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debtinfo
forum expert
2826 Posts |
 Posted - 31 July 2012 : 17:45:12
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quote:
Originally posted by ProudMary
Is there anywhere that an OR would look to find auction prices for a ring like mine? Obviously, the value given to insurer is to replace new for old. I can't imagine many people pay a lot, if at all, for second hand engagement rings?
Basically itworks like this, lets just assume for a moment that the ring is worth £5,000, Every OR has an agent(or maybe more than one) who they contract on a freelance basis, they usually have specific skills, for instance they may have their own Auctin rooms, storage spaces, be ex bailiffs, hold fire arm or other licences etc. They will also have their own contacts so if the agent cannot value it they probably know someone who can. They will usually value it at its Auction value which will be less than its retail price so lets say the £5,000 ring is worth £3,500 at auction, the OR then allows a sum for if work such as official valuing and selling needs to take place probably about £500 which makes the ring worth about £3,000 to the OR, now because you are allowed rings etc IF they are not of excessive value they would then need to allow a sum to buy a reasonable replacement, i would suggest that a decent normal engagement ring might cost £1000-1500, therefore the value to the estate ie what they might actualy get out the end could be as low as £1500. Therefore when asked if a relative could buy it back, this is the amount that they would be expected to pay rather than the £5,000 |
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ProudMary
Starting Member
7 Posts |
Posted - 01 August 2012 : 09:27:05
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Debtinfo, that is really helpful. Thank you.
It's very much 'cross that bridge when it comes' at the moment and praying for an understanding OR. |
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year 2029
Average Member
590 Posts |
Posted - 01 August 2012 : 10:10:30
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Lets hope it all goes well for you.
Let us know how you get on, and keep posting!
:-)
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 01 August 2012 : 10:14:28
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Thank you for the information Debtinfo and good luck ProudMary x
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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engagement & wedding rings and bankruptcy - help
