Car value £1000 questions

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

peterparker12

They use Parkers valuation so just jump on that 

danjackson2021

peterparker12 said:

They use Parkers valuation so just jump on that 

I suppose it’s a matter of opinion which category each car fits in there are three as far as I remember mint, middle and scrap or something like that?

the last category is almost certainly less than a grand

bit how can you prove you car is so poor condition and this is why you have such high maintenance costs per month?

they may say you are paying more maintenance on that old banger than t would cost to hire a new car, but of course now your credit rating is shot to bits you could never get approved to hire a new car even if it works out cheaper

ToxtethO'Grady

In a  DRO they don't look at the maintenance as much as they do in BR, it's more the value of the car on Parkers and they'll go with the lowest usually. If there's a dispute about the value you would get 2 independent valuations from different garages, they won't accept from WeBuyAnyCar.com or anything like that.

The value of the car has recently increased to £2000 anyway so that should help a lot of people.

danjackson2021

ToxtethO'Grady said:

In a  DRO they don't look at the maintenance as much as they do in BR, it's more the value of the car on Parkers and they'll go with the lowest usually. If there's a dispute about the value you would get 2 independent valuations from different garages, they won't accept from WeBuyAnyCar.com or anything like that.

The value of the car has recently increased to £2000 anyway so that should help a lot of people.

Thanks that’s reassuring when you say they don’t look at the maintenance as much in a dro. Because mine looks extremely high every month but that’s just because it’s such a ratty old car on its last legs

sammyjammy

When you say unreasonable how much are we talking?  

MalMonroe

danjackson2021 said:

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

Are you in Northern Ireland? If you are it's a car worth up to £1k but if not, you can have a car worth up to £2k. See the link below, scroll down to "Will I lose my car if I have a debt relief order?"

https://www.stepchange.org/debt-info/how-assets-affect-a-debt-relief-order.aspx

When I applied for my DRO a few years ago I just put that it was worth £800 as that was the going rate at that time for an old Toyota Yaris and the allowance on a DRO wasn't as generous as it is now. It's only for a year though so I really wouldn't worry too much about it. My trusty Yaris lasted two years after my DRO finished and wasn't very costly to maintain. I'd looked after it well since I got it so maybe that was the key, whatever, I'm a dedicated Toyota owner now and have a newish Aygo. There's light at the end of a DRO and it's not as restricting as a bankruptcy. I'm really glad I took on a DRO, although it did feel very daunting at the time. Besides anything else, it taught me how to budget properly.

sourcrates

danjackson2021 said:

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

You don`t need to supply any evidence, just whatever Parkers guide lowest value is.

As for maintenance, your DRO only lasts a year, so, depending on the mileage you do, you don`t need to inflate the figures too much, you may, for example, just have got the car serviced, so may not need anything spending on it for another year, so you wouldn`t need much in the maintenance pot would you, just use common sense.

After all, your budget and figures are not checked up on, old bangers these days are not the same as old bangers of years gone by.

danjackson2021

sourcrates said:

danjackson2021 said:

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

You don`t need to supply any evidence, just whatever Parkers guide lowest value is.

As for maintenance, your DRO only lasts a year, so, depending on the mileage you do, you don`t need to inflate the figures too much, you may, for example, just have got the car serviced, so may not need anything spending on it for another year, so you wouldn`t need much in the maintenance pot would you, just use common sense.

After all, your budget and figures are not checked up on, old bangers these days are not the same as old bangers of years gone by.

No my car needs constant repairs and very expensive 


can anyone confirm in England is it £1000 for a car and £2000 for total assets? Or could your car be valued at £2000 if no other assets?

MovingForwards

Read the link:
https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-relief-orders/debt-relief-orders-explained/debt-relief-orders-what-you-need-to-know/ 

ManyWays

Its £2000 for car PLUs £2000 for other assets