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DMD
Starting Member
United Kingdom
1 Posts |
 Posted - 23 March 2010 : 11:33:33
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I have been on here a couple of years ago, but we were not ready to take the plunge. Since then i have been silently reading posts and think this forum is an absolute lifesaver for lots of people in the same situation. Anyway, quick overview of my situation.
Lost home 2 years ago
Moved into private rented accomodation
Just moved into council accomodation (no arrears on any rented properties all up to date with rent)
Bankruptcy forms to fill in being recieved from local court
We are now ready to go bankrupt and it is the last step towards a more secure and happier future. Myself and hubby both going bankrupt. The only question i have for now is i have just recently found out i am pregnant with my fourth child (eek, a shock, but a nice one all the same). We currently have a car worth about 1700. Obviously, once the new baby arrives this care will not be suitable as it only seats 5 and there will be 6 of us. We are going to be receiving a personal injury settlement of about 2000 in the next few weeks (1200 of this being used to pay bankruptcy fees) and i wondered if when we have paid bancruptcy fees, would it be frowned upon if we used the rest towards buying a 7 seater (we will sell the car we currently have and put rest of claim money towards a 7 seater, so will still only have the 1 car). My husband is a part time fireman and is on call when he not at his "day job" so has to respond to the fire station if he is calle and i work part time and need to get to work. I am just worried as the cheapest 7=seater we can find is about 2,400 and this is above the limit allowed. Sorry to waffle, but just wondered how we go onxxx |
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David F
New Member
United Kingdom
58 Posts |
Posted - 23 March 2010 : 12:13:19
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Hi DMD,
Congrats on the pregnancy!
I think you will be fine with selling the car as your reasoning is sound due to a change of circumstances. I think the key points to consider are:
Make sure you sell your car at book price. Get a valuation done by Parkers and make sure you sell it at that price or as near as you can.
Keep all of your receipts to show what you did with the money and what you paid/sold etc.
Your OR might have an issue with the value of £2,400 for the 7 seater but you could argue that you need it for the size of your family and for your hubby's work. Maybe try backing up your claims with copies of other 7 seater cars in your area to justify the £2,400 value.
Failing that you might be able to get a friend or relative to buy out the BI on the car (the difference between the £2k allowed by the OR and the £2,400 value) This obviously depends on whether your OR agrees to you having the car.
I would recommend getting some advice from CAB and National Debtline just to be sure. I would also suggest giving Paul Johns a call at Reviva UK as he helped me a lot with my car and house issues prior to my BR.
Good luck and all the best,
David |
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shelleyandrew76
New Member
84 Posts |
Posted - 23 March 2010 : 19:12:24
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I thought cars were only to be allowed for work purposes. If this is the case then surely getting to and from work, you will not need to take everyone with you, so will not really need a 7 seater. I could be wrong, but maybe something to think about.
I have 4 children and we have an 8 seater car. We had to buy the BI back to keep the car.
Good luck to you though.
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Hi everyone
