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Lee.12
Starting Member
1 Posts |
 Posted - 29 July 2012 : 14:50:22
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| can i keep my vehicle after going bankrupt its valued at 6000 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 29 July 2012 : 15:40:26
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Hi Lee,
Do you own your car outright, or is it HP? What's it's main use?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 29 July 2012 : 17:44:26
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Unless you need it for work or it would impact on your life then no.
They went after my car at £1000 and we had to buy it back. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 July 2012 : 18:43:16
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It does depend on what the OR for that region says - there are no hard and fast rules.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 29 July 2012 : 19:03:10
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I kept mine at £2500 last October.
Depends what exactly you use it for.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 02 August 2012 : 13:12:38
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They went after mine, and its value was only £500!. I said i needed it for hospital, and i was asked if it was for distance reasons, or medical resasons.
The answer was `Medical reasons`...so it was allowed.
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year 2029
Average Member
590 Posts |
Posted - 02 August 2012 : 13:53:56
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It is obvioucly case by case.
It could be that you had a vehicle valued at 'many thousands', but was deemed to be essential.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 August 2012 : 14:45:18
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I was under the impression that if it was,of excessive value the OR would expect you to sell it, buy a cheaper one and introduce the extra funds into the br.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 02 August 2012 : 18:57:10
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In extreme cases it would depend.
It could be that you need a very specialist vehicle, not just one that you could buy down the auction for £1000.
As I said, 'many thousands', and 'deemed essential'.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 02 August 2012 : 19:06:40
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As far as I am aware you would have to make a very good case and provide plenty of proof to keep a car worth many thousands! The majority of people could manage perfectly well with a car worth £1000.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 August 2012 : 19:07:10
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Sorry to be picky but what I term to be a specialist vehicle would be one designed for wheelchair use for example. That should be a motability vehicle and exempt from clawback from the OR. Other than that I can see no reason for keeping a vehicle worth thousands.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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debtinfo
forum expert
2826 Posts |
Posted - 02 August 2012 : 19:22:04
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There are other vehicles that might be considered to be specialised, some jobs would need a 4x4 vehicle for instance, I have allowed what one might consider a flashy car for a high end salesman as another example
but those are exceptions rather than the rule, most people can get by on a cheap vehicle to tootle and trundle to and from work |
Edited by - debtinfo on 02 August 2012 19:23:06 |
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year 2029
Average Member
590 Posts |
Posted - 02 August 2012 : 19:45:03
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Thanks debtinfo.
like I said, case by case, and what is deemed to be essential.
Another example might be a self employed tree surgeon who might need a tipping vehicle and log recovery.
Another specialist working at height who needs a cherrypicker.
All I can think of at the moment, but there are extremes, and everyones case is different.
Sometimes its good to be 'picky' and ask questions. There could be lots of people reading in the background, and its good for them to see all the information.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 02 August 2012 : 19:53:02
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I suppose a farmer would be allowed to keep his tractor as well...
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
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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year 2029
Average Member
590 Posts |
Posted - 02 August 2012 : 20:14:09
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ooh arrr!
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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xmas baby
Average Member
537 Posts |
Posted - 03 August 2012 : 12:25:08
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PC Coventry,
When you say you had to 'buy' your car back, I'm not sure what that means. Surely if they take your car as they see it as an asset and then you buy it back, you still have this asset and I would have thought they could just take it again. It would go around in circles. I know there is obviously an answer to this, but the whole process of 'buying back' seems a bit bizarre to me.
xmas baby |
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Topic |
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can i keep my vehicle after going bankrupt it has a low value ?
