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debtrider
Junior Member
494 Posts |
 Posted - 07 July 2008 : 09:33:46
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I am worrying about loosing my car in bankruptcy. I have just valued it on the Parkers and in poor condition it would be worth £3,000.If I said it was worth this much to OR and I got someone to pay OR the difference between what is allowed and what the car is worth would this be acceptable.I would say my car is not in poor condition so would someone come round my home to check on my cars condition if I valued it as poor condition. I am self employed and travel around 15,000 miles a year to do my work, and i need an estate car to carry my props for work.I have had my car serviced on a regular basis because it needs to be reliable. I have seen cars worth around £2,000 and I do not feel this would be good good or big enough for me needs. Look forward to your replies.
Debtrider |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 07 July 2008 : 09:49:22
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Hi debtrider
Put the car down as worth £3,000, as most OR's will allow a vehicle up to this value as exempt property.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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debtrider
Junior Member
494 Posts |
Posted - 07 July 2008 : 10:04:35
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Hello Suazanne
What do you mean be excempt property.
Debtrider |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 07 July 2008 : 10:18:43
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Some assets are regarded as being exempt from bankruptcy proceedings, such as domestic items, tools of trade, and vehicles needed for work up to a certain value.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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debtrider
Junior Member
494 Posts |
Posted - 07 July 2008 : 10:36:23
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Thanks Suzanne.
I am still worried because I have read so many postings on this forum about allowable car valuations, some £2000 or £2500, don't know what to think. If the OR came back and said I was only allowed a car at £2000 or £2500, again could I get a relative to pay the difference to the OR. Rather than selling it and end up with a car that is cheap and unrealiable.
Debtrider |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 07 July 2008 : 10:50:28
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Yes, if that happened someone else could pay the difference.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 July 2008 : 12:40:33
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Great advice as usual Suzanne.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Worried about my car
