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It wouldn't go on the Parkers valuation it would be how much you paid for it. If it is under £1,000 there shouldn't be an issue. They may ask for new budget due to different car different costs but that's rare however it would only affect your DRO if the cost for tax/ insurance and fuel reduced so you had more than £50 surplus each month. If the cost are more your surplus will be lower and your DRO would not be revoked even if you went in to a deficit budget.
I would update them once you've bought the car and know the costs.
Hi I am just enquiring to see if anyone will be able to advise me. I am 4 months into my DRO, and unfortunately my car has given up on me. My sister is going to help me to get a new one so I can get too and from work.
I know I can't have a car over £1000 but how do I get a potential buy valued? I been offered a car at a reasonable price but when searched on parkers the price given for private is £685-£1050. Is this classed as being over what number would the insolvency service use?
My other question is once I have my new car do I have to contact the official receiver to let them know? I want to do everything correctly, and not end up with my DRO being revoked.
Thanks in advance for any help. 🙂
You inform the DRO team that the vehicle you listed in your application has been traded for the new vehicle, valued at £685 on Parkers Guide.
