Value of vehicle to OR that has been written off

samebay2010

Wondering if anyone can advise, I currently own a motorcycle that would be worth around £3400, however it was written off last year and I bought it back from the insurance company for 10% at £340. Obviously I have the engineers report and valuations etc from the insurers, how would the value be treated by the OR in this case? It's the only vehicle I use to get around on.

Minkym00

Provide them with the valuations you have and they should be acceptable to the OR.

Head_Burried

From my experience this shouldn't be a problem.

When I went bankrupt (15 months ago) I had a car that according to 'Parkers' was valued over £2000 if it had been in good condition. However the car had previously been written off and I had purchased it back for £700.

My OR asked me what car I had and I explained. They never asked for proof I'd purchased it for £700.

mwarby

Presumably you repaired the bike ? If you take £340 bike and then do £1-2k worth of work to it then the £340 valuation doesn't mean much. Have you looked to see what you could get for the bike if you where to sell it ?

samebay2010

Thank you for your responses, it's very useful as I am on the borderline between whether bancruptcy is an appropriate option so I have quite a lot of research to do.

sourcrates

The OR operates in the real world, and they usually make common sense decisions, so just explain the situation to them, as you have to us, there shouldn`t be any problems.

samebay2010

In terms of repairs there were a small amount to get it rideable but the frame has been damaged (steering stop broke off) so it would be difficult to sell as is and may be better breaking for parts. I'm not sure if the OR would go into that level of detail. Ultimately its the only asset of any value I have so if I have to forfeit it for a new start I'll do so gladly!