We have given back our car we had on HP and are looking to purchase a cheapish run around before we file for Bankruptcy. We have been advised that we can have a car for no more than £1000. When the car is valued in Bankruptcy, do they go by what we paid for the car or the book price?
If you pay £1000 for the car and have the receipt then that should be ok.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
On another Website it states that the OR will value your car using the Parkers Car guide. The car we have been looking at buying is £1900 and the Parkers guide shows the book value as being around £1100 mark. We need a reliable car as both our parents live over 260 miles away. My father is just recovering from Cancer and my Father-in-Law is in and out of hospital having operations so we have to make frequent visits up and down the country. I also have to take the kids to school before going off to work so need a car to get me to work on time.
Didn't want to jump in and buy it if it will be taken off of us but at the same time didn't want to get a run around that would not handle the motorway drive!
Sorry to hear about your family problems and I hope that both father and father in law recover.
Have a word with the OR on Monday and explain the situation to them. I'm sure they will be sympathetic.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
How is your car valued in Bankruptcy?
Posted - 08 November 2013 : 22:59:57
