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 bankruptcy postbag for may
 would appreciate any help

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alex.b Posted - 20 May 2008 : 21:58:40
hi, last year i was in a car accident and broke my neck, due to this i lost my flat and job. since september i have been at university studying a foundation degree which ends next year. my question is this; i have debts between many companies ranging from my old mobile phone to a personal loan (non secured) which numbers around 7-9 companies. i also have a student loan which i am worried if i go bankrupt will be affected. i owe around 5 thousand pounds and have no way to pay it back in the forseeable future while at university.

will declaring bankruptcy stop the debt colectors hassling me as the only thing i have at the moment of any walue is my car which is vital to commuting to university as it is 50 miles away and too expensive/very hard to get to by public transport. will they attempt to take my vehicle if i do declare bankruptcy? thanks for your time, i have little knowledge in this and would appreciate any help. for your info i now live with my parents on a temp basis and am 28. thanks, alex.
5   L A T E S T    R E P L I E S    (Newest First)
JulianDonnelly Posted - 28 May 2008 : 11:58:30
Hi Alex,

An easier way would be to look at autotrader.com. Look at the same make/model/general condition, and the cheapest one you find will be what your car is worth. As long as it's below the £2500 threshold, you should be fine.

Regards

Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
m and v Posted - 27 May 2008 : 14:57:39
Alex - I would be prepared and get a valuation for your car through Parkers or someone similar.
I did this online (costs nothing for a basic valuation and a £1 or so if you adjust the mileage if its above or below average) and found my cars value was actually less than I thought! Which is good in a way!


Vicki x
alex.b Posted - 27 May 2008 : 14:36:16
hi, thanks for the help, my car is worth 2200 and is vital to continuation of my degree, this is the most important thing for me at this stage and cannot afford to lose my place on the course. thanks in advance. alex butler
Helpful Advice Posted - 20 May 2008 : 23:03:18
Hi Alex,

Yes I will need to know the value of the car, you will be allowed a vehicle valued no more than £2500 if you can identify you need a car.

Your student loan will be safe as student loans are excluded from Bankruptcy.


Kind Regards,

Brett England


Bankruptcy Specialist

England,Jackman & Spacey

WebSite www.ejands.co.uk


View my personal story & blogs at:

http://brettengland.blogs.bankruptcyhelp.org.uk/
m and v Posted - 20 May 2008 : 22:43:12
Hi Alex - welcome to the forum.
Sounds like you have had a tough year.
I have been through bankruptcy recently and know its a hard decision to take.
One of the forum experts will be along soon to answer your questions fully.
I know they will want to know the value of your car so they can advise you of any impact BR may have on it.
You will get lots of support and advice through the forum
Keep posting



Vicki x

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