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mst
Junior Member
254 Posts |
 Posted - 15 June 2008 : 22:40:22
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Hello everyone,
Just a quick question I have regarding how home use only vehicles are considered within BR negotitations. Obviously car taxes, petrol, insurance etc is increasing everyday but would a second hand bought Ford Escord car be taken by the creditors during BR negotiations? I bought it from a friend and I would say it's market value would only be around £1700 (Parker's estimate).
I do not use the car for commuting to work but my Mother lives 2 hours drive away from me and she is unable to visit both me and my Sister at home without being driven.
If they were to take the car would it be possible for my Mother to buy it from me for the market value estimate as I would never get a car in as good condition for the same price (and is this something I should talk to the OR about?).
Many thanks,
Mst |
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melanie_giles
Senior Member
1191 Posts |
Posted - 15 June 2008 : 22:43:26
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You will only be allowed to retain one car, but if you mother made an offer a full market rate for the other one that would seem a sensible way forward for both yourselves and the Trustee.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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mst
Junior Member
254 Posts |
Posted - 15 June 2008 : 23:04:27
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Thanks again for your prompt reply Melanie,
I only have the one car worth £1700 so I assume this would be OK to keep. If the other expenses associated with this car (taxes, petrol etc) would not be covered as a necessary expense I am sure my Mum would happy to foot these as ultimately she seems to need the car more than I do.
Many thanks again,
mst |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 16 June 2008 : 10:54:17
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Hi mst - you will be able to keep the car and put down an allowance on your SOA for it's maintenance/tax/mot and for travel costs.
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 16 June 2008 : 10:59:39
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Hi Mst,
As long as you can justify why you need the car, the limit the OR will look at is £2500 so you should be fine.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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mst
Junior Member
254 Posts |
Posted - 16 June 2008 : 11:13:45
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Many thanks for your reply Julian,
I currently have 2 cars under my name. One which I purchased from a friend which is valued at around £1700. I use this car for all the usual lazy reasons (eg: shopping) but the main reason I use it is to commute up to my Mother's house in Cambridgeshire. This is about 2 hours away for me and as my Mother doesn't drive and is semi-invalid it is the only way she can come and visit my sister and I in our flat.
The other vehicle I have in my name is a van but I never purchased this (my Mother did for my sister). I put the van in my name so that I could insure it during a period when my Sister lost her license. No money ever exchanged hands and my Sister simply signed the van over to me. Obviously I will need to sign this back to her now that I am arranging BR. Do you think if I explain all this to the OR they will not sieze the van? There is no proof that I ever paid money for the vehicle nor will there be any exchange of money when I sign it back to my sister. It was only done this way so that the Van could be insured and still driven during my Sister's ban.
Your advice on this is greatly appreciated.
mst |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 16 June 2008 : 11:17:01
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Hi Mst,
The car should be fine. As far as the van is concerned, you will need to ensure the OR realises that you are the registered keeper and NOT the legal owner. Given the circumstances surrounding the van, I don't believe you'll have an issue transferring it back to your sister (although I would get a letter from her to explain the circumstances that you can give the OR).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Allowances for cars during BR
