DRO's

Mjollnir14

Re: DRO's...

I've already been told I qualify financially (i.e. my wages etc) for a DRO... but the only thing stopping me is that the value (according to Parkers Guide online) of my car is more than 1,000 pounds, and thus I can't get the DRO. I'm told Parkers Guide is the only value the DRO Panel will take into consideration - despite that in the real world, my car - which hasn't been used for 18 months and is not in the best condition - would not fetch even close to 1,000 if sold. But I'm told they will not accept this fact, ad only Parkers Guide value.
If I was to sell my car, or give it to a friend (in name, legally) he DRO Panel are unlikely to offer me the RO because they'd consider my action as an under-hand tactic to hide money etc.
S, does anyone know the legality of this, and does anyone have any serious and sensible idea of what I can do about it?
Thanks folks,
Mjollnir14.

caz2003uk

I didn't have to have a parkers guide price! I could have a price done by a garage on headed paper stating the value of the car!

How old is the car?

Mjollnir14

It's a 2005 Astra, Caz - according to Parkers Guide, in poor to average condition, it's worth about 1,500 pounds. I know that with bankruptcy, you can have a slightly higher-value car, and even convince the Panel that you need it for work. But I'm informed that the DRO panel are more stringent :-(

caz2003uk

There is no lee-way(sp) on the value of a car for a DRO

I would get a valuation from an independent garage and if yor current intermediary won't accept it try another!

Eliza_2

They must accept alternatives I'm sure. My car isn't listed on Parkers anyway so not sure what they would do about that.

debt_doctor

Hi,

The guidance relates to using the parkers website for free valuations and is generally the one we use unless there is reason to doubt the valuation such as;
mileage is far higher than the year suggests
damage to the vehicle
previous write off
or something else.
In the above cases then an independent local valuation should be ok, on headed paper.
If a car is too old to be valued on Parkers then we are encouraged to accept the debtors own valuation.

DD

Mjollnir14

I've just gone on to Parkers Guide again, and re-valued my car. It says that my car in a private sale, in a poor condition, would be valued at 1,520 pounds. Dammit ;-)

Mjollnir14

Original Price 13,045
Franchised Dealer £2,300
Independent Dealer £2,130
Private Good 1,915
Private Poor £1,520
Part Exchange £1,655

Mjollnir14

debt_doctor wrote: »

Hi,

The guidance relates to using the parkers website for free valuations and is generally the one we use unless there is reason to doubt the valuation such as;
mileage is far higher than the year suggests
damage to the vehicle
previous write off
or something else.
In the above cases then an independent local valuation should be ok, on headed paper.
If a car is too old to be valued on Parkers then we are encouraged to accept the debtors own valuation.

DD

And the valuation criteria is very strictly, 1,000 pounds or less, DD?
I mean... if I NEED my car for work, and it's worth 1,500 pounds, they will probably not grant my DRO, right?

In fact... a friend of mine who is a trained Vauxhall mechanic told me my car is a "cut and shut" (i.e. and accident-damaged car which was repaired extensively after a crash), and I know the Air Conditioning is broken due to this accident. Although it's a bit late to moan now, I was sold it in this condition, and not being any kind of car expert, I bought it 'sold as seen' from a well-known car hypermarket for a substantially reduced price of 7,500 pounds wen it was ONE year old.

debt_doctor

Then that is the valuation the intermediary would have to accept unless you could show good reason not to - such as an independent dealers valuation.
DD

debt_doctor

Mjollnir14 wrote: »

And the valuation criteria is very strictly, 1,000 pounds or less, DD?
I mean... if I NEED my car for work, and it's worth 1,500 pounds, they will probably not grant my DRO, right?

£1000 is the limit - no exceptions. You don't have to demonstrate a need for a car in a DRO, just that it is under the prescribed limit.

DD