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| T O P I C R E V I E W |
| paddyuk |
Posted - 11 June 2008 : 09:56:30
Just a few more questions. Ive definetly decided to go bankrupt now and planning on telling my boss/payroll on it, im sure my job will be safe but might aswell tell them to be sure.
things im worried about.
1. obviously the car, ive been on parkers and not sure how much the OR will think the car is. Im going to try appeal so i can keep it as I need it for work and its cheaper then getting local transport (if there is any as i work wierd hours) and im 200miles from my nearest family. This is what i got:
Original Price £10,860
Franchised Dealer £3,340
Independent Dealer £3,220
Private Good £2,920
Private Poor £2,350
Part Exchange £2,505
If i get to have a car, will they take this one away and let me get a cheaper one?
2. I rent my home, so im worried the landlord may kick me out. Now im not planning on doing bankruptcy until i can save enough cash which will prob be about august now. any advice on this, should i contact him first or just let the OR do it?
3. Ive cancelled all my direct debits etc now so that i can save for bankruptcy. this will be ok i hope?
4. Ive logged into the insolvency website and started filling out forms etc. Im just curious what happens to bank accounts and stuff, obviously they will be froozen but will the OR close them during bankruptcy. i dont want them im just curious what heppens.
5. Im currently at a gym in a contract, if i stop paying for this can I add that debt? or will the OR let me keep this?
6. You say they can only take up to 75% of your desposible income, i take it the other 25% is yours to live on?
7. Will the OR keep track of your pay then / bank account you setup after bankruptcy date. Because sometimes I work for a mate and get some cash in hand, is this a no-no ? its just helping him out at a carboot and he gives me a little for helping him. do i declare it
sorry for all the little questions. im definetly going through it, im just going to setup a blog now.
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| 3 L A T E S T R E P L I E S (Newest First) |
| m and v |
Posted - 11 June 2008 : 12:54:19
Hi Paddy
I will answer as many questions I can but am sure other experts will fill in the gaps.....
1. Julian has suggested in the past using autotrader and valuing your car based on the lower valuie cars listed. That may bring its true value down further - although at private poor you are under the £2500 mark and with your good reasons for needing it - may be ok anyway.
2. Its your call rally about telling your landlord. I didn't but am with a housing association. Others renting from smaller/private landlords have kept them informed to keep them on side.
3. I think most people cancel all but essential DD's prior to going BR. Keep paying electric etc though as you'll end up with a nasty pre-payment meter. Insurance too if you can as they may be odd and want full payment in the future rather than monthly DD's.
4. Its up to banks whether they freeze accounts when they know you are BR. The OR will write to them and express no interest. Best speaking to your bank and maybe opening a co-op cashminder at the time you go BR so you have an account to use afterwards.
5. Assume you can add gym debt into your BR - I will let an expert confirm this.
6. The remaining part of your disposable income is just that. You will have accounted for food, bills etc in your calculations so the remainder is for you to spend.
7. The OR reviews your income and expenditure at the six month stage as far as I am aware - so will look at pay-slips and bank statements.
You're supposed to tell the OR of any increase in pay but the odd car boot sale...hmmmmm....I'll let an expert advise you here!
8. Your pets are safe - any extra expense for them comes out of your disposable income. I have three and included their food costs in my food figure, but I wasn't asked if I had pets by my examiner and my food figure wasn't unreasonable.
Hope this helps - a BR assist expert will fill in any gaps.
Vicki x |
| paddyuk |
Posted - 11 June 2008 : 11:57:17
Hi. Yes my car wont get the trade price, it needs about a grands worth of work doing to it now, it managed to pass the MOT in january but theres a few things wrong with it that i just cant afford to do. Its got loads of marks and scratches aswell and inside needs valeting because my dog has monstered it lol :)
thats another question:
8. What will the OR say about allowing pets, sure i asked this before but just to be on the safe side. they wont tell me to get rid or anything will they?
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| Porcorosso |
Posted - 11 June 2008 : 10:13:12
hi Paddy. sounds like you are at about the same stage in the BR process as i am.
Tips on car value. If its taken from you it would likely go to auction. Therefore its the trade in price or 'trade' price you need. Any dings marks or mileage to further devalue it?? Try searching your car on the autotrader internet site. concentrate on trade sales not private. Most typical cars on a dealer forecourt have about £1300 mark up on the stand in value. give or take a bit.
I have cancelled all my DDs but am waiting to reset my utility ones up again on a co op cash minder account. I don't want meters etc. I too need to save for BR and then for a deposit and rent for somewhere to live.
As to some of you other points I would also be interested to know the answers!
The ostrich has taken his head out of the sand. |
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