I have a small peugeot 206 deisel which is required to travel on business usage (approx 75 miles per day) and came off the forecourt for £5900) will i have to sell this for a cheaper car which might not be reliable?
if you are planning on BR then it would make more sense to sell the car yourself replace it with one that the OR will not question and use the money raised to pay for court fees, possibly use someone to assist you through the minefield of BR and maybe some some household things that you might need like washing machine, fridge, etc
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!
You can sell the car for its true value. Any less then the Official Receiver will automatically reverse the process and probably look at giving you a Bankruptcy Restriction.
It would be seen as trying to put assets out of reach of your creditors
Have a look on 'Parkers' on line valuations (use the dealer figure not private sale for valuation purposes). If you rquire a reliable and presentable vehicle to enable you to fulfill you job role, you will find that the OR can be very accommodating. Someone I know well managed to maintain their vehicle which was worth £8k as they could hardly turn up for their job role meeting clients in a banger!!
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
You are probably making the right decision - thats what bankruptcy is for 'a fresh start' good luck and if we can be of any help, you know where we are. Melanie
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
I have a small peugeot 206 deisel
Posted - 18 March 2010 : 18:39:55
