Vehicle for work use, can it be kept?

PinkGin2021

If you have a vehicle and it’s for work use (van) and the outstanding finance can be met, will you be able to keep this, or can it be taken as an asset? 

MalMonroe

I wouldn't imagine the van could be taken as an asset because it doesn't belong to you.

Have you spoken to an advisor at one of the free debt help agencies? 

StepChange is good, but there's also some info in this link - 

https://www.which.co.uk/money/credit-cards-and-loans/debt-and-how-to-deal-with-it/free-debt-advice-contacts-a8s1p0t51g7h

You can get full, free and correct information from a specialist adviser and you can then decide whether or not you want to proceed with whatever plan they may recommend to you.

luvchocolate

Do you own this van?
Are you self employed?

PinkGin2021

Self employed, van has some outstanding finance that can be met by family 

luvchocolate

Best to contact business Debtline 

JCS1

Is the finance HP?  is there any equity in it?

If no equity the OR will send a letter of non-adopt to the HP company, it is then down to the HP company to decide what to do.

If there is equity, the OR has the option to take over the agreement and sell the vehicle.

maxmycardagain

What about a vehicle purchased by someone else (with receipt in their name/address), that you use, and you are the V5 registered/insured keeper driver in a DRO?

You do not have permission to sell it BTW, just to use it

danjackson2021

If doing a DRO and you drive an old banger, how can you get proof if worth under £1K

many times a car is not worth repairing as it costs more in maintenance than to buy a new car.   

surely for DRO purposes it’s better to keep the old banger and put down on expenses very high maintenance costs