| T O P I C R E V I E W |
| johc |
Posted - 28 May 2008 : 23:34:00
Hi all
I'm about to declare myself bankrupt and have a car worth £2000 which i use to get to work. I'm to use a bankruptcy agent to do the stuff for me and they say if the car is worth more than £1300 then it will be sold. I've read that the figure may be £2,500 before it can be considered an asset. I'm now struggling as what to do, this is my only means of transport to work i still owe money on the car through a fixed sum loan agreement and i assume i can sell the car to raise money for fees.
Can anyone clarify the maximum value of a vehicle before it is considered an asset by the OR please. Thanks. |
| 4 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 02 June 2008 : 09:55:45
Hi Johc,
As long as the finance was a personal loan and not HP, you can do whatever you wish with the vehicle.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| johc |
Posted - 31 May 2008 : 23:13:27
Thanks for the replies, the car was purchased with a fixed sum loan agreement (personal loan according to Experian after checking history). I believe this is not classed as HP. I'm not able to pay any more installments and would like to sell it and raise some money for court fees. |
| JulianDonnelly |
Posted - 29 May 2008 : 09:28:40
Hi Johc and welcome to the forum.
Vicki is indeed correct that the trigger value for the OR is currently £2500. Was the finance on the car HP or a personal loan? If it is HP, then it is classified as secured borrowing and therefore excluded from bankruptcy as a non-saleable asset.
Hope this helps.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 29 May 2008 : 07:57:24
Hi Johc
The figure is £2500, and the OR takes into account your need for it if you use it for work.
I will let one of the other experts advise you on the money owing on the car - one will be along soon.
It may be worth getting an up to date valuation for the car from Parkers or Autotrader online - using th elowest value it may be worth less than you think!
Good luck - hold on for an expert!
Vicki x |
