The "what do you need to know before you go bankrupt?" thread!

Remmer

TV licence..too high. £264 is not the cost of a tv licence
Phone...no way
Internet and TV...think the OR will have a prob with that
Breakdown cover..you can get it far cheaper..£264 a year is extornionate

fermi

The OR does not normally have a problem with items such as broadband or TV being in your SOA.
However, unless it it necessary for you employment/livelihood they will require you to fund it from the amount you have left after any (if any) IPA payment is deducted.

This means that most people will be able to pay for a few little extras such as this.

Blind: I'm sure you will be fine. Just make sure you move the Ferrari to an anonymous lockup. :rotfl:

ClaireLR

My TV licence I pay monthly by DD, only set it up a few months ago so its 22 a month for the forst 6 months then 11 a month after that, would they accept that?

My friend did BR and he put 50 for a phone which I thought was high but they allowed this (he did his with the help of a solicitor, not sure whether to go down this road as surely this will incur more costs, although he got legal aid despite being in a full time job and still living with his parents!?!!???)

Is anything allowed for net/tv?

Breakdown cover, I pay this much as its the one that covers you for most things, being a girlie girl if my car ever breaks down (and it does, I only had to get them out yesterday!) then they cover you no matter where you are, and cover parts etc if the cost of repair is less than £500. would cheaper breakdown cover be allowed?

fermi

ClaireLR wrote: »

Is anything allowed for net/tv?

I'm sure you will do, but just in case please read my post above.

fermi

oops. And by TV I mean extra to the license. The license they do allow in your budget.

For example, SKY/Cable or other pay TV has to be funded out of the surplus.

allofadither

Claire...can I chip in with my car experience. Immediately after I was made BR the OR said I would lose my car, valued at £1000. Initially I thought that was it and resigned myself to being car-less, but with the help of the wonderful folk on here I prepared my case very thoroughly for keeping the car, and was able to present this at my OR interview.

1. I got a written valuation from a local garage (they were very helpful )
2. I gave the OR practical reasons why the car wasn't just a convenience, and backed it up with hard facts. e.g distance to school, distance to nearest shops, distance to my elderly relatives who need me to shop for them, not on a bus route, no street lighting, no pavements etc etc, anything I could think of that would help my case I noted down. I know these examples won't necessarily apply to you but it gives you ideas.

Dither

Remmer

Girlie? lol get cheaper brekdown cover!

Penelope_Penguin

ClaireLR wrote: »

Thanks Penelope

oh-oh, just looked on the Parkers and they re advising that my car is worth between £1275 and £1635, I honestly didnt think it would be worth that much. How do OR's value cars? If I said on my forms that I considered it to be worth 800-1000 (which I would have if I had not found out about that website) then how/where do they check?

OK SOA coming up next!

Thanks so far guys and gals.

Yep, as B-as-B says, I think they look at Parkers :rolleyes: What value did you put on your petition form? What condition did you describe it as?

Penny. x

fermi

It is Parker's.

From:http://www.insolvency.gov.uk/freedomofinformation/technical/techmanvol1/Ch25-36/Chapter31/part2/part1/part1.htm

31.2.5 Determining the value of the vehicle
The official receiver must establish the value of the motor vehicle so that a decision on how to dispose of the vehicle may be made. The official receiver should refer to the online Parker's Guide, which is regularly updated, for a guide price. For vehicles prior to M registration, a specialist vehicle or vintage car it may be necessary to instruct agents to to obtain a value (see Chapter 32 Agents generally).
The value of the vehicle should be ascertained in order to determine if there will be a benefit to the insolvent's estate after taking into consideration the costs of insurance and sale. An approximate value of the vehicle will also need to be ascertained in order to effect insurance cover on the vehicle. Chapter 32
The value of the vehicle should not be a primary factor in considering whether the vehicle is exempt property (see paragraph 31.2.22 ).

See also:

http://www.insolvency.gov.uk/freedomofinformation/technical/casehelpmanual/motor%20vehicles/motorvehicles.htm

and

http://www.insolvency.gov.uk/freedomofinformation/technical/techmanvol1/Ch25-36/Chapter31/part2/part3/part_3.htm

But as said before there are no guarantees.

ClaireLR

I haven't filled in my petition yet, Im doing a bit each day on line so I dont get to overwhelmed by it all.

Ive spoken to my dad today and he's suggested that he buy the car from the OR if they take it and was wondering about that. If he offered £300 would they be likely to accept this?? He cant afford much as he lives alone and doesnt have a huge amount of cash, anyone know if they d be likely to accept this??

Also, when you do actually find out if your going to lose your car, I take it it isn't on the actual day your made bankrupt??