Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • hbp2008
    • By hbp2008 13th May 18, 2:03 PM
    • 12Posts
    • 2Thanks
    hbp2008
    BR help please - very scared and anxious!!
    • #1
    • 13th May 18, 2:03 PM
    BR help please - very scared and anxious!! 13th May 18 at 2:03 PM
    Hi all.

    I'm 27 and due to go BR this week due to my partner losing a 25k+ job due to long term sickness, meaning we can't keep up with debt payments like we were able to before. I'm absolutely terrified, if I'm honest! I'm putting on a brave face for everyone but I just really don't know how I'm going to cope.

    My main worry is my car - I have a 14 plate car and will probs be worth around 3.5/4k. It has cruise control on it and due to my disability it's something that I use (though its not a mobility scheme car) - my question is will they still take this/make me sell it for one of lesser value? Also, is it common that they will let a family member buy the car for what they would have raised for it at auction?

    Another questions is my household assets. I know it says essentials won't be taken, but what about things such as TV's, PC, mobile phones, books, wall hangings etc? I'm so so so embarrassed and upset that it has come to this, when I honestly didn't think it would

    Thanks all xx
Page 1
    • cuddlymarm
    • By cuddlymarm 13th May 18, 2:22 PM
    • 1,090 Posts
    • 4,936 Thanks
    cuddlymarm
    • #2
    • 13th May 18, 2:22 PM
    • #2
    • 13th May 18, 2:22 PM
    Hi
    Try not to worry
    They won’t t take assets, household stuff etc (unless you have a Picasso on your wall )
    We went BR (OH in 2009 and me in 2010) and the rules have changed slightly since then and more up to date people will be along soon but although scary it will be OK. Once you get your head round it it is a fresh start which will remove a lot of the worries you have now.
    Keep posting on here if you are worried or just want to talk to people who have been there and know exactly what you are going through.
    Cuddles
    • sourcrates
    • By sourcrates 13th May 18, 2:35 PM
    • 14,064 Posts
    • 13,322 Thanks
    sourcrates
    • #3
    • 13th May 18, 2:35 PM
    • #3
    • 13th May 18, 2:35 PM
    Hi all.

    I'm 27 and due to go BR this week due to my partner losing a 25k+ job due to long term sickness, meaning we can't keep up with debt payments like we were able to before. I'm absolutely terrified, if I'm honest! I'm putting on a brave face for everyone but I just really don't know how I'm going to cope.

    My main worry is my car - I have a 14 plate car and will probs be worth around 3.5/4k. It has cruise control on it and due to my disability it's something that I use (though its not a mobility scheme car) - my question is will they still take this/make me sell it for one of lesser value? Also, is it common that they will let a family member buy the car for what they would have raised for it at auction?

    Another questions is my household assets. I know it says essentials won't be taken, but what about things such as TV's, PC, mobile phones, books, wall hangings etc? I'm so so so embarrassed and upset that it has come to this, when I honestly didn't think it would

    Thanks all xx
    Originally posted by hbp2008
    Hi,

    The OR will not seize goods from you, unless you have things of significant value, such as antiques, valuable pictures, things of that nature.

    Second hand goods have very little value at auction.

    If you can demonstrate a need to use a vehicle with that modification, then you may be allowed to keep it, usually the only thing that may affect you will be an IPA if you have £20 or more surplus income every month.

    Can i ask why you are going bankrupt if its your partner that's lost there job ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • hbp2008
    • By hbp2008 13th May 18, 2:36 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    • #4
    • 13th May 18, 2:36 PM
    • #4
    • 13th May 18, 2:36 PM
    Thanks so much for the advice. It's so scary isn't it! I'm just trying to look at it like a fresh start for us both, but I can't help but be terrified that our lives are going to chance for the worse x
    • hbp2008
    • By hbp2008 13th May 18, 2:38 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    • #5
    • 13th May 18, 2:38 PM
    • #5
    • 13th May 18, 2:38 PM
    Hi,

    The OR will not seize goods from you, unless you have things of significant value, such as antiques, valuable pictures, things of that nature.

    Second hand goods have very little value at auction.

    If you can demonstrate a need to use a vehicle with that modification, then you may be allowed to keep it, usually the only thing that may affect you will be an IPA if you have £20 or more surplus income every month.

    Can i ask why you are going bankrupt if its your partner that's lost there job ?
    Originally posted by sourcrates
    Yeah I don't have any really expensive paintings or anything like that. I have TV's, a PC, mobile phones etc and the usual household things like dining table, sofas, wall decorations etc.

    Thanks so much for the reply x
    • sourcrates
    • By sourcrates 13th May 18, 2:42 PM
    • 14,064 Posts
    • 13,322 Thanks
    sourcrates
    • #6
    • 13th May 18, 2:42 PM
    • #6
    • 13th May 18, 2:42 PM
    Yeah I don't have any really expensive paintings or anything like that. I have TV's, a PC, mobile phones etc and the usual household things like dining table, sofas, wall decorations etc.

    Thanks so much for the reply x
    Originally posted by hbp2008
    They only do a telephone interview you know, they do not physically come round your house and inventory everything.

    All they will ask is do you have any assets of particular value, you just say no, likewise, make sure when they ask about the car to emphercise your disability and that the car is essential to you.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • hbp2008
    • By hbp2008 13th May 18, 2:44 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    • #7
    • 13th May 18, 2:44 PM
    • #7
    • 13th May 18, 2:44 PM
    They only do a telephone interview you know, they do not physically come round your house and inventory everything.

    All they will ask is do you have any assets of particular value, you just say no, likewise, make sure when they ask about the car to emphercise your disability and that the car is essential to you.
    Originally posted by sourcrates


    Ahh I see, I was expecting the possibility of somebody coming to my house and looking at every little thing I had in there! I was worrying so much!!

    Perfect, thank you. Hopefully even though the car is worth some money I will be able to keep it, even if a family member has to pay (they have kindly offered) as it really does help with my condition. Thanks so much
    • bewildered1
    • By bewildered1 13th May 18, 3:04 PM
    • 60 Posts
    • 36 Thanks
    bewildered1
    • #8
    • 13th May 18, 3:04 PM
    • #8
    • 13th May 18, 3:04 PM
    I'm sure someone will correct me if I'm wrong but I believe it is unlikely they will let you keep the car unless your friend buys it at market value. Market value is what it would cost to buy it from a private seller not at an auction or via retailer.

    The only other option is to sell the car and buy another valued at around £1000 which is the theoretical maximum amount the Official Receiver will allow you, though there have been instances when people have been allowed to keep higher value vehicles. There are cars of this value that have cruise control. My car is worth a lot less but it has it. If you can prove to the OR that you need the car, for example to commute to work at take your children to school, you should be able to keep it.
    • hbp2008
    • By hbp2008 13th May 18, 3:17 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    • #9
    • 13th May 18, 3:17 PM
    • #9
    • 13th May 18, 3:17 PM
    I'm sure someone will correct me if I'm wrong but I believe it is unlikely they will let you keep the car unless your friend buys it at market value. Market value is what it would cost to buy it from a private seller not at an auction or via retailer.

    The only other option is to sell the car and buy another valued at around £1000 which is the theoretical maximum amount the Official Receiver will allow you, though there have been instances when people have been allowed to keep higher value vehicles. There are cars of this value that have cruise control. My car is worth a lot less but it has it. If you can prove to the OR that you need the car, for example to commute to work at take your children to school, you should be able to keep it.
    Originally posted by bewildered1

    Sorry, I meant private value, not auction! When I get a quote for what the car is worth now, it's around 3.5/4k - I've had a look for a car with cruise control on it for less, but came up with nothing. Do you mind me asking what car you have?

    Thanks
    • bewildered1
    • By bewildered1 13th May 18, 3:30 PM
    • 60 Posts
    • 36 Thanks
    bewildered1
    Sorry, I meant private value, not auction! When I get a quote for what the car is worth now, it's around 3.5/4k - I've had a look for a car with cruise control on it for less, but came up with nothing. Do you mind me asking what car you have?

    Thanks
    Originally posted by hbp2008
    It's a Ford Focus. You will need to look for a MK2 model 2004 onward in Ghia trim to have the cruise control. A quick search on Autotrader shows they are being sold for £700 upwards though you may be able to get one less from ebay or pistonheads.

    I'm not saying the OR will definitely refuse to let you keep your car but at least there are options if you aren't able to.
    • debt doctor
    • By debt doctor 13th May 18, 7:14 PM
    • 4,258 Posts
    • 5,937 Thanks
    debt doctor
    Hi,

    Bewildered1 is right, your car is very much at risk, but if you can prove a need for a car then you will be allowed a car for £1000ish.

    Very helpful motor trade advice from Bewildered1.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • MEM62
    • By MEM62 15th May 18, 10:34 AM
    • 1,575 Posts
    • 1,196 Thanks
    MEM62
    As sourcrates asked, why are you going bankrupt because your partner has lost their job? On the face of it this makes no sense. There may be those that can help if you explain this further.
    • hbp2008
    • By hbp2008 15th May 18, 12:52 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    I relied heavily on their income to pay debts, it's debt that we have both accumulated, however it's all in my name.
    • hbp2008
    • By hbp2008 15th May 18, 1:03 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    I relied heavily on their income to pay debts, it's debt that we have both accumulated, however it's all in my name.

    Is this an issue when applying?
    • hbp2008
    • By hbp2008 15th May 18, 1:13 PM
    • 12 Posts
    • 2 Thanks
    hbp2008
    I have spoken to Step Change and they have advised BR is the best option for me at the moment x
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

29Posts Today

3,619Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin