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

ClaireLR

Yes thanks for that what an eye opener!!

If they insist on taking it I think I'm going to go with the, "my cars worth this but after comission/storage/towing/auction fees you would be left with X, so I'll offer you Y" and hope they accept it. I'm quite lucky because there is actually a massive car auction place not to far from where I live so I shal be contacting them in the next few days to find out the exact costs involved.

I'm so glad my BR date isn't for over another month its going to give me chance to sort things out like this isn't it!

Thanks for your help!

ClaireLR

Just wanted to say a big thanks to everyone whose posted on here so far, especially you guys and gals who keep on coming back to give me advice, I really really appreciate it!!

Penelope_Penguin

ClaireLR wrote: »

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??

The form asks about any vehicles you've owned in the last year (I think, but it may be 2 years not sure as I don't have a form to hand) so you'll have to declare it.

It also asks if you've *given away or sold for less than true value* any item within a similar timescale.

You can't avoid it

Penny. x

allofadither

ClaireLR wrote: »

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??

When I first spoke to the OR via the telephone it was at the court on the day I was made BR, and she made it quite clear that I would lose my car...needless to say I burst into tears as soon as I put the phone down.

In retrospect I think she was probably giving me fair warning about what they could do with my only asset, and maybe assumed I would go away and find reasons to challenge her statement, which of course I did.

I only mention this so that you are prepared, not to scare you, just in case you have a similar experience.

savagevixen

ClaireLR wrote: »

OK here's my SOA

Income
1080

Outgoings
Rent 235
Council Tax 54
House Insurance 6
Gas 40
Electric 40
Water 25
TV licence 22
Phone 50
Road tax/MOT 20(saved every month)*
Car insurance 40
Petrol 100(Elderly relative etc up this a bit-perhaps £150? £140?...)
Maintenance for car 30(saved every month)*
Breakdown cover 22
Housekeeping 180*Think this should be at least £250 poss. more
Cat litter/food 20*(for 2 cats)
Clothing/footwear 40*I am sure if you can present a case as to why it costs you more you could increase this a bit.
Dentist/prescriptions 12(saved every month)*Include Opticians and up it to £18-20
Pet Insurance 15 (for 2 cats)
Hairdressing 10*£15? Seems the going rate!
Internet and TV 36

= 997
Your monthly phone/internet/tv is £108!!!! Ours was £72 for a family of 7 so I definately reckon you should shave this down. Our £14 sky found it's way into our groceries...
1080 – 997 = 83 (surplus)

I think you can definately bump some things up a bit, but careful about your luxuries... Be as close as possible to spending all your income, that way if they disallow something you will have less surplus than if you submit you I&E with £83.

ClaireLR

Quote

The form asks about any vehicles you've owned in the last year (I think, but it may be 2 years not sure as I don't have a form to hand) so you'll have to declare it.

It also asks if you've *given away or sold for less than true value* any item within a similar timescale.

You can't avoid it

Penny. x

Sorry I really wasn't clear in what I meant on this, what I should have said is, if the OR decides to take the car to seel at auction, could my dad then buy it from the OR for a reasonable price??

allofadither

ClaireLR wrote: »

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??

My car had a valuation of £1000 and I also arrived at a figure of around £300 for a realtive/friend to buy it back if it came to it. In my own mind I was prepared to negotiate upward to £500. I have to say though Claire, that when the OR asked me if anyone could buy the car I said "No", mainly because that was the absolute last resort for me. I concentrated on fighting to keep it. So prepare for the worst and hopefully it won't happen.

ClaireLR

Savage vixen thanks for your last post, that should help a lot!!

Now I am wondering, after you ve been made BR, does the OR look into your finances from that date?? i.e., if my tv/net costs just happened to land up in my groceries for instance(!) and I paid for it by DD, does the OR ask to see bank statements etc and could they then question this??

Or is my paranoia getting out of hand lol!!

savagevixen

Penelope_Penguin wrote: »

The form asks about any vehicles you've owned in the last year (I think, but it may be 2 years not sure as I don't have a form to hand) so you'll have to declare it.

It also asks if you've *given away or sold for less than true value* any item within a similar timescale.

You can't avoid it

Penny. x

I think she was intending to declare it... and asking what if her dad where to offer to buy it from the OR...
My understanding is this is perfectly acceptable. I would argue desperately for the car first though!! Work... elderly relatives that live on their own...unsocial working hours...

savagevixen

ClaireLR wrote: »

Savage vixen thanks for your last post, that should help a lot!!

Now I am wondering, after you ve been made BR, does the OR look into your finances from that date?? i.e., if my tv/net costs just happened to land up in my groceries for instance(!) and I paid for it by DD, does the OR ask to see bank statements etc and could they then question this??

Or is my paranoia getting out of hand lol!!

I worried about this, but to be honest as long as there's no major fraud evident, I think they are fairly reasonable. My OR is not interested in our basic account and as long as the figures are not ridiculous in the first place there is no reason for them to be concerned.