'tool of your trade' so to speak and you can't work without a reliable motor. If you can't work you can't pay an IPA!!

Let us know how you get on.

Best wishes
If...x

debtinfo

Do remember that the 1k is only average guideline figure, the rule is actually that you are allowed a car that meets your reasonable needs. Now for many people thatis just a few miles tootling to work. Im not sure exactly how you use your car but there may be an argument based on that thst you need something slightly more than that average for your s/e needs. Worth a letter at least pointing that out

fermi

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part3/part_3.htm

31.2.25 Exempt vehicles of excess value (Amended August 2011)

Where an exempt vehicle appears to have a value such that the realisable value of the vehicle would exceed the cost of providing a reasonable replacement URL="http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part3/notes/notes.htm#7"][COLOR=#0000ff]note 7[/COLOR][/URL the official receiver, when acting as trustee, may claim the vehicle for the estate. This course of action should only be taken where the expected net benefit (including agents fees and the cost of providing a reasonable replacement) to the estate will be above £500 .

The official receiver will need to consider the nature of the bankrupt’s business in assessing whether a vehicle has excess value since in the past the courts have concluded that a bankrupt could retain a high value vehicle because he/she operated a business which provided chauffeur driven vehicles.

The vehicle must be claimed by notice in writing using form ASTCAA no later than 42 days after it came to the knowledge of the trustee (in the case of the official receiver, on his/her becoming trustee) URL="http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part3/notes/notes.htm#8"][COLOR=#0000ff]note 8[/COLOR][/URL. Any notice after this time can only be made with the leave of the court. A third party contribution equivalent to the net value of the car to the estate may be accepted to avoid the seizure, sale and replacement of the vehicle. This will also need to cover the value of any cherished/personalised registration mark if that is also to be retained by the bankrupt (see paragraph 31.2.25A).

31.2.26 Provision of a suitable replacement (Amended September 2011)

Where a decision is made to replace an exempt vehicle with a cheaper alternative URL="http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part3/notes/notes.htm#7"]note 7[/URL the official receiver should inform the bankrupt of the amount he/she is prepared to make available out of the sale proceeds. The official receiver has discretion as to the amount allowed for the replacement which should be sufficient for the bankrupt to buy a replacement vehicle which is suitable for his/her needs. When considering the bankrupt’s needs the factors that should be taken into consideration are the type of journeys that the bankrupt makes and the frequency and purpose of those journeys. For consistency between official receiver's offices the amount to be made available should be in the region of £1,000 unless a ‘suitable replacement’ (see paragraph 31.2.25) cannot be purchased for that amount.

Depending on the circumstances of each case the payment to purchase the replacement vehicle may be made to the bankrupt directly or to the vendor of the vehicle. The most secure way to undertake the purchase is payment direct to the vendor. It is recognised that a bankrupt may be able to obtain a better deal to purchase a vehicle by negotiating a private sale or attending a car auction and in such circumstances immediate access to cash is required. If an allowance from the proceeds of sale is made directly to the bankrupt then the official receiver should request evidence of the purchase of the vehicle within 21 days.

sillygirl73

fermi wrote: »

Yep. Unfortunately, a lot of sources still quote the old figures.

Agreed, I have spoken to CAB and National Debtline today who both said that cars were exempt up to the value of £2000. Then rang insolvency service who confirmed that if car worth more than £1000, then it would be sold and money then given back to BR to buy a cheaper car..........would be nice if the debt advice charities had the up to date info:(