DRO and car

The-Joker

I am going to apply for a DRO soonish, but my car is holding me back.

The book price is said to be £1200 for a poor condition which mine is very much so.

It is only 8 years old but done 150K miles and needs a lot of work to get it through the next MOT.

Someone said I need to get a garage to write a list of all the jobs need doing to it at the moment and an estimated value.

Im sure any garage would say its worth less than a grand in curenct contion but if I spend a few hundred on it and get it through the MOT it may be considered to be worth just over a grand.

Any advice please?

I may be able to hold off the CCJ's until next year and then my car will be worth under a grand book price. So would it be better to wait until then for the DRO?

longtermplanner

What are your total debts? Is interest being charged on any of them? One possible problem with delaying a DRO is that the amount you owe may rise because of interest and exceed the 15k limit.

You mention 'holding off CCJs'. If you are worried about CCJs being applied for, then you need to complete the income & expenditure section of any court papers you are sent and make a monthly offer that is realistic for your income, even if this is only £5 a month. If you already have CCJs, do you realise that you may be able to get the monthly payments reduced? See http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=08_reducing_payments_or_suspending_a_bailiffs_warrant_on_a_county_court_judgment

debt_doctor

Yes, you can certainly get a valuation from a garage / dealer on Headed paper to confirm a reduced valuation for the ACTUAL condition of the vehicle.
The easiest way may be to go on Parkers (the preferred choice of the IS) and pay for the bespoke valuation for you car with its excess mileage - it costs about £4 by debit card online.
You could then print that off as your evidence and pass to your intermediary.


DD

fatbelly

Sounds like that would be £4 well spent!