DRO Car Valuation

cam90635

Hello,

I am looking for some help as I am starting to despair.

I contacted Stepchange initially for debt advice, I spoke to an IVA advisor who helped me with my budget and said I didn't qualify as I didn't have enough money at the end of the month. I have a car and she checked my registration and told me if I were to wait until the 28th June I would be able to apply for a DRO as my car just comes under the new limit of £4000 which would be accepted.

I waited until the 28th and logged back in to Stepchange, got my action plan and it told me to apply with Money Wellness. 

I have submitted all my information on Money Wellness and had a phone appointment this morning and didn't get far as she took my car registration and told me my car was valued at over £6000 so that was that. I then said I didn't feel that was a fair valuation of my car as it has a substantial amount of cosmetic damage. She said I could go to a dealership and get a valuation and submit it.

So far I've been to one dealership who printed a hpi valuation and circled a box that my car was valued at £3990. I submitted it to see if that was what they were looking for and the person said yeah, they think that looks right, but I just need to get one more.

I am just really worried as I wasn't filled with any confidence that the valuation will really be accepted.
Also, If I can't find another one for this price what do I do?! I don't know what other options I have as they told me I can't transfer my car. 

I just keep feeling like every time I'm getting somewhere I end up taking a step backwards .

Thanks

Brie

What's the car?  The valuations I've seen have generally used Parkers and it's sometimes a case of getting a close match rather than something precise.  

Happy to give it a go if you just give me make, model and year.

cam90635

Thank you, it's a 2018 Dacia Sandero Stepway, however it has a lot of cosmetic damage.

The IVA advisor I am assuming used the private price which is the lower one at £3940 where as Money Wellness today said the Stepchange IVA advisor told me incorrectly and they use I guess the dealer price which is much higher.

The dealership I went to has given me a valuation at £3990 which sounds more accurate for the condition

Brie

Wow!  Parker doesn't even like the year!  And Autotrader is only showing ones in pristine condition (well according to the photos).  

Don't give up.  Get another quote from someone - maybe a friendly local shop that sells similar would be a good option.  

If that's the only hiccough on your DRO it's worth making the effort to get things done and to move on with the rest of the process.  

cam90635

Thanks so much, I will try and get another one tomorrow  

stu12345_2

it should be the private sale value , not a dealer trade in value , take it to a repair garage who will cost the repairs for your car then deduct  those costs from the value of a good condition private sale 

cam90635

Your PARKERS valuation for:

Dacia Sandero Stepway Laureate TCe 90 (12/16 on) 5d 2018/18

Private Price

£3,940 - £4,860

Dealer Price

£5,265 - £6,185


This is what comes up under my reg. I can only assume Money Wellness were taking the dealer price as she for sure said she checked 2 quotes and they were over £6000!

stu12345_2

the dealer price is what the dealer sells it for, that is their profit something you don't get 

so you use the private parkers price and so do the debt charities, the private sell price,

not the dealer selling price, not the trade in price.
, that is what the debt charities use, the private selling price , based on poor , good or excellent condition and mileage that you give the debt charity.

in order to prove it's poor condition and needs engine or bodywork repairs, take it to a repair garage and ask them to calculate how much it would cost to fix the cosmetic marks, get it in writing, then you can present these costs to the debt charity in order for them to give you the poor retail price and that is the price they have to use

cam90635

Thank you, I will do that

sourcrates

Money wellness are new to the DRO game, and the advice you get depends on the advisor you pick.

Training appears to be quite poor, and all over the place.

Back when stepchange did DRO`s, they accepted Parkers guide lower private sale prices without question.

The approach Money wellness appears to take tends to be quite erratic thus causing unnecessary issues for the client.

fatbelly

Maybe they've had their wrists slapped because a few months ago they were banging them through without any problem

The written guidance still says to use Parkers but is no more specific than that. So to take the bottom figure for the Private Sale price seems to me to be fully compliant.