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bstoke
Starting Member
United Kingdom
3 Posts |
 Posted - 10 January 2009 : 12:07:05
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My situation is that, after a lot of thought and advice, I have decided upon bankruptcy and intend to go to the courthouse to do in the next couple of weeks. But I wanted to get a couple of answers before I do so to make sure I am not going to get any nasty surprises. (As it stands, I owe £50k, have a mortgage for £156k, and a house value of £155k).
I have a van on HP which I need for work. I have had the agreement 16 months, 20 months left to run, the van is worth £1600-1700, the HP outstanding is £1800. I pay £115 per month. Including paying for the HP, my budget sheet gives me disposable income of £40.
Q1. Will the Official Receiver let me keep this vehicle and continue paying £115pm during BR?
Q2. How do they do valuations of vehicles? Or do I just supply them with printouts from Auto Trader of similar vehicles?
What complicates matters is that I also bought a cheap Mondeo for £900 in June, which the idea of selling the van to reduce my payments. But, within a fortnight, of getting the Mondeo MOT'd, my mum's car broke down (beyond economical repair) and so, as I owed her thousands of pounds, I gave her the Mondeo - we took £1000 off my debt - and continued to use my van. But we havent done any paperwork thus far and so I am the registered keeper of two vehicles.
Q3. Does the Official Receiver want to see V5 documents, or check at the DVLA?
Also, even though I gave away the Mondeo in June, couldn't afford the higher cost of insuring the van so I have used this policy to drive my van third party since (not ideal, I know). This leaves the van without a specific insurance policy to its name, although it's taxed etc.
Q4. Does the Official Receiver want to see Certificates of Insurance?
Q5. If he does, will he care that I have breached the Ts and Cs of my HP agreement?
I apologise for the confusing nature of this situation.
MD 
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RHB
Senior Member
1159 Posts |
Posted - 10 January 2009 : 12:42:37
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You are invalidating your insurance by doing that!!
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 January 2009 : 14:02:42
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Hi Bstoke, welcome
Yes the OR will check the DVLA to see what vehicles you have or had in your name.
Yes they will want to see valid insurance for the vehicles.
The transaction with the car for your mum could be seen as preferential and the OR may over turn this, but if the car is still in your name as you have said they may inform you that they want either the van or the car as you wont need 2 in their eyes.
The payments on the van seem reasonable, but the final decsion would be down to the finance co and the OR to if you can keep it.
For valuations they use glasses i think, but you can send off some of your own printed from the net which will help.
I am worried about your mondeo car though. As they may want to take this from you.
As for breaching the T&C i cant help you.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Edited by - Needafriend on 10 January 2009 14:04:07 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 January 2009 : 14:06:28
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Oh one more thing how did you pay for the mondeo, if there is nothing to show that it was your money then you may sort of be ok.
If you have the transaction showing on a cc or bank statement then you will have to explain this. The reason i say is just because your name is on the Log book does not make you the legal owner.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 14:07:33
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Hi
the OR would probably view the giving away of the Mondeo as preferential treatement towards your Mom.
Real probability that they will ask for that back.
They automatically check DVLA over a number of years to double check your story so you would need to declare this
The only other thing I would say is that I would suggest you double check the value of the house and get evidence of this . Are you looking to retain the house in Br?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 10 January 2009 : 14:24:09
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Can I just point out that you can only drive a vehicle using your policy for 3rd party cover IF the vehicle you are driving has an existing insurance policy covering it. For example, I can drive my husbands car on my policy 3rd party as it is insured in his name, however, if it wasn't insured I'd be driving it illegally.
working towards the first day of the rest of our lives |
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RHB
Senior Member
1159 Posts |
Posted - 10 January 2009 : 15:26:53
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| Only if you are living at the same address. All I know is I was driving around technically uninsured as the named driver when my ex left the house. It needs checking out. |
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bstoke
Starting Member
United Kingdom
3 Posts |
Posted - 10 January 2009 : 19:02:38
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Thank you all for your quick responses.
From the sounds of it, I would be best off selling the van/returning it to the HP company and accepting that I may need to put a bit to the shortfall, and then breaking it to my mum (luckily, she is very understanding) that I need the Mondeo. Then I have just 1 vehicle to my name, with correct insurance etc. Is there anything I have overlooked in doing this? Other than the fact I will owe my mum more and now have more disposable income (eg. enough for an IPA)?
Also, I work in London for 4 days per week and then in Basingstoke, where I live, for another 1.5 days. I get the train to London but then use the vehicle to see my appointments in and around Basingstoke. Train costs £280pm, Total car costs £119pm (Insurance £49, Road tax/maintenance £30 and Petrol £40). Is the Official Receiver be OK with this, as I do need both?
Thanks again to everyone for all your help, it is really appreciated as there is so much to know.
MD :)
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bstoke
Starting Member
United Kingdom
3 Posts |
Posted - 10 January 2009 : 19:09:55
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ps. in regards to your question Paul, I do want to retain the house, and have had two estate agents valuations. One said £160k ("to achieve offers of £155k") and the other valued it at £155k. In your experience, are estate agents valuations worth anything when it counts?
MD :) |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 19:29:40
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Estate agents are probably still valuing the house too high.
If you declare Br then you have several months to sort out the Beneficial Interest and I am sure that the housing market is only going to get worse, which works well for you at the moment.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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About to declare BR, have HP/vehicle complications
