| T O P I C R E V I E W |
| gems31 |
Posted - 09 July 2012 : 00:29:53
Hi am new
I just wanted to ask a question.Regarding cars in bankrupty.I part own a car i px my old vechile for £1,000 and paid £900.and my friend paid £3,100 cash for the car.Since this i have gone bankrupty and my friend has provdied proof to the OR.But i just wanted to know if the car will be taken as i dont wont my friend to loose any money also we both need the car for work.
Any Advice would be great.
Thanks
Gems31 |
| 15 L A T E S T R E P L I E S (Newest First) |
| year 2029 |
Posted - 10 July 2012 : 19:53:48
My own personal experience (October 2011) for a works vehicle was just over 4 weeks, but I was quite pro active with my trustee in getting property/tools/vehicles sorted out.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| debtinfo |
Posted - 10 July 2012 : 18:41:10
Normally i would expect a letter about 8-10 weeks after the bankruptcy, so i would give it 2 more weeks and if nothing received give them a phonecall |
| gems31 |
Posted - 09 July 2012 : 22:02:20
Hi Debtinfo
Thats what i throught, it was the 10th April this year.Is there any timescale or just when they have looked into everything.
Thanks
Gems31
gems31 |
| debtinfo |
Posted - 09 July 2012 : 20:50:53
I think its better to let sleeping dogs lie for the moment, how long has it been since you went bankrupt, the reason i ask is that due to technical reasons even if the OR has taken the decision to exempt it, it can be some time before you get an official decision informing you of that decision |
| gems31 |
Posted - 09 July 2012 : 20:46:50
Thank you
for all your advice.My friend wants to call OR to speak to them to get this sorted out asap.But i dont the OR would be to happy about that.Any throughts on if this would be ok or is it best to wait and let OR contact me.
Thanks again.
Gems31
gems31 |
| debtinfo |
Posted - 09 July 2012 : 20:31:09
Hi Gems31, you definitly have a very good claim to have a vehicle exempted then given what you use it for, in fact probably one of the strongest i have seen.
Although he gave you the money to buy it, which can sometimes be seen simply as him loaning you the money the facts that he also uses the vehicle on a regular basis and is the owner on the insurance document lends weight to the opinion that it should be considered as co-owned. Given that you would argue that he owns at least half of the current value which puts your share at about £1500, i believe that you should be able to argue that with the intense use it is put through that you should be able to keep it without paying anything |
| gems31 |
Posted - 09 July 2012 : 20:01:44
Hi
I use the car to get to work and also within my work.Am a Housing Officer for my Local council and i carry out viewings of property,vist customer in the homes,work at different site offices,attend meetings etc so most of my working time is spent driving. I cover a lot of miles i also use the car to take my six children to 3 different nursery,schools etc.As for my friend they work evenings,weekends also do call outs .My Friend gave me the money and no he is not on the reciept just my name.However for the insurance which is in my name friend is the owner and registered keeper,OR has seen all details also has letter and bank Satements showing money taken out to pay for the car as i didnt have the money(Paid on my credit card).The OR is happy will all details provided.As i pay for insurance for both of us and my own fuel.Friend does MOT,TAX REPAIR ETC however they have not advised what will happen and i just wanted to know.What would happen so i can advise my friend and also my work as i cant work without a car.
Any HELP would be great
Thanks
Gems31
gems31 |
| year 2029 |
Posted - 09 July 2012 : 18:30:00
Debtinfo,
Maybe you have misinterpreted when I have said 'this is what happened in my bankruptcy" is exactly how its meant.
It has been meant in the narrowest of circumstances, i.e. mine.
That has then indicated it is from what has happened to me personally.
That also leaves it for anyone else to add to, which I have no problem with (as we've added to each others posts with no problems).
In the past I have posted links to the insolvency service and the justice service, where as you rightly say the facts are.
That hasn't always been appreciated :-(
I do not want to leave the forum, as I have been able to answer questions that other forum regulars have not been able to, and believe new people asking question are those that are important, and need help/answers.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| debtinfo |
Posted - 09 July 2012 : 18:19:16
Hi Gems 31,
a couple of questions for you,
Do you use the car in work, or just to get to work, and for either how much ,a few miles etc, if in work what is it used for.
Did your friend give you the money to buy the car, or the other way round, did you both go down and buy it together, was the sale document in his name or yours or both.
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| debtinfo |
Posted - 09 July 2012 : 18:14:24
The problem Year 2029 in always saying "well this is what happened in my bankruptcy" is that it is a very narrow view based on a single set of circumstances, if you are going to continue to post answers for people may i graciously recommend that maybe you should do a little reading both on previous answers here, the OR's technical manual (i have included a link to the updated guidance JAN 2012 onwards below) and possibley the Insolvency Act which gives the legal basis rather than the common practice (also linked below).
Let me make myself clear, i am not trying to push you off the forum, in fact it is great to have more posters to help out, but those answers need to come on a considered factual basis of the legality and common practice in a range of circumstances and also with the most up to date info, which does change at times.
Anyway here are those links - the original poster may also find the first one usefull
http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter30/Part%206/Part%206.htm
http://www.legislation.gov.uk/ukpga/1986/45/contents
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| gems31 |
Posted - 09 July 2012 : 18:11:06
Hi
Thanks for all your replies
My old car which was px for market value (£1,000).The vechile which i am asking about is now worth £2,900 to £3,100 current market value.
I use the car for my job which i cant do without a car.My friend use the car to go to work and also carrys his tools for his job.
I know someone said that the OR might want money for my share.Is this what money i put in £1,000 for my old car and the £900 or is it what it is currently worth.
Thanks for any advice that you can give.
Gems31
gems31 |
| year 2029 |
Posted - 09 July 2012 : 10:26:11
Viki,
Not meaning to sound 'picky', but how can you have answered the OP's question fully, if you have asked a question at the end of your post?
Incidentally, the same question I asked at the end of the/my first reply for the OP.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Viki.W |
Posted - 09 July 2012 : 09:54:00
Hi gems31,
Just in case you've missed my post, I've answered your question on the post following debtinfo's.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| year 2029 |
Posted - 09 July 2012 : 09:29:53
I know things evolve with values used by the OR,
However, we still need answers to original questions to be able to offer further advice.
The value of vehicles is only a small part of the situation the OP has.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Skippy |
Posted - 09 July 2012 : 09:16:18
Things can change in a matter of weeks let alone months so I'm not surprised that Viki is seeing more OR's using the £1000 guideline.
When I went BR 5 years ago I was allowed to keep a car that was worth over £3k but there is no way I can see that happening now.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
