DRO and car

lisanoo

Quick question regarding selling car and DRO.

Can you have sold your car more than 12 months ago and still be okay to apply for the DRO?

Say you sold it over a year ago- does that disqualify you from applying?

debt_doctor

Hi,

So long as you got market value for it then that will be fine. It would have no relevance to your application.

DD

lisanoo

Thanks for that. Would I be asked how I spent the money I got from the sale of the car if I sold it over 12 months ago?
Is there any time limit by which my car ownership is just irrelevant when I go to apply for the DRO? Like if I owned a car over a year ago, would i even have to declare that?

debt_doctor

The only question asked related to cars is - Do you own a motor vehicle? - if the answer is "yes" it brings the next question - How much is it worth?
There is no circumstance or asset investigation as there is in BR, just a reliance on the applicant to be truthful.
How you may have spent the money is not relevant providing it was not used to prefer creditors, and that you do not have assets (perhaps what's left from the car sale) worth more than £300.

DD

lisanoo

I didn't realise that. That's very helpful to me. thanks for replying and taking the trouble. I am debating whether to wait until January next year when my car is likely to be worth 1000 or sell it now and get on with the DRO asap.