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DRO and buy a car?

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maxmycardagain
maxmycardagain Posts: 5,843 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
edited 17 January 2024 at 2:45PM in Bankruptcy & living with it
When would it be appropriate for someone on a DRO to buy a car of £5000? 

They have a DRO due to end in 6 weeks and have a job offer requiring reliable transport

(not me could i point out)
Now we all know how it felt to play in the band on the Titanic...

Comments

  • stu12345_2
    stu12345_2 Posts: 1,576 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 17 January 2024 at 4:26PM
    where are they getting the money from, is it an inheritance a windfall, family gift, compensation .
    if it takes them beyond the £2000 limit on savings,this must be reported which will end the dro early.

    you need to explain here the  correct source of the money or cannot give an accurate reply.

    if it is from an inheritance , here is what will happen
    https://debtcamel.co.uk/inherit-dmp-dro-iva-bankruptcy/comment-page-1/. or from another source

    https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-relief-orders/while-a-debt-relief-order-is-in-place/can-your-debt-relief-order-be-stopped/

    can they wait until dro ends before they get this money? or is it coming now and due now?
     can they use taxis until they save up £5000  in their new job, once the dro has ended 
    Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )

    https://capuk.org/contact-us
  • maxmycardagain
    maxmycardagain Posts: 5,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 17 January 2024 at 4:34PM
    where are they getting the money from, is it an inheritance a windfall, family gift, compensation .
    if it takes them beyond the £2000 limit on savings,this must be reported which will end the dro early.

    you need to explain here the  correct source of the money or cannot give an accurate reply.

    if it is from an inheritance , here is what will happen
    https://debtcamel.co.uk/inherit-dmp-dro-iva-bankruptcy/comment-page-1/. or from another source

    can they wait until dro ends before they get this money? or is it coming now and due now?
     can they use taxis until they save up £5000  in their new job, once the dro has ended 

     As it happens (now) im buying the car now, ill have the invoice in my name, he can be the V5 keeper, a taxi would cost £300/week so thats a no go

    it looks like his first wages will be paid after the DRO ends

     
    Now we all know how it felt to play in the band on the Titanic...
  • stu12345_2
    stu12345_2 Posts: 1,576 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    the v5 is the registered keeper , but not always the owner.
     so you will own the car and let him drive it, that seems ok then. and I take it he will buy it off you eventually 
    Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )

    https://capuk.org/contact-us
  • the v5 is the registered keeper , but not always the owner.
     so you will own the car and let him drive it, that seems ok then. and I take it he will buy it off you eventually 
    sounds like a plan
    Now we all know how it felt to play in the band on the Titanic...
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