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  • FIRST POST
    • northernmanchester
    • By northernmanchester 12th Feb 18, 9:11 AM
    • 1Posts
    • 0Thanks
    northernmanchester
    Salary sacrifice
    • #1
    • 12th Feb 18, 9:11 AM
    Salary sacrifice 12th Feb 18 at 9:11 AM
    Hi everyone,

    I am considering going bankrupt after realising I will never be able to replay my debt and itís getting to me.
    I have to be realistic that paying small amount not even the minimum is not keeping the away and I have to deal with it.

    I have on question:
    I currently have a brand new car through work, under the salary sacrifice, I donít own the car, just pay a monthly amount, only pay for petrol.

    Would this be accepted by the OR, or do I even have to declare it as itís not an owned asset of mine.

    Thank you.
Page 1
  • National Debtline
    • #2
    • 12th Feb 18, 12:15 PM
    • #2
    • 12th Feb 18, 12:15 PM
    Hi there northernmanchester


    Whether declared at the point of bankruptcy or not, the salary sacrifice would normally come to light through the OR's routine investigations as they would look into any deductions made at source in case there was anything that warranted challenging e.g. excessive pension contributions. Whether they take issue with the arrangement may boil down to whether they see it as a justifiable expense - factors such as whether the car is essential to your livelihood, whether a less expensive model would do the job, whether you are simply leasing the vehicle as opposed to eventually owning it outright etc etc. There's no hard and fast rule here - each case would be looked at on its individual merits.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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