Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
jacqstar
Posted - 28 July 2008 : 10:25:18 Hi there, I have a car loan of approx. £9K - this covers the actual price of the car (about £6k at the time of purchase) and the balance for depreciation which has occured through having to change a former car to a smaller one.
How do I declare this on my BR form. In the secured section as the total loan amount and/or the unsecured section? i'm slighty confused as the car value now is probably only £5,500 but I have a loan of £9,000.
Posted - 29 July 2008 : 16:34:56 Much obliged Assist - comments taken on board!
John
Posted - 29 July 2008 : 11:59:23 The amount is secondary as you don't know what the shortfall would be. The 2nd hand car market is on it's knees and as the vehicle is likely to be sold at auction you may be shocked at the eventual shortfall. Whatever you decide to enter as the amount owing ( £0 ; £5000 ; £4000 etc) is not as crucial as entering "shortfall - amount unknown" in the column headed "reason for debt"
Assisting where I can.
jacqstar
Posted - 29 July 2008 : 10:24:34 Thanks Assist, Should I put the full loan amount in both as I don't know what the shortfall will be?
John
Posted - 28 July 2008 : 18:59:00 The details of the car need to be listed in both secured and unsecured sections.
