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T O P I C R E V I E W
carl
Posted - 22 January 2011 : 10:47:21 Hello Forum
My MOT is due on my car in February 2011 and to be honest I'm expecting some repair bills. It scrapped through last year and has gpt gradually worse this year. My car is only worth £1,000.00 max and I was allowed to keep it by the OR because I need it on a daily basis to travel to work and run my family around.
My mum has offered to lend me £500 to cover any bills or to put to the pruchase of a new car which she doesn't want back anytime soon (hopefully)
My Question is what is the proceedure I should go through when changing my car during BR and imforming the OR of the change?
The car will be purchased for £1,500.00 maximum and will be a normal run of the mill 5 door hatchback like what I have now. Nothing flash or sporty.
Would it matter any that my monthly insurance payment may go up or down depending on the Car I got? am I right in thinking that it would be treated as a variation in my household expenditure when the OR reviews my circumstances at the six month point.
I just dont want to go out a buy a car and when I inform the OR they tell me I cant keep it.
Thank you
Carl
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 24 January 2011 : 23:25:35 You don't need to advise the OR about the vehicle UNLESS 1. the running costs are substantially different which effects your income & expenditure and therefore disposable income for an IPA 2. the value of the vehicle is substantially different when you would probably need to demonstrate how you came about the funds to purchase it.
If however you sold your car for £1000 and borrowed £499 from your mum that would be just fine
good luck
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Real People ..... Real Debt Solutions
carl
Posted - 24 January 2011 : 17:47:32 Hi Paul - thank you for that.
I have received official notification confirming that my current vehicle is exempt from my BR because of its value and it is needed for work.
Do I need to inform the OR if I change the vehicle and how should I go about it? what information will they need? would the OR be able to claim my new vehicle if it is valued £1500.00
Thnak you
Carl
Reviva UK
Posted - 22 January 2011 : 17:48:10 Hi if the official receiver has formally exempted your car ( in writing ) then you are able to change & update it.
Probably easier to borrow £499 from your mum rather than £500 because you legally will need to inform her that you are currently bankrupt.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
