Valuation for partners car in a DRO.

NorthFin

On wisebuyers the valuation for our car in private poor condition is just over £1000


Retail:£2,525The valuations quoted are prices you should aim to pay for a used car, not the advertised price. You should adjust your valuation to allow for extras that were not standard specification.
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Private Good:£1,855Private Average:£1,415Private Poor:£1,025Part Exchange:£1,575Trade:£1,447

Will this be acceptable, how do I prove it is in very poor condition with over 100K miles and lots of work needed doing to it?


Will the wisebuyers guide at £1025 mean I have to wait longer before I do the DRO?

National_Debtline

Hi NorthFin

You refer to the car as "your partner's", but you also indicate that you alone are seeking a DRO.

If I have understood the above correctly, the value of your partner's car is not relevant to your eligibility for a DRO.

Dennis
@natdebtline

wba31

National_Debtline wrote: »

Hi NorthFin

You refer to the car as "your partner's", but you also indicate that you alone are seeking a DRO.

If I have understood the above correctly, the value of your partner's car is not relevant to your eligibility for a DRO.

Dennis
@natdebtline

Afternoon Dennis, hope you're well!

NorthFin has enquired in another thread about the partner as the debts are joint

wba31

NorthFin wrote: »

On wisebuyers the valuation for our car in private poor condition is just over £1000


Retail:£2,525The valuations quoted are prices you should aim to pay for a used car, not the advertised price. You should adjust your valuation to allow for extras that were not standard specification.
Sell your car now

Buy a warranty now


Private Good:£1,855Private Average:£1,415Private Poor:£1,025Part Exchange:£1,575Trade:£1,447

Will this be acceptable, how do I prove it is in very poor condition with over 100K miles and lots of work needed doing to it?


Will the wisebuyers guide at £1025 mean I have to wait longer before I do the DRO?

DRO intermediaries will check parkers, so double that website first, im not sure if it differs from wisebuyers or not.

If the car is above a certain age you will have to pay for a parkers valuation, in this case you dont need to pay, as neither will your intermediary or the insolvency service. You'll be simply asked your valuation, which by the sounds of things may be £600/£700 based on mileage and issues, which would be fine.

If the Parkers valuation shows as £1025 or similar like Wisebuyers, this doesnt discount your partner from the DRO. You simply need to prove the car is worth less. take it to a 2nd hand car trader and ask them for a written valuation of the car. You might have to slip them a tenner for the pleasure. When i do a DRO, as long as i have 2 of these i wont ask for any further info. I will double check against autotrader however to ensure they are not unrealistic. Avoid getting a quote off we buy any car and the like as these are not accepted as proof of value.

[Deleted User]

wba31 wrote: »

NorthFin has enquired in another thread about the partner as the debts are joint

I wasn't aware you could have a joint DRO?

wba31

Bedsit_Bob wrote: »

I wasn't aware you could have a joint DRO?

You cant, NorthFin has a DRO already and is now enquiring about a DRO for his partner

[Deleted User]

So, the car belongs to the partner who already has a DRO?

Then it's case closed, as the value obviously satisfies the DRO requirements.

wba31

Bedsit_Bob wrote: »

So, the car belongs to the partner who already has a DRO?

Then it's case closed, as the value obviously satisfies the DRO requirements.

No, the car belongs to the partner who wants a DRO. NorthFin already has the DRO.

[Deleted User]

I think I've got it now.

I was getting confused by phrases like:-

"how do I prove it is in very poor condition with over 100K miles and lots of work needed doing to it?"

NorthFin

National_Debtline wrote: »

If I have understood the above correctly, the value of your partner's car is not relevant to your eligibility for a DRO.

Dennis
@natdebtline

Is that correct?

Hypothetically speaking if some married individual applied for a DRO would it matter if the couple had a car valued over £1000 if it was registered as belonging to their partner?

I thought even if only one in the couple was applying for a DRO BOTH people are not allowed to have any asset worth over £300 or a car worth over £1000?

National_Debtline

NorthFin wrote: »

Is that correct?

Hypothetically speaking if some married individual applied for a DRO would it matter if the couple had a car valued over £1000 if it was registered as belonging to their partner?

I thought even if only one in the couple was applying for a DRO BOTH people are not allowed to have any asset worth over £300 or a car worth over £1000?

If A is applying for a DRO, the value of B's assets is irrelevant.

Dennis
@natdebtline