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ang
Junior Member
183 Posts |
 Posted - 15 March 2008 : 20:17:19
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i use my car for work i am an estate agent and visit properties in our area every day. I have a golf 2003 and wonder if i will have to get rid of it?
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 15 March 2008 : 20:24:35
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Hi Ang
Welcome to the forum
In bankruptcy you will be allowed to retain a car provided you need it for work. However the value of the car should be no more than 2000. Hiw much is your car worth?
How much do you owe and what other assets o you have.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Carl McMullen
Junior Member
192 Posts |
Posted - 15 March 2008 : 21:36:22
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HI Ang,
Further to Paul's post, i assume the car is not on hire purchase ?
Also i have come across many estate agents who have it in there employment contract that they can not go bankrupt, i would advise that you check this first before you make any decisions !
Can you post a little more about your debt level, assets, approximate disposable income etc etc... |
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ang
Junior Member
183 Posts |
Posted - 16 March 2008 : 02:09:49
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hello,
no my car isnt on hire purchase! my car is worth approx £4,200.
I have checked my contract and spoke to my boss, who said it is ok for me to declair my self bankrupt!
But he did tell me that i do need my car for work, it must be safe and reliable, if i dont have a car, i will not have a job....!!!
i have no other assetts, i olnly have my car, i am a single mother, and in rented accomidation...
hope this gives you a clear view!!
please can you get back in touch,,,,
many thanx
ANG |
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ang
Junior Member
183 Posts |
Posted - 16 March 2008 : 02:13:16
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| another thing i was thinking of... is it possible for me to keep my car if i pay something to the official receiver?? Is it possible?? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 March 2008 : 10:01:08
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Hi Ang
Option 1 - sell the car for 4200, buy a car for 2,000 ( you can actually get a decent car for this now) then you will have 485 for the court fee plus 500 for last minute costs prior to Br.
Last minute costs might be :-
getting new car serviced / taxed / fill with petrol / etc etc etc . Make sure you are up to date with mortgage / poll tax / utility bills.
Option 2 - Keep curent car but you would need to give the official receiver 2,000 after you go bankrupt to purchase the "beneficial interest" in the car.
This way you would also need to pay to go Br etc etc etc .
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Carl McMullen
Junior Member
192 Posts |
Posted - 16 March 2008 : 10:04:36
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As the car is in excess of £2,000 they would look to sell it and normally give you the value of £2,000 back to buy a new one.
However as you have said the official receiver (as scary as he/she sounds) is open to negotiation so they may accept an offer lump sum to allow you to retain the vehicle which will probably be less than the differnce aswell.
Also, and i am not entirley sure about this sure sombody else will confirm, but you may get an income payments order for three years which is normally 50% of your disposable income, you could offer to pay the other 50% over aswell to allow you to retain the vehicle, but of course if you dont have any disposable income this would not be an option for you. |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 16 March 2008 : 10:22:49
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Hi Ang,
Looking at your other posting am I right that your bankruptcy order was last week ? If so it is down to negotiation with the OR, they are human but work to guidelines.
All the best Alan
www.debtdr.co.uk |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 16 March 2008 : 11:56:42
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Hi Ang,
You will find that the figure is closer to £2500 now, but it is dependant on where in the country you are, as different OR offices persives things very differently.
As Carl and Alan have said the OR's are human and you can negotiate.
Hope this Helps
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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ang
Junior Member
183 Posts |
Posted - 16 March 2008 : 11:58:39
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Yes i did go bankrupt last week, i have an interview tomorrow with the OR.
So is it possible for me to still sell my car? My mam did say she will purchase it for £4,200, is it to late to do this?
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Carl McMullen
Junior Member
192 Posts |
Posted - 16 March 2008 : 12:32:44
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Is you mum intending to purchase the car for herself - if so then i am sure you will be able to sell it to her, but anything that is in excess of £2,500 would need to be handed over to the official receiver i exepect and then you can buy another vehicle using this money.
Or is your mum intending to buy the vehicle and still allow you to use it ? |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 16 March 2008 : 12:40:11
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if your mum is intending for you to keep the vehicle then she would only need to pay the diference in value between it's worth and the £2500 i.e. £1700
Hope this helps
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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ang
Junior Member
183 Posts |
Posted - 16 March 2008 : 19:13:55
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hello,
No she will use it for herself. So if its possible to negotiate with the official receiver, how much money would they be looking to receive from me every month and for how long??
I wish i had found this site before going br. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 March 2008 : 20:08:13
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Hi Ang
If she is going to purchase the car - and use it for herself - what are you going to use for work?
If you go without a car then the OR will take all the money from the car, but if you need a car for work and buy a 2,000 ish car then they would only take the difference.
As you have already gone Br you will have filled in your income expenditure identifying what disposable income you have each month.
The OR will have a percentage of this ( between 50 and 70%) each month for 3 years and this is called an income payment agreement. You need to carefully go through the expenditure to ensure that you have fully covered your outgoings.
Obviously if you are running a car then your expenses will include car tax, insurance, servicing MOT, petrol etc etc .
Hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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ang
Junior Member
183 Posts |
Posted - 16 March 2008 : 20:16:23
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| ok thats fine, so if i sell the car to my mam, for £4,000 can i keep £2,000 and purchase another car, and give the OR the other £2,000?? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 March 2008 : 20:46:18
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corect that is OK.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Topic |
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will have to get rid of my car ?
