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| givemestrength |
Posted - 06 January 2009 : 11:43:08
hi, would the OR allow us or a 3rd party to buy the BI in our car and if it could would it have to be paid straight away or over the length of the BR. thanks v much. |
| 10 L A T E S T R E P L I E S (Newest First) |
| givemestrength |
Posted - 06 January 2009 : 17:51:48
thanks very much to you both for your help |
| debtrider |
Posted - 06 January 2009 : 17:19:13
Hi GMS
The OR will usually let you keep a car up to £2000 in value so if it is valued at £3600, then a 3rd party would need to find £1600 for you you to keep it, if it was allowed by OR.
I am self employed and without my car to carry my tools of the trade around, and get to my jobs i would not have been able to earn a living. This is why the OR let me keep my car once the BI was paid by a 3rd party.
I know how you must feel about your car as it was bought for your 40th Birthday and you would like to keep it, but unfortunately the OR is looking for any assests that he can sell.
I must admit this is a tricky one. You say that you need the car to take your husband to and from work at unsociable hours.
The OR would probably ask if there is public transport to and from your husbands place of work at these hours, and I am not too sure how OR would view this as the car is registered to you and not primarily used for work.
I know it is a worry but try not to let this get you down too much as there has to be solution to this.
If it is impossible for your husband to get to work without your car and he cannot drive then explain this to the OR. After all your husband needs to earn a living like anyone else, and if your car is the only way to do it then the OR should view this in your favour.
Hope this helps and all the best.
Debtrider |
| givemestrength |
Posted - 06 January 2009 : 16:24:49
hi,thanks ... we are both going BR, car is in my name, its worth about 3,600, it was a 40th birthday present to me thats why its so special. thanks v much |
| debtrider |
Posted - 06 January 2009 : 15:15:01
Hi GMS
Are you and your husband both going bankrupt?
If not who you is the car registered to?
What is the value of the car?
debtrider |
| givemestrength |
Posted - 06 January 2009 : 15:10:07
thanks, would the reason for being able to keep the car be ok do you's think, do yous have any other ideas ? i know its only metal but couldn't bare to lose it. thanks v much |
| Needafriend |
Posted - 06 January 2009 : 15:02:32
Hi i agree here, when we were allowed a 3rd party to buy the BI in my personal plate, we had to write a letter and that 3rd party had to send a cheque to them from their own account to show that they were buying it.
Hope that helps a little.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| debtrider |
Posted - 06 January 2009 : 15:00:46
Hi GMS
I would advise that you get a family member to raise a cheque from their bank account to pay for the BI in the car, rather than giving you the cash to pay for it from your account. The OR will then see that a 3rd Party as paid for the BI in the car.
Debtrider |
| givemestrength |
Posted - 06 January 2009 : 14:37:16
hi, thanks for that info, the cash would come gifted from family, and i use the car to take hubby to and from work as he doesnt drive and he works quite unsociable hours, thanks v much |
| debtrider |
Posted - 06 January 2009 : 14:14:18
Hi GMS
A 3rd party must buy any BI interest in your car and not by you, remember you are not supposed to have any spare cash. I believe the OR would want this paid ASAP because the value of your car would decrease over a 12-month period. They do try a get as much as possible for your car and it is valued by the OR’s agent not by the OR.
Do you need you car for your employment as I needed?
debtrider
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| Needafriend |
Posted - 06 January 2009 : 11:55:07
Hi GMS
Yes the OR would let a 3rd party buy the BI in your car.
Not sure if it would have to be done straight away, but you would have to make sure that the funds were available to the OR though.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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