| T O P I C R E V I E W |
| bigalex06 |
Posted - 24 October 2008 : 18:39:13
iam about to go bankrupt.can i sell my car which is worth more than a thousand pounds.there is still an outstanding balance on the car.i got a personal loan to buy the car and not h/p |
| 7 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 26 October 2008 : 20:37:31
Hi
Some taxi companies actually rent / lease cabs to the driver - this may ba an option moving forward.
There are also occasions where the OR will allow an HP agreement to continue ( lots of ifs and buts )
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| bigalex06 |
Posted - 25 October 2008 : 23:13:00
quote:
Originally posted by Reviva UK
Hi
clearly if you enetered into bankruptcy now then you would loose the car and the OR would allow you £2000 to purchase another car.
As a taxi driver this is a problem because you would be without a car for a period and it is difficult to buy a car without transport to find one!.
PROVIDED THAT YOU KEEP VERY CAREFUL AND FULL RECORDS there is no reason why your current car cannot be sold and the funds used for a £2k - £2.5k car , your court fees and the balance is then made available to the official receiver.
Incidentally because the car is yours there is no reason why you can't have the benefit of sorting your car our, paying for court fees AND paying for a bankruptcy specialist to make life somewhat easire for you.
The balance would clearly need to go to the OR
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com
as a taxi driver a wouldnt be able to buy a taxi for £2500 so this would make me unable to work.
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| Reviva UK |
Posted - 25 October 2008 : 00:29:54
Hi
clearly if you enetered into bankruptcy now then you would loose the car and the OR would allow you £2000 to purchase another car.
As a taxi driver this is a problem because you would be without a car for a period and it is difficult to buy a car without transport to find one!.
PROVIDED THAT YOU KEEP VERY CAREFUL AND FULL RECORDS there is no reason why your current car cannot be sold and the funds used for a £2k - £2.5k car , your court fees and the balance is then made available to the official receiver.
Incidentally because the car is yours there is no reason why you can't have the benefit of sorting your car our, paying for court fees AND paying for a bankruptcy specialist to make life somewhat easire for you.
The balance would clearly need to go to the OR
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| bigalex06 |
Posted - 24 October 2008 : 23:53:51
quote:
Originally posted by bigalex06
iam about to go bankrupt.can i sell my car which is worth more than a thousand pounds.there is still an outstanding balance on the car.i got a personal loan to buy the car and not h/p
cars worth prob £8000
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| Reviva UK |
Posted - 24 October 2008 : 23:49:16
Hi
if the car was purchased using a personal loan - and not HP - then you own he car and are free to sell.
However you must not sell at under market value and your transaction must have records this close to Br for th official receiver.
Generally the Official Receiver will allow you to keep a car at up to £2000 in br PROVIDED that you need the car to get to work / earn a living.
what sort of value does the car have?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| bigalex06 |
Posted - 24 October 2008 : 23:42:20
quote:
Originally posted by bigalex06
iam about to go bankrupt.can i sell my car which is worth more than a thousand pounds.there is still an outstanding balance on the car.i got a personal loan to buy the car and not h/p
going br when i recieve a charge to pay.this costs approx £70 in scotland.or would a be able to keep the car as iam a full time taxi driver and this is my only source of income
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| Jo. |
Posted - 24 October 2008 : 18:51:44
Hi there
When you say sell the car are you selling for less than it is worth.
Also if you dont mind me asking when are you going BR and are you selling to get the fees to do so, as the OR will ask about what you did with the money and also did you sell the car undervalue and could if they wanted to overturn the transaction.
Jo Nye
x
Forum Adviser on behalf of:
www.bankruptcyhelp.org.uk
Tel: 0800 078 9367
You can read my blog for other information here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
