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| T O P I C R E V I E W |
| sarah.e |
Posted - 28 January 2009 : 16:42:27
Car valuation help please! Any advice will be gratefully received, i have just put car details in on line on different sites and one gave £2,300, another £3,500, another nearly £4,000. We would really like to keep the car.
Sarah |
| 4 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 30 January 2009 : 21:57:32
I don't see how they can ask you to pay 100% of the gross amount, and I would definitely query that with them. It's not fair to leave you worse off.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| Tifosi1 |
Posted - 30 January 2009 : 21:54:21
Hello
I have been very lucky with my car - i bought it on HP back in March 07 for £ 10,500, and at the time of going BR in October owed about £ 7000 on it.
However - the OR was happy for me to keep it because it is worth less than £ 7000 - and also because i am maintaining the monthly payment to the HP company until it is fully paid off in 3 years time
I do however think the OR looks to grab as much money as they can as i am currently finding out with my recent Christmas bonus - they want me to pay over 100% of the gross amount (even though its only £ 225) which would mean i am worse off due to the NI deductions i have paid
On the other hand the BR is weirdly the best thing that has happened to me for a very long time - i am a different person without the stress and my fiance and i are now starting to plan (or at least think about planning) our wedding
Thx - Tifosi |
| debtrider |
Posted - 29 January 2009 : 12:32:18
Hi Sarah
As Julian said you should be able to keep your car if you need it for you work. I am self employed and needed my car for my work so the OR let me keep it, as long as I got a third party to pay the difference between what value the OR allowed, and the car valuation.
The car valuation and what the OR allows is tricky one and nothing is set in stone. My OR allowed a value of up to £2000 so I had to get a third party to pay anything above that.
The OR usually gets an agent to put a valuation on your car and my car was valued at £2750 so I had to send a cheque from a third party for £750.
I got a few valuations on my car and it was between £1800 and £2300 and I told this to the OR and to the agent. The agent said that people who go bankrupt often put the lowest possible valuation down which is not always the case. I beg to differ I'm am afraid and I believe the agent needs to make some money and my car was overvalued.
I could have argued the toss with the OR who you do not want to upset and the agent but I thought what's the point, and I was lucky that I had a third party who was prepared to pay the difference.
It would be nice to hear of any one else who have had their car overvalued by the OR's agent and did they stand up to them and win.
debtrider |
| JulianDonnelly |
Posted - 29 January 2009 : 11:36:38
Hi Sarah,
The issue here is that in the current economic climate, it is next to impossible to put an accurate value on used cars. The OR will allow you to keep a car worth up to £2500 if you can demonstrate a need for it (such as getting to work).
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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