Help to make decision on car

limdylou29

My car has been SORN since March, with no insurance or MOT since then.
I’m going bankrupt within a week or so. My car is worth £1800 so could possibly loose it. Would it be ok for me to get it MOT and insured before bankruptcy? It would help with my depression to get me out of the house and enable me to start helping my disabled nan once again.( my sister is struggling to do it all)

mwarby

Do you know how much the repairs would be ? And worth £1800 now or with MOT ?

id say MOT it now if affordable, get insurance quotes, but don’t buy unless your told you can keep car

limdylou29

mwarby said:

Do you know how much the repairs would be ? And worth £1800 now or with MOT ?

id say MOT it now if affordable, get insurance quotes, but don’t buy unless your told you can keep car

Hopefully there wouldn’t be repairs, I’ve done a valuation on Parker’s and £1800 is the least figure. I would struggle to get car insurance once I’m bankrupt.

philnicandevan

Be careful though......some insurance firms have a bankruptcy clause so in the event of going bankrupt they could cancel any cover once they knew..

JCS1

Be careful - with you not using it for 2 months, you may have demonstrated that is it not needed.

fatbelly

When did your MOT run out? They have been given  an automatic 6-month extension since 30 March 2020

limdylou29

fatbelly said:

When did your MOT run out? They have been given  an automatic 6-month extension since 30 March 2020

29th March would you believe it.
 I have decided against it. My stress levels and anxiety is through the roof with worry over going bankrupt. I’m going to go ahead and do it tomorrow. A family member is paying a majority of the fees for me, I hope this is ok. I’ve just received my UC for the month so am going to draw the money out of my account to live off. I’m not sure if I will loose my Lloyd’s account, I don’t owe them anything.
Do I open a new account online as soon I’ve sent the application? Is there a chance the new account could get frozen? I would need to have an account for my UC payments to go into.

luvchocolate

What kind of account do you have with Lloyds?
You really need a basic account not a current account. 

limdylou29

luvchocolate said:

What kind of account do you have with Lloyds?
You really need a basic account not a current account. 

It is a current account. I opened a Monzo account a few weeks ago then realised I should have waited. So was thinking of opening a basic Barclays account.

luvchocolate

Barclays or Nationwide get ok reviews. 
Definitely open a basic account and get everything transferred over. 
The examiner will call you after your BR has been approved and ask about your everyday account. ...they will notify they have no interest in your account. 
Its worth knowing it's the bank not the OR who closes current accounts. 

limdylou29

luvchocolate said:

Barclays or Nationwide get ok reviews. 
Definitely open a basic account and get everything transferred over. 
The examiner will call you after your BR has been approved and ask about your everyday account. ...they will notify they have no interest in your account. 
Its worth knowing it's the bank not the OR who closes current accounts. 

Would it be best to wait until I’ve submitted the form? Or could I do it today as it’s online.