Car guide price just over £1K, can still do DRO?

The-Joker

Our Car in the used car guide price just over £1K, can we still do DRO?

I do not think I could get £1000 for it if tried to sell it because it needs a lot of work soon, it is very tatty and very worn out.

If I wait till next year the used car guide may say its gone down to £1K.

But if I go for it now will I be able to explain my car is worth less than a grand? I could get letters from garages saying this is all my car is worth.

What happens if they disagree and they say my car is worth a little over a grand as the used car guide says it is? Will the O.R really take away our family car if its only a little over?

wba31

The-Joker wrote: »

Our Car in the used car guide price just over £1K, can we still do DRO?

I do not think I could get £1000 for it if tried to sell it because it needs a lot of work soon, it is very tatty and very worn out.

If I wait till next year the used car guide may say its gone down to £1K.

But if I go for it now will I be able to explain my car is worth less than a grand? I could get letters from garages saying this is all my car is worth.

What happens if they disagree and they say my car is worth a little over a grand as the used car guide says it is? Will the O.R really take away our family car if its only a little over?

Where have you valued the car? The Insolvency Service will only check Parkers, put your reg in there and see what it says.

If this says more than £1000 you need to provide evidence suggesting otherwise, and these would be valuations in writing from used car traders. tell them to be realistic, i had one last week claiming a car was worth £850, Parkers was £2000 and cheapest on autotrader were £1500 for write offs. but the realistic valuations provided by traders should be fine.

That being said, if the car is too old for a free valuation on Parkers, it is based on your valuation. But again, make sure its realistic, don't tell someone your 12 year old Ferrari is only worth £850...

fatbelly

The-Joker wrote: »

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What happens if they disagree and they say my car is worth a little over a grand as the used car guide says it is? Will the O.R really take away our family car if its only a little over?

Your application is rejected and you are back to square one.

There is no removal of assets in a DRO as the whole assumption is that you do not have any (significant ones).

How much is it actually showing as worth on Parkers in poor condition?

The-Joker

Parkers says about £1200 in poor condition which mine is.

Where can I get a free quote printed out? If I ask most dealers they will give me a very cheap quote for cash but everyone knows they undervalue, will this do?

The-Joker

fatbelly wrote: »

Your application is rejected and you are back to square one.

There is no removal of assets in a DRO as the whole assumption is that you do not have any (significant ones).

How much is it actually showing as worth on Parkers in poor condition?

So if it was just over £1000 then if I waited a little until it depreciates a little more then I could apply again? I would lose the £90 application fee and have to pay again.

fatbelly

The key is that you don't apply (I imagine this would be your intermediary's advice too) until you have evidence of a sub-£1000 valuation.

I imagine it would take less than a year to get from £1200 to £1000 as a valuation - that's only a 16% drop

wba31

The-Joker wrote: »

So if it was just over £1000 then if I waited a little until it depreciates a little more then I could apply again? I would lose the £90 application fee and have to pay again.

Take the car to a second hand trader and ask them to give you a written valution, on headed paper or with their company stamp. As long as it says something like "I consider the car in present condition to be worth £x" its evidence that disproves Parkers which is very general.
Some traders may charge £10 for this, but it's a small price to pay to get this done ASAP.
and make sure they word it as to what your car is worth, not what they would offer you for it.

When i complete a DRO I ask for 2 different places to have provided the valuations, and i will double check auto trader to check the valuations are not poles apart from similar cars for sale...

The-Joker

So I got a quote from a dealer he said he would give me £900 cash for it, I have got it in writing