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AlanO
Junior Member
United Kingdom
259 Posts |
 Posted - 16 March 2008 : 23:24:34
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Hi Ang,
Best of Luck tomorrow - Key aspect is that a car is essential for your work and it needs to be of a certain standard as you have client contact. Worth seeking agreement of the OR to keep existing car with no payment - you never know.
The potential purchase by your mam is something for you to have up your sleeve and in any event it is unlikely that you will have a definitive decision at the interview as the examiner will usually refer back to the case handler/assistant OR and you will be advised in writing in due course.
All the best Alan
www.debtdr.co.uk |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
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ang
Junior Member
183 Posts |
Posted - 17 March 2008 : 19:08:11
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hello,
firstly i have to thank you all for your help.
My interview was ok, i did feel a bit intimidated, but i got through it.
I am allowed to keep my car for the time beying, the interviewer will get back to me at the end of the week. He did say i can keep my car, only if i pay the excess to the OR. But i dont think this will be possible for me as i do not have the mnoney. He said if my car is worth £4,700 i would have to pay £1,700 to the OR, they will allow a car to be up to the value of £3000.
Is it possible for me to pay this by deffered payment or will i have to pay it all up front??
But otherwise it was ok.
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 17 March 2008 : 20:15:15
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Hi Ang,
Well done - All down to negotiation now - await correspondence and in the meantime do your research on car value - influencing factors could be when Mot due, mileage etc. Remember you are doing the reverse to a normal sale so talk ( realistically) down rather than up. You may wish to get a purchase valuation from local garages, if you can get it in writing and it helps your cause so much the better.
No reason to believe that phased payments could not be agreed - However bear in mind that if you had surplus monies an element would be used in any Income Payment Agreement. May be better to seek third paty ( family/friend assistance)
At this stage simply use the car wait for corresponce
All the best Alan
www.debtdr.co.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 March 2008 : 20:56:38
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Hi ang
well done for getting through the day.
As Alan says you need to focus on minimising values now as you are a buyer.
You might be able to agree to pay for it over time as you are allowed a disposable income of 90 pm before an income payment order is made. Therefore it might be possible to save 1,000 from the disable income plus if you may get family help for the remainder.
Please remember that you can push back and ask fot the OR's help rather than just be told what is going to happen.
Good luck - let us know how you get on
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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ang
Junior Member
183 Posts |
Posted - 17 March 2008 : 21:02:49
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Thank you,
What does supermonies and disposable income mean??
ang |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 17 March 2008 : 21:51:22
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Hi Ang,
Surplus moneis or disposable income is what is left once you have taken account of your living costs and monthly expenditure, you are allowed up to £90 per month after this they will calculate a monthly amount that you will have to pay to the OR known as an income payment Agreement (IPA) so when you presented your income against your expenditure to the court was there a figure left over?
If you are presented with an IPA you will have to pay this for three years.
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 - 17 March 2008 : 22:48:20
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hello,
no there was no money left, i payed out £1,500 and my income was £1,300 approx...
ang |
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Carl McMullen
Junior Member
192 Posts |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 18 March 2008 : 12:40:38
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Hi Ang,
On these figures it sound like you will not be getting an Income Payment Agreement or Order either so it's just the car to sort out.
You asked if you could pay for the car by deffered payments I would be carefull asking this as you have shown a negative income on you i&e so if you then offer to pay by defferment they will think you have lied about your income & expenditure, it would be much better for you to propose lump sum or payment via a third party due to this.
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 - 18 March 2008 : 16:53:59
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Well i got the news i was hoping for... I am allowed to keep my car, not sure how or why!!
I did ask what i need to do now,, he said nothing is to needed from me. He said that i was claiming the car now, so i wouldnt need to do anything!!
Can you tell me what he means!!????
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 18 March 2008 : 18:53:59
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Hi Ang,
Well done - it is always down to the individual circumstance and negotiation hopefully the postings helped.
I assume he said something on the line of that the OR had no interest in the car and would not be claiming it - word of caution hold off your celebration until you have written confirmation which usually follows within a few days
All the best Alan
www.debtdr.co.uk |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 March 2008 : 10:06:02
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Hi ang,
What he means is the vehicle is being claimed by you as exempt property i.e you require this therefore it will not form part of your bankruptcy.
When you declare yourself Bankrupt all of your property technically becomes the OR's property until they decide what to do with it. If he has let you claim the vehicle as exempt property without the need to hand over any funds then the vehicle is legally yours again with no further come back.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2008 : 10:13:08
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Well done ang !
Hopefully a clean start to a new life
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
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will have to get rid of my car ?
