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jurell922
Junior Member
United Kingdom
187 Posts |
 Posted - 31 July 2008 : 16:39:28
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Hi,
I have just been told that my car is exempt. My plans are to move to Australia which the OR is fully aware of at the end of the month. I am planning to sell my car to finance a new car in Oz. Is this ok, or should I remind the OR of my plans. I have been fully upfront about my intentions on every occasion I have spoke to them. Please advise!
Stewart |
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John
New Member
United Kingdom
73 Posts |
Posted - 31 July 2008 : 17:29:15
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Hi
the car has been deemed exempt due to your need for a vehicle and it's value. The same will apply when you sell this one and buy a new one in Oz.
There is no need to inform the OR.
Assisting where I can. |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 01 August 2008 : 21:36:55
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Hi
Sorry to jump in on your thread, but why was your car exempt if you don't mind me asking?
The reason I am asking is that I am considering BR too and am headig out to Canada to live for a year in January 2009. My car is only worth about £1,500 so I am thinking it will be exempt from BR and I too will also be selling it before heading out to Canada - I was worried that the OR may try and take the money from me??? |
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John
New Member
United Kingdom
73 Posts |
Posted - 03 August 2008 : 11:30:23
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Hi d&c
a car is likely to be exempt if
a) it is deemed to be necessary and
b) it is of reasonable value
there are other criteria which would not apply in your case.
If your case meets the criteria you will keep the car. If you later sell it, before discharge, you will need to evidence that you need the money to replace it. So if you're off to Canada you would presumably need a replacement car once you get there to either travel to and from work or attending interviews in order to secure work.
If you were not planning to work in Canada then, technically, the OR could insist the sale monies are passed to him.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 03 August 2008 : 22:54:42
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Hi John!
Thanks for your reply!
Well, my car is definitely necessary at the moment - I use it not only to get to work but also for work purposes.
If I were to sell it though before going to Canada, or say a month after going BR would the OR even need to be told about this? Would they be able to find out?
I may need a car in Canada but maybe not - would the OR be able to check that I had bought a car or not?
Sorry - I am not trying to be awkward - I am just trying to get my head around it all - it's all very confusing!!!
Regards |
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John
New Member
United Kingdom
73 Posts |
Posted - 04 August 2008 : 12:20:02
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I would sell it before you go to Canada but not before you stop work in the UK if that's possible.If you sold it before you stopped work here then that would demonstrate that you don't need it.
The OR is unlikely to do so but he can check with the DVLA. If you explain at your interview why you are planning to sell it and approx when, and that you are not sure if you would need to replace it once in Canada, he could ask that if you don't need to buy a replacement there that the proceeds of the sale are passed back.
Whether the OR can check if you have made such a purchase in Canada, again I would doubt but I'm not absolutely sure on that one.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 04 August 2008 : 23:38:12
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Hi John
Thanks once again for your info.!
It's a bit of a tough one eh?!
I am in a bit of a predicament to be honest...I am intending on going out to Canada for a year, possibly permanently - my partner is Canadian and she is back in Canada now. We have lived together for a year in UK but she had to go back in May 2009 because her Passport and Visa expired.
I have got a 1 year Working Holiday Visa for Canada - I need to enter Canada by 31/01/2009 or I lose the Visa. I need about £2,000 to fund the trip. I also have been given a year's Career Break from work for the trip.
It has always been my dream to move abroad - either to Canada or NZ. My debt has always stopped me. A couple of months ago I realised my debt had got out of control - £45,000 - I had never missed any payments but the payments meant I was tied in forever. So, it was either keep paying my debts forever (which was getting harder and harder each month) or face up to the debts, deal with them and make the move abroad. I am not trying to run away from my debts - I always had every intention of paying them until recently - I realise I have made a mistake - I am just trying to get on top of things againand be in control of my own life. I never want to get 'credit' (or is it debt?) again.
So, my predicament is...I have £500 in cash put away, and my car is maybe worth £1,500 on a good day. How can I keep hold of these and still go BR???
Or, should I just be totally and completely honest about everything and hope the OR goes easy on me and I get to save enough money between now and 31/01/2009 to get the £2,000 together for my new beginning out in Canada???
Hope you may be able to help???!!! |
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John
New Member
United Kingdom
73 Posts |
Posted - 05 August 2008 : 10:05:39
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Hi there
I do understand the "predicament"
I am sure you appreciate that as an expert on the forum it is my responsibilty to give best advice.
I have said that I believe your car is exempt due to the value and your need for it.
Re the £500, this is an asset and should be declared on your SoA. Having done so the money will pass to the OR.
Members of the forum post many questions coming from many angles.
Having received help from another member, or expert advice, it is the questioner's decision whether they take heed of the advice given or not.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 05 August 2008 : 18:04:37
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Is it possible for one to 'save' money once BR?
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Topic |
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Car is exempt, want to sell ?
