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Shell58
Starting Member
12 Posts |
 Posted - 24 August 2011 : 23:07:55
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| Sadly I am going to have to file for bankruptcy and am worried about my car. I used to have a lease car but my employers withdrew them all. In Feb I took out a low interest loan at work and to get the loan you have to have a certain level of both age and specification and the value is over the accepted allowance (£7000). My concern is if I cant keep this car, how will I get one for my job (I manage a workforce ) plus once a month I go to see my ageing parents (85 and 75yrs)from Nottm to Devon and am their emergency support if they need me.I understand I need to pay back my creditors and will most probably lose our home but I am not sure how I will be able to do my job without a car. Can you please advise me. Thanks |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 August 2011 : 23:20:01
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Hi and welcome.
Sorry to hear about the BR. I'm afraid that you will expected to sell your car and buy one for a lesser value - usually around £2k.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 August 2011 : 09:39:24
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It may be worth fully explaining your situation and need for the vehicle - ify our employers did not feel the need for you to have the car for your job, I don't think they would have given the facility for the loan, and you may be lucky enough to retain the vehicle (It has been known!) just get together in your head a valid argument, if you are not succesulf in your arguement with the examiner you are speaking to, it is always possible to ask to speak to the Assistant Official Receiver, and again 'put your case' for the retention of teh vehicle
Good luck, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Shell58
Starting Member
12 Posts |
Posted - 25 August 2011 : 18:25:24
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quote:
Originally posted by Melanie.n
It may be worth fully explaining your situation and need for the vehicle - ify our employers did not feel the need for you to have the car for your job, I don't think they would have given the facility for the loan, and you may be lucky enough to retain the vehicle (It has been known!) just get together in your head a valid argument, if you are not succesulf in your arguement with the examiner you are speaking to, it is always possible to ask to speak to the Assistant Official Receiver, and again 'put your case' for the retention of teh vehicle
Good luck, Melanie
Thanks for your replies they are much appreciated x
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Edited by - Shell58 on 25 August 2011 18:26:31 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 August 2011 : 15:30:39
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shell
please dont say sadly as for some it is the right decision and once the decision has been made it does lift a lot of pressure !
they have knocked down the poor houses, public flogging is no longer allowed, you do not have to walk around the streets with a plackard saying "i am a bankrupt"
take the advice you need and then go for it.
bankruptcy is temporary, you did not (i hope) deliberatly get your self into the situation, you have just found a way not to make a million... Next time rodders !
time to start rebuilding your financial life.
Good Luck Richard,
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 August 2011 : 18:47:00
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I think we all think 'sadly' though when it comes to BR, I know I still do. While it's the right decision for some people it doesn't make it any easier.
Like Melanie says it's definitely worth making a case to the OR for keeping your car. I wrote down the reasons I needed mine so that I was prepared and didn't have to think on my feet.
Good luck
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Shell58
Starting Member
12 Posts |
Posted - 29 August 2011 : 20:50:24
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Thank you all for your kind words of advice. Someone once said 'what doesn't kill you makes you stronger'and I am sure they are right.
I know deep down my kids and I will be ok (they are the most important things in my life). I saw a post on here that ended with 'all I have left is my sense of humour' and as long as I can keep that I am certain everything else will be fine.
This site is excellent for people who find themselves in this position, it is helping restore my sanity, so thanks once again to you all!!!! |
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Sadly I am going to have to file for bankruptcy
