My OR allowed me to keep both cars one on finance one worth around £700 to £900 i have now got a company car can i sell my older car and keep the money or do i have to inform my OR
the rules are that as you no longer need your car which was declared in BR you should inform the OR. That means whichever of the 2 vehicles was in your SoA as yours, should now be given up.
that is possibly open to interpretation because if they have reviewd the situation and have exempted the car from the bankruptcy estate then it is technically exempt.
Theoretically it is not a windfall because the OR already knows about it and has exempted it.
Where you may need to advise the OR is on the matter of disposable income. Presumably the company pays for tax, petrol, maintenance etc so these costs would come off your monthly outgoings and would most probably mean you now have disposable income.
Therefore you are probably liable for an IPA.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
my costs are almost like for like when you take into account co car tax and i also pay my own fuel my ipa comes into effect over certain earnings as i am commission based and with market conditions my wages are woefull at the moment so could do with selling spare car xmas round the corner etc
My OR allowed me to keep both cars one on finance
Posted - 27 November 2008 : 16:19:02
