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Sharonk1
Starting Member
3 Posts |
 Posted - 21 January 2010 : 00:25:02
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| My Husband and I were declared bankrupt last oct. We foster as a couple so have been told that the allowance we receive cannot be touched by OR. Our property appears to be in negative equity so we have been offered to buy back the interest. We have been told that we have to get our own valuation.Whats the general cost of this? The sticking point seems to be the cars we own. We have two cars. One is a small car which has been valued £3,000-3,500, which we use to take the three children in our care to school. The larger car, valued at £600-1,000 we use for everyone in our family to go out together and we also have another foster child on respite once a month.We have pleaded to be able to keep both vehicles as this would make our job impossible. We have been asked to pay £2,500 to be able to do this. Is there any other way of negotiating?My husband has used another guide and thinks the valuations are a bit out, but OR refuses to budge. Can you advise? The bit of advice we have had tells us that we can negotiate, but this does not seem to be the case here. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 21 January 2010 : 09:00:45
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For the property valuation you should contact a local Estate Agent and ask them for a 'quick sale' price. Tell them that you are moving to another part of the country to take up a new job or something and that you want to sell the property quickly. This will mean that they will value the property slightly lower that they normally would. Don't tell them that you are BR and buying the BI as they won't bother to value the property as they know they won't be getting an instruction. There shouldn't be any cost for this.
With the cars it looks like the OR is asking for £1k for the larger car and £1500 for the small car. When you are BR you are only allowed a car with a value of £2k so the £1500 for the smaller car is normal practice. It looks like the OR has also decided that you don't need 2 cars, which is why they have asked for the £1k for the larger car.
If you don't want to pay (or can't afford) the £1500 for the small car you could tell the OR you will sell this, buy a car for £2k and then give the £1500 left over from the sale to the OR.
With the larger car, if the OR doesn't think you need this car then they are perfectly within their rights to claim the car. If you disagree with this then you should let the OR know and they will set up a court date for the judge to decide whether you should keep the car or not. You will need to make a case for keeping the car so, if this is what you decide, make sure you have plenty of evidence of why you need the car to support your argument. |
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Sharonk1
Starting Member
3 Posts |
Posted - 21 January 2010 : 13:53:09
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I have sorted out a valuation, thanks for your help.
As regards cars, what are our chances of being successful? We foster for the local authority they have said they will write a letter of support as the three children we have in placement do need to be in different places at different times for school/nursery/contact/medical appointments etc.
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 21 January 2010 : 14:00:44
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Hi
Good advice from gettingoutofdebt as always. When times get better, gettingoutofdebt do you fancy setting up as an estate agent with me? (Joke!)
Back to the car scenario, is there any finance on the more expensive car? The OR uses Parkers Guide for valuations as opposed to Glasses Guide which is really for the trade.
I believe you can negotiate with the OR - go in with a lower offer and see what they say.
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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Sharonk1
Starting Member
3 Posts |
Posted - 21 January 2010 : 14:07:58
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No finance on either car. Have made a lower offer and was told no! How close to we need to be? We don't need two cars , but because of what we do we need the two vehicles. We were made bankrupt individually, why aren't we being treated individually? Estate agency not for me I'm afraid!!
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 21 January 2010 : 14:39:34
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quote:
Originally posted by Housing
Good advice from gettingoutofdebt as always. When times get better, gettingoutofdebt do you fancy setting up as an estate agent with me? (Joke!)
Not a bad idea. In the same way that the Co-op are cornering the market for BR bank accounts with the Cashminder and probably getting a lot of new customers for life you could probably do something similar with a lot of businesses including a rental/estate agency.
Most rental agencies will turn away people once they are BR but they don't take into account (or realise) that once debts are written off with the BR, people will have more disposable income so paying the rent shouldn't be a problem. With an IPA only taking a max of 70% DI and the rent an allowable expense with the OR you should be pretty safe to assume most BR people will pay their rent on time and not end up in arrears. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 21 January 2010 : 14:42:37
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quote:
Originally posted by Sharonk1
No finance on either car. Have made a lower offer and was told no! How close to we need to be? We don't need two cars , but because of what we do we need the two vehicles. We were made bankrupt individually, why aren't we being treated individually? Estate agency not for me I'm afraid!!
The car valued at £3500 is not going to be negotiable. The OR can take this and give you £2k back to buy another car so there isn't much point them negotiating with this.
The £1k small car is similar but I would think you could get away with offering £750 or maybe £800 as the OR will need to pay agents to sell the car or sell it at auction and pay the auction fees.
If you can't negotiate then the only options are to give up the car or to fight the OR saying that you do need both cars. If you and the OT can't agree then the case will go before a judge who will decide. |
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RHB
Senior Member
1159 Posts |
Posted - 21 January 2010 : 18:02:11
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| Could you get hold of the money? |
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My Husband and I were declared bankrupt last oct.
