Advised to go Bankrupt

tigerfeet2006

Just googled your car and it seems you might right if this is the one

http://www.exchangeandmart.co.uk/iad/Motors/Cars_for_sale/Mitsubishi/Delica/59/578

Debtless_2

yeah thats the one but what valuation do they go off? private trade etc, if trade then its worth 2k at most.

mummytofour

Delicas are not the most economical cars and not cheap on repairs, how about selling it now and buying something else? You could get a good car for £1500 that you wont loose and have change to put aside (hidden) as a salty net for emergencies?

betterlatethannever

I believe that all cars bought by the OR go to auction so they would probably go by what its worth there, allowing for costs to remove the vehicle etc. It will really depend on your OR.
Do you owe anything on your car?

Debtless_2

nope the car is paid for, i bought it 2 years ago i get about 45-50 mpg out of it so its very economical, that is 40-50 mpg if i use the equivalent in diesel since it runs on veg oil. also its very reliable and has never let me down which is a good thing considering the time i start work, also parts are cheap as they are just a shogun underneath. will have to see what happens i heard somewhere that a relative could buy the car back off the OR, or i could get it valued and sell it to a friend who i would then buy it back off, i don't know how it works but say i sold it for 2K i then got money from the OR to buy another car so then buy it back from the friend using that money and then pay the rest in installments. It sounds like i am paying twice but in reality i am paying less for it than when i got it.

fiveyearplan

Debtless wrote: »

at this moment in time i have no money to buy food or pay my utility bills i make sure my rent and council tax is paid every month.

I agree with all the advice you've been given so far but I think one very important thing has been missed. You need to pay your priority debts first. Your unsecured debt isn't important but please be sure you keep up you utilities, council tax, water etc. because you will need all these post BR. If you are going BR anything you pay to your creditors from now is a waste of your money.

Debtless_2

fiveyearplan wrote: »

I agree with all the advice you've been given so far but I think one very important thing has been missed. You need to pay your priority debts first. Your unsecured debt isn't important but please be sure you keep up you utilities, council tax, water etc. because you will need all these post BR. If you are going BR anything you pay to your creditors from now is a waste of your money.

yep cancelled all my direct debits to creditors today, utilities are left as they where.

just wondering i have a joint account with my partner which is overdrawn. now is it a good idea to sign the account into my name so that it is wiped with the BR?

i can have my wages paid into my partners account and my DD for council tax and car insurance or should i have my own acc?

rog2

Debtless wrote: »

just wondering i have a joint account with my partner which is overdrawn. now is it a good idea to sign the account into my name so that it is wiped with the BR?

Unfortunately, Debtless, now would NOT be a good time to sign the account over to your name - the OR is likely to request your last year's bank statements and will 'smell a rat' that could result in a BRO. This means, I am afraid to say, that the Bank will pursue your partner for the whole of the overdraft.
You could, depending on how much you are overdrawn, pay the overdraft and close the account. Alternatively, your partner could, after your bankruptcy, negociate a payment plan to pay off the overdraft.
It is, certainly, a good idea to get your wages paid into your partner's account, at least until after your bankruptcy, when you can open a new basic account for yourself.

Debtless_2

i was just wondering, i read in another post about loan agreement forms being required by the OR, does this apply to all loans and Credit cards as i have none of them.

Richard_S

Debtless wrote: »

i was just wondering, i read in another post about loan agreement forms being required by the OR, does this apply to all loans and Credit cards as i have none of them.

Hi Debtless,

The O.R will be able to get hold of any missing agreements and statements. The name of the lender and an account number will enable the O.R to get hold of any documentation they need.

Richard