| T O P I C R E V I E W |
| eckydelph |
Posted - 04 March 2009 : 19:12:07
Confused about Car Values - How much are you allowed? Which figure do I use from Parkers to estimate the value, is the part exchange, dealers or private figure. I'd just like to say thank you for this great forum I have spent so much time on hear lately and learned so much - I would never have been able to take the bull by the horns before as I was so worried what would happen but you all make is so clear by shareing experiences. My BR date is set for 7th May so it's a lot of form filling and finding paperwork till then! Not only that I need to find another job as I work for a Accountants and as far as I know they don't allow BR's |
| 5 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 07 March 2009 : 14:48:20
I think that depends on whether the OR agrees you need the car, the level of the repayments and also on whether the finance company is happy for you to keep the car.
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/
21 IPA payments made, 15 to go - on the home straight! |
| Neilio |
Posted - 07 March 2009 : 12:12:05
I have a car on HP and spoke to GE money bankruptcy dep't and because I still owe them £6273 for the car and the market value is £3600 then they say the OR wont make me give it back as they cannot make any money back on it. GE say they wouldnt take it off me as long as I keep up the repayments.
Looks like if you can have negative equity in your vehicle just like your property as long as your monthly payments are not too much. |
| debtrider |
Posted - 05 March 2009 : 08:32:28
Hi
Car values in bankruptcy are a sore point as far as I am concerned.
The OR allowed me £2000, as I needed my car for work. The parkers guide valued my car at £2300, which was the lowest value. The OR used an agent to value my car and they came back with £2750, so I had to find £750 from a 3rd party for my car to be exempt. When I spoke to the agent to say that I did not think that my car was worth that much he was a little stroppy, and said that bankrupts always think they can get the lowest book price which is not correct.
I did not want the hassle of arguing with him and did not want to upset the OR so I paid the difference to keep the car. I believe the agents need to make some money out of the deal so they inflate the car values. My car would have probably been sold for under £2000 in auction so basically I was done.
So what I am saying is be aware of these agents who put over inflated figures on car values just to make their money. If you feel your car is over valued then I would stand up to them especially if you can’t get anyone to pay the difference.
debtrider
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| Neilio |
Posted - 04 March 2009 : 20:30:50
I have also just got a valuation from parkers (£2900) and wonder how this affects BR as mine is still on HP. I need the car for shift work 24 miles away. |
| John |
Posted - 04 March 2009 : 19:32:18
Hi
car valuation in the current climate is difficult.
In my experience the Parker's guide is not that accurate at the best of times but the lowest of the values should be used if any. You may be better off asking a trader how much they may give in part exchange rather than relying on the guide part / ex figure as the trader will quote in view of today's market.
If the car is worth less than £2.5K and you can demonstrate a need for it then it should be made exempt.
John White
England Jackman & Spacey |
