Salary sacrifice car in bankruptcy

Wicked

Hi all,

I am considering buying a car through my salary sacrifice as the one I own (no finance) needs work I can’t afford and this is the cheapest way - no deposit or credits check and insurance/road tax all included. Current car worth maybe 3k max.

I will be applying for bankruptcy at some point soon so I don’t know if this is a good idea. Will it ultimately have to be returned and then I have no car anyway? 

I’m new to this and am reading as much as I can on this forum. 

I have adhd and think having no access to credit will be beneficial as have struggled my whole life with managing money. 

My finances are also due to change - UC to more than half and other changes as my daughter is 19. Is it worth me waiting until August to apply for BR or just get on now then change the income in August? My debts have mostly been defaulted and some passed to DCs. Debts around £27k

Not eligible for DRO as I have an ok salary of £30k so would be over the £75 left per month. 

 

Any help would be much appreciated 😊

MEM62

£27K is a small amount of debt to go bankrupt for - particularly as it is less than your annual salary!  Have you taken proper advice?   

JCS1

Please take advice, you may be paying into an IPA for 3 years so it might not be the best solution

Grumpy_chap

The OP might be well advised to prepare a SoA (Statement of Affairs) and share in the DfW (Debt-free Wanabee) area of this forum for advise on the overall financial situation they have.

Wicked

Thank you, I think I will have to do a bit more research about what to do next.

I will post in the debt free wannabe thread with some further details. Appreciate this advice 😊