bankruptcy help please

alastairq

....and this is the current Insolvency Service guideline....

However, there may be some flexibility..since the IS only issue guidelines....and if a suitable argument can be raised by the BR, then the OR has discretionary powers.

tigerfeet2006

The Gardener, you are indeed correct. The guidelines are £1k atm. They were £2k but that changed a couple of years ago to £1k.

luvchocolate

Keen_Kat you seem to be quoting "old rules" it used to be £2000 but now any value of over £1000 can be taken, and plenty on here have lost cars at that value.
I would advise anyone to read the insolvency service website . lots of upto date information on there.

tigerfeet2006

And so is Alastair. I have known some ORs let £1500 slide through and some ask for someone to buy the ORs interest in the car. It will depend on the day.

JCS1

keen_kat wrote: »

Usually the OR are only interested in taking your car and getting a replacement for you if it's in excess of 2,000 in value. Judging from your needs and value of the car, they won't even touch it tbh, as it's not even worth their time at a value of 1000.

It changed a few years ago, it's now £1K. And the person still needs to prove that the car is a "need" rather than a "want".

I have known for cars with value of a couple of hundred pounds be taken if their is no need for it.

keen_kat

Judging by the circumstances I would say the need is there. Even if the car is exempt and worth more than 1k, the OR can only take it if it will realise a net minimum of £500 after costs of realisation, insurance and a suitable replacement etc etc. So in reality a car at a value of 1500-2000 that has been exempt may not be touched, purely because of the costs, agents and insurance involved.

TheGardener

Even when a car is worth a little more than £1000, there is no guarantee it will be exempted - one poster recently lost a car worth only £500 as they could not demonstrate a 'need rather than want' It is not just the value of the car itself that is considered - its the cost of running it.
BR's should take the £1000 guidance as a default position and anything more than that is a bonus and is entirely dependant on the BR's circumstances and the OR's interpretation of the guidance on the day.

alastairq

tigerfeet2006 wrote: »

And so is Alastair. I have known some ORs let £1500 slide through and some ask for someone to buy the ORs interest in the car. It will depend on the day.

Not quite sure where I have ''quoted'' out-of-date guidelines on this thread...?

Basically, I posted pretty much what you said...ie, discretion?

BTW, I was offered the opportunity to purchase the OR's interest on two of my then-roadworthy/legal vehicles....I took the chance and did so..but they would have been taken for their scrap values if I hadn't...