Assets

ninokas

Hi to all...In advance i wanna say thanks for the help...

Me and my husband are sorting the last bits to file for BR...
There is only one asset, that is our car and it' worth it around 6k i have a question please ...
has been paid in full when we got it 3 years ago (2010 brand new), before we lost all our money in a business...
coz it's the only car in house and i need a car to drop kids in school and to drive to work, do they let us keep any money to buy another car or not at all... if so how much roughly..

once again many Thanks:)

Euphoria1z

£1000 i believe

rossireps

i think its £1000 but more importantly about proving a need for keeping it

yeldray1971

I have recently become bankrupt. I owned a car worth £3500. I explained to the OR that I need a car for commuting to work. They came and took my car within a week of being declared BR and put a cheque through my door for £1000.

Make sure that the vehicle is in a good roadworthy condition. I had to put a new MOT on my car before they collected it as it ran out one week before I became BR. No MOT no money but they will still take it.

When they collected my car they spotted another asset on my drive a boat worth £1000. I had been assured by a certain company that was dealing with my BR that the OR would not be interested in that. Anyhow they did take that too!!!!!

fermi

yeldray1971 wrote: »

When they collected my car they spotted another asset on my drive a boat worth £1000. I had been assured by a certain company that was dealing with my BR that the OR would not be interested in that. Anyhow they did take that too!!!!!

A certain company? That is appallingly poor advice.

Anondebtadvisor

You will almost certainly lose this car in bankruptcy and be required to buy a cheaper one for the purposes of work and children

Euphoria1z

if some one has a car thats worth less than £1k, and has no job (but is looking), and has 4 young children all under 8, what are the chances an OR will let him keep the car?

Anondebtadvisor

In those circumstances the chances are quite high due to the low value and the fact it is needed for the children

yeldray1971

Ok. Sorry, I was just trying to tread carefully thats all. And I did not want to go off topic on someone elses post. The company was Debt Help Direct.

I will say that overall they were very helpful with my complex BR case and I would have struggled without them. BUT!! I did declare the boat to DHD at the very beginning and was told in the exact words "They will not be interested in that". The boat and the car was already taken before my OR interview. Also, if your house has little or no equity a secured loan payment cannot be included as part of your monthly living allowance. DHD was not aware of that either!!!

Anyway, it is still a small price to pay compared to my original debt. I now also pay £175 monthly into an IPA for 3 years.

I wish that I had found this forum earlier as it has a wealth of help and advice. Always good to get a second opinion too.

rossireps

i remember yeldray before i went br and tried to get the insolvency helpline to say they wouldnt take my bike. they just kept saying well they might but prob not,lol

alastairq

all depends on how strong an argument the BR individual can put to the OR, as to whether a vehicle is exempted or not.