We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Selling Car during bankruptcy
Sls86
Posts: 1 Newbie
Hi, I'm 1 month into bankruptcy. I've been allowed to keep my car as its value is low around £500 and I need it for work. Of late I've been having a lot of problems with it, mechanic said I will be lucky to get another 6 months out of it. I've been offered a car from my mom, I sell my car on and give her however much I get for it for the car. Her car is worth about £700 and will cost around £16 more a month to insure, less to tax and no real difference in fuel. No problems to keep throwing money at either.
Can I go ahead and do this as a straight forward swap kind of thing? Will the OR want the money made from my car? Doubt there will be any paper trail of my money going to my mom for the other car? Or as my car is exempt do I have to tell them at all?
Would be grateful for any insight about this as I need to let her know in the next few days and as far as I'm aware I can't contact insolvency office via phone on weekends!
Can I go ahead and do this as a straight forward swap kind of thing? Will the OR want the money made from my car? Doubt there will be any paper trail of my money going to my mom for the other car? Or as my car is exempt do I have to tell them at all?
Would be grateful for any insight about this as I need to let her know in the next few days and as far as I'm aware I can't contact insolvency office via phone on weekends!
0
Comments
-
I'd run it past them on Monday.
They know what car you have and have exempted it. There shouldn't be any problem with your plan but it's good form to let them know what you are doing.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards