| T O P I C R E V I E W |
| ang |
Posted - 15 March 2008 : 20:17:19
i use my car for work i am an estate agent and visit properties in our area every day. I have a golf 2003 and wonder if i will have to get rid of it?
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| 15 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 19 March 2008 : 23:32:44
well done!
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| ang |
Posted - 19 March 2008 : 20:22:48
omg! thats great, he didnt explain to me, what it ment, so i was unsure of what i had to do.
Yes it was hard, but now i know the value of money.
Thanx again for all your help and advice..
Angela |
| Helpful Advice |
Posted - 19 March 2008 : 14:03:14
Hi Ang,
As paul says well done the hard part is over and a fresh start ahead!
Kind Regards,
Brett
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| Reviva UK |
Posted - 19 March 2008 : 10:13:08
Well done ang !
Hopefully a clean start to a new life
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Helpful Advice |
Posted - 19 March 2008 : 10:06:02
Hi ang,
What he means is the vehicle is being claimed by you as exempt property i.e you require this therefore it will not form part of your bankruptcy.
When you declare yourself Bankrupt all of your property technically becomes the OR's property until they decide what to do with it. If he has let you claim the vehicle as exempt property without the need to hand over any funds then the vehicle is legally yours again with no further come back.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| AlanO |
Posted - 18 March 2008 : 18:53:59
Hi Ang,
Well done - it is always down to the individual circumstance and negotiation hopefully the postings helped.
I assume he said something on the line of that the OR had no interest in the car and would not be claiming it - word of caution hold off your celebration until you have written confirmation which usually follows within a few days
All the best Alan
www.debtdr.co.uk |
| ang |
Posted - 18 March 2008 : 16:53:59
Well i got the news i was hoping for... I am allowed to keep my car, not sure how or why!!
I did ask what i need to do now,, he said nothing is to needed from me. He said that i was claiming the car now, so i wouldnt need to do anything!!
Can you tell me what he means!!????
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| Helpful Advice |
Posted - 18 March 2008 : 12:40:38
Hi Ang,
On these figures it sound like you will not be getting an Income Payment Agreement or Order either so it's just the car to sort out.
You asked if you could pay for the car by deffered payments I would be carefull asking this as you have shown a negative income on you i&e so if you then offer to pay by defferment they will think you have lied about your income & expenditure, it would be much better for you to propose lump sum or payment via a third party due to this.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| Carl McMullen |
Posted - 17 March 2008 : 23:00:05
HI Ang,
You may want to check the value of your car using the links below
http://www.parkers.co.uk/cars/used-prices/
and
http://www.whatcar.com/newautotrader/valuations_search.asp
it will give you a good idea of what the value of your car will be.
Keep us posted on how you are getting on
Carl |
| ang |
Posted - 17 March 2008 : 22:48:20
hello,
no there was no money left, i payed out £1,500 and my income was £1,300 approx...
ang |
| Helpful Advice |
Posted - 17 March 2008 : 21:51:22
Hi Ang,
Surplus moneis or disposable income is what is left once you have taken account of your living costs and monthly expenditure, you are allowed up to £90 per month after this they will calculate a monthly amount that you will have to pay to the OR known as an income payment Agreement (IPA) so when you presented your income against your expenditure to the court was there a figure left over?
If you are presented with an IPA you will have to pay this for three years.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| ang |
Posted - 17 March 2008 : 21:02:49
Thank you,
What does supermonies and disposable income mean??
ang |
| Reviva UK |
Posted - 17 March 2008 : 20:56:38
Hi ang
well done for getting through the day.
As Alan says you need to focus on minimising values now as you are a buyer.
You might be able to agree to pay for it over time as you are allowed a disposable income of 90 pm before an income payment order is made. Therefore it might be possible to save 1,000 from the disable income plus if you may get family help for the remainder.
Please remember that you can push back and ask fot the OR's help rather than just be told what is going to happen.
Good luck - let us know how you get on
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| AlanO |
Posted - 17 March 2008 : 20:15:15
Hi Ang,
Well done - All down to negotiation now - await correspondence and in the meantime do your research on car value - influencing factors could be when Mot due, mileage etc. Remember you are doing the reverse to a normal sale so talk ( realistically) down rather than up. You may wish to get a purchase valuation from local garages, if you can get it in writing and it helps your cause so much the better.
No reason to believe that phased payments could not be agreed - However bear in mind that if you had surplus monies an element would be used in any Income Payment Agreement. May be better to seek third paty ( family/friend assistance)
At this stage simply use the car wait for corresponce
All the best Alan
www.debtdr.co.uk |
| ang |
Posted - 17 March 2008 : 19:08:11
hello,
firstly i have to thank you all for your help.
My interview was ok, i did feel a bit intimidated, but i got through it.
I am allowed to keep my car for the time beying, the interviewer will get back to me at the end of the week. He did say i can keep my car, only if i pay the excess to the OR. But i dont think this will be possible for me as i do not have the mnoney. He said if my car is worth £4,700 i would have to pay £1,700 to the OR, they will allow a car to be up to the value of £3000.
Is it possible for me to pay this by deffered payment or will i have to pay it all up front??
But otherwise it was ok.
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