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| kardon39 |
Posted - 18 March 2008 : 14:15:00
Hi everyone.
At the moment I am in an IVA.
Over the last year it has become obvious that I am struggling with the IVA.
I have a car. I phone the garage I bought the car from and they said a ball park figure would be £3000.
I live in a village, travel to work, shops etc.
If I go bancrupt would I lose the car?
Any suggestions.
I have no other assets and live in rented accomodation.
Thanks |
| 5 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 19 March 2008 : 10:16:56
Hi Kardon39
If they would buy the car for 3000 then this is probably the trade value and you may well get more if sold privately.
To be safe the best bet would be to downspec the car to around 2,000 and release funds for the bankruptcy hearing 485 .
The car would be dealt with quite quickly afte the Br so it is really worthwhile organising a plan of action or a Timeline so that everything is fully organined and nothing left to chance.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Helpful Advice |
Posted - 19 March 2008 : 10:15:23
Hi Kardon39,
The decision regarding your vehilcle will normally be made at the meeting with the examiner.
Have a look at the thread regarding bankruptcy where a vehicle was involved as this will give you an idea and was a great outcome for the author of the thread
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| kardon39 |
Posted - 18 March 2008 : 16:10:29
Hi, i'm in Cambridgeshire.
The £3,000 quoted by the garage was for them to buy the car from me. Not a trade in. If it was a trade in I would have got more they said.
So if I get made bankcrupt and visit the OR how soon is the car dealt with. In other words, how soon after the meeting with the OR are decisions made about what happens with the car?
Thanks
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| AlanO |
Posted - 18 March 2008 : 15:53:05
HI Kardon
There are two considerations - is a car essential for work - based on your location probably> secondly is the car of appropraite value - £3K is at the top end and a little more than ideal if you do not have client/customer contact in your work.
It is down to negotiation with the Official reciever and it may be OK - or they could seek for part payment to a level that they are comfortable with - many use £2000 as a guideline this does vary from region to region and your specific case.
Best to check through your specific details with one of the experts. The recommendation may be to sell buy a less expensive car and get it serviced, mot'd etc and also use the funds to cover the court costs.
All the best Alan
www.debtdr.co.uk |
| Helpful Advice |
Posted - 18 March 2008 : 15:51:41
The rule of thumb for vehicles is around £2500 as it is slightly over this it would be down to the OR as to whether they would require you to sell the vehicle and buy a cheaper one giving them the difference.
It is clear you have to have a vehicle for work as you live in a remote area and they would take this into consideration.
You will see on an earlier link Ang was allowed to keep a car upto the value of £3000, however different areas react very differently.
May I ask where you are located?
I hope this helps
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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