Budgeting for assets? could i lose my car?

Lizzibuff

Im really worried i might lose my car as even tho i am a single mum living 8 miles from my nearest town, there are regular buses. I've been told that may go against me plus there is a weekly bus directly to tescos. I am near enough to walk to the school where both i work and my kids attend.

My arguments for keeping the car are

1) the nearest a&e is 8 miles away as well as the dentist, out of hours doc, kids weekly counselling session and shops etc.

2) i am studying a OU degree as well as working and will need to attend odd tutorials - poss in Brum

3) Extended family - ie my parents and brothers etc all live miles away - average about an hours drive.

So my first question is do you think i could lose my car? - its prob worth about 1500 - (tho its currently off the road and i may need to use further credit to fix it!)

If i did lose it my dad has mentioned in the past that he might be able to help me get an old banger to keep me mobile - where do i stand in my monthly budgeting as clearly car maintainence, insurance etc is included as my outgoings. Yet those technically would be applicable if i lost the car. Then there's the issue of dad getting me a car.

I'm really confused and worried about this - can anyone help?

Lizzibuff

Forgot to add - there have also been occasions where ive needed my car to attend training sessions/meetings etc in town (8 miles away) and also to transport children to such events.

rog2

Given the value of your car, and the reasons that you give, I don't think that you will lose your car. If you do, then the OR should give you some money to buy a cheaper car, so I wouldn't mention your dad's offer if I was you.

worried123

Dear Lizzibuff

I know that it is not easy to be absolutely sure but from my own experience with bankruptcy and my car, I do not think you will lose your car - especially given all the arguments you have put forward for keeping it.

I was sooooo worried about losing my car that I submitted a huge page of reasons why I needed my car and submitted it with my forms at the court. I do need my car for work - I travel to different locations each day and my car also serves as my office.....I felt that I would indeed be able to keep `a` car - but I was exceptionally worried they would take it and sell it at auction, giving me back a small amount to buy a banger.....I gave the OR a million reasons why I needed a reliable car for both now and in the future......Lizzi - my car is listed in Parkers at 4,400 max.....I came home from work one day and the official receiver had left a message for me - his first words were - `You can keep your car - obviously` I had to keep playing the message back to make sure that he had not said, `You CAN`T keep your car`.....I was over the moon and he did say that he had declared it exempt on what I had written...so it really is worth getting your reasons down on paper and sending it to them if you can.......He does however want all of my back dated tax relief on car expenses for my estate.....he did not let me off scott free.
Lizzie - I am sure that you will be fine....play on that A&E bit and needing it for the welfare of your children etc.......(health reasons are really advantageous) Good luck.....Please let us know how you get on. Your car is below the threshhold where they might consider selling it and giving you money for a cheaper one anyway.

All the best.

PS - You will obviously need the cost of running your car in your monthly outgoings.
Also Lizzie, don`t mention things like - there is a bus that goes all the way to Tesco - or that your dad could buy you a cheaper car....just list all the reasons why you need it.

littlegoldfishie

Hi Lizzibuff , You really need to get that car back on the road asap. My partner went BR on 10th Aug, he has a car, it is only worth at tops a grand, but because it was off the road, had no tax and the water pump was broken, it was seen as an unused assett. He had been told by his OR that because he hasn't been using it due to it being off the road, she had to take it. He tried argueing that the only reason it was off the road was because he couldn't afford to repair and tax it, but she said as he had been managing without it he did not need it.We quickley got the car repaired and taxed, sent off a letter saying if she takes the car he will lose his job as he can no longer use my car.It's not just the car that would upset us if she took it, its the extra bits on his I and E that will add up if he doesn't keep his car, like a monthly maintenance fund, tax money , petrol ect. It certainly pushes up into a IPA bracket if he loses that car. Still waiting to hear from OR if he can keep the car, buy I wish I knew this before he went BR.

Lizzibuff

Thanks a lot guys - that really helps. No deft won't mention the bus or dads offer to the or - just included it in here so you all knew the situation. I was hoping the health stuff would be a big help especially as my kids are still quite young - 5 & 7.

Thanks you've made me feel a whole lot better! and yeah trying to get car fixed asap - going in today to have some test done on it. Fingers crossed.

debt_doctor

Yep all the above is great advice, and you should use all those arguments. Its always diffcult to predict OR's on this one. The OR might ask if someone can 'buy out' his interst in the car. I would try and rate the value of your car at just under £1000 if poss, bearing in mind it costs the OR £ 500 to sell it, OR may feel its just not worth it.

Worst case, OR says no, then OR would have to allow you costs for alternative transport for your family, and in Rural area Im sure that can be expensive ! - something else to bargain with

Best wishes