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mattyr40
Starting Member
United Kingdom
4 Posts |
 Posted - 09 February 2009 : 17:54:26
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Ill start by thanking everyone who replies on this site as iv learnt bucketloads within an hour of finding the site. I have reached the point where i will never pay off my personal debts. I am a self employed builder and i live in a rented house.
I have a few specific questions if anyone can be bothered.
1- I have a van for work which is worth £5-6000, Is there anyway i can keep this.
2- How do they find out what valubles are in your house.
3- How intrusive is the process, ie Do they go through you bank statements etc.
4- Should i play up on the fact iv lost time at work due to a bad back.
these questions might sound a bit shifty but iv learnt over the years the more straight you are the more you get screwed.
Thanx in advance.
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 18:42:48
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Hey Matty and welcome to the forum
1 - I think the van may be worth a little too much to keep, therefore the official receiver would give you money back to purchase a new van as you obviously need to work. I would like to add if you sold the van prior to br, and then purchased a cheaper one then the OR will not have a problem with this as long as you can account for any monies spent. If you need to pay for BR fees and moving costs etc, this can also be used form the equity - again you will need to show the OR where the money has gone.
2 - No-one will come to your home, however if you have and antiques worth alot of money or valuables tucked away somewhere then you will have to declare them on your soa.
3 - The OR usually asks for 6/12 months statements from your accounts.
4 - I should imagine having a bad back will not be easy to work with therefore if this is the reason you have not been able to work then yes, put it down. My hubby has ALOT of trouble with his back so i know where your coming from.
I would like to add its not a good idea to lie, but if you feel something has happened in your life that has contributed to your debt problems then you should definitely make the OR aware.
Hope this helps a little.
Jenny |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 09 February 2009 : 18:58:06
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To be honest I would not have thought the OR would be that concerned re the value of the van as you will need that to transport your tools and equipment to enable you to earn a living. Provided you put up a 'good arguement' to the OR as to why you need a relaible vehicle to do your job, you should not have much difficulty. Have a look on www.parkers.co.uk (the site used by many OR's to value used vehicles and look up the 'Private poor' value given for your make and model, you may be suprised as to how low the value is - the OR only uses the 'lowest trade price' you would receive, not the figure you may get if you sold it privately.
You are asked to list assets in the home but only need to list high value items such as any antiques not normal everyday items, unless of course you have a number of plasma TV's!
They will have an overviw of your statements to check nay large amounts of money to and from the account
It would be wise to state that you have lost work due to ill health but not too heavily as thie may prejudice the need to keep the van unless the back problem is now sorted!
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 19:01:31
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Hi Melanie
So, when the van is needed for a business its always best to put up the argument first ?
Would like to know for future reference.
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John
New Member
United Kingdom
73 Posts |
Posted - 09 February 2009 : 19:44:49
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Hi
may I add a colleague of mine recently had an interesting telephone conversation with our local county court's OR himself (not assistant or examiner) with regard to a client's vehicle.
He (the OR) stated that in his office the £2K threshold is a myth. He further stated that he has in the past made vehicles exempt when of approx £20K in value whilst at the same time has claimed vehicles worth a few hundred pounds.
The emphasis, in his office, is the degree of need, not value.
Very sensible I think, but extremely confusing!!!
timendi causa est nescire
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 20:21:21
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MMMMMMmmmmmm very confusing John, but thank you for that info (you really are a mind of ufeful information) -I wont go telling people wrong info in future!!
Hindsight is a wonderful thing
Jenny
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mattyr40
Starting Member
United Kingdom
4 Posts |
Posted - 09 February 2009 : 21:29:53
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Thankx very much for your time guys.
Could you also give me a rough idea of the timescale of the proccess. |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 21:37:18
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You will need to contact your local county court and see if they have a walk in system, where you turn up on the day and wait in turn (some may have a limit so you will need to also check this) alternatively you may have to book a date. You will be made br the day you go to court.
You will then need to fill in the petition and statement of affairs - here is the link:
http://www.insolvency.gov.uk/
The fee is £495 which has to be paid in cash on the day and you may need up to 3 copies of the statement of affairs (again check with the court)
Hindsight is a wonderful thing
Jenny
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 21:38:36
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Forgot to mention it may be easier to fill them in online as you can save them as you go along.
Any questions you are not too sure about then feel free to ask away
Hindsight is a wonderful thing
Jenny
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mattyr40
Starting Member
United Kingdom
4 Posts |
Posted - 09 February 2009 : 22:31:27
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| I opened another bank account which i have been using which is in the black. Can i hide this from them and just tell them about my original account? Or is this to risky |
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RHB
Senior Member
1159 Posts |
Posted - 10 February 2009 : 07:06:33
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| Just a word of warning, I think in the case of BR where you are swearing on oath it is best not to be shifty!!! |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 10 February 2009 : 08:17:59
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Just to confirm the comments place by my fellow poster 'John' there is no set limit to values on motor vehicles it is all done by 'need' Okay a figure of £1200 to £1500 is deemed acceptable to all offices whereby a vehicle that is classed as non essential ie 2nd vehicle or when petrol costs exhibit that low mileage is done for work purposes -for example a household with 2 cars where only 1 person works is always going to be questioned unless an arguement can be put up to justify the need to get 2 or 3 children to school etc.
I can quote any number of cases where considerable high value vehicles have been retained by clients where thier type of work requires a sensible vehicle due to say high mileage for work or to put over a professional front -you could not expect someone who has a professional role meeting clients to drive a banger so they would proable get their vehicle exempt.
At then end of the day it is down to the individual office and its practises, but they are always open to a challenge/arguement to justify a vehicle. But remember this will not work if you have low petrol costs/low mielage a household can usually exist on 1 vehicle especially if only 1 adult works. If in doubt always check the 'trade value' of the vehicle on one of the many valuation sites available, it amazes me how often people completely over estimate the value of their vehicle, particularly in the past 18 months with the second hand market really suffering - this can often be to the benefit of the individual in reducing the value of thier vehicle removing the need to justify its ownership to the OR!
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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I will be BR soon
