I've been reading all of tonights posts and it really is a minefield!!
I have many questions as the paranoid side of me creeps in..
I'm sure that looking back over my statement for the last few months the odd thing will come up where I have used available credit knowing I was going BR. I received a £750 tax rebate just before christmas though and paid it strait into my Barclaycard as I have been trying my hardest.
I am now living with my parter who owns a large bungalow and has a high mortgage and outgoings. My wages have recently dropped from £2000 per month to £950 so I am practically pennyless at the end of each month.
My job is based entirely on the road (I do 15000 miles a year for work) so I have a car but its worth around £2800 max.
What is the worst that can happen?
What does it actually take to get a BRU/BRO and do you think they will try their hardest to upvalue my car? Its a V reg Land Rover Freelander and I valued it using the Parkers guide.
From what you have said, I don't think you have anything to worry about. They have no reason to up value your car as they will base any decision on a potential sale at auction.
What I would say is that when i went bankrupt the OR exempted my car up to a value of £2000 because I needed it for my work.
I valued my car beforehand with Parkers guide and put my car down as worth £2300 on my SOA, but it was also valued at only £1800 in another guide.
The OR used an agent to value my car and they came back with a value of £2750, which was way over the top and I beleive they would have got no where near this in auction.
When I spoke to the agent he was quite irritated that I was questioning the value with him. He said that most people who go bankrupt think they can get the lowest value on their car, but this is not the case he said.
Anyway I did not want the hassle of taking this any further and my car was important to me, so a 3rd party paid the £750 for me to conclude the matter.
So I was just making you aware of the situation I found myself in so you will be forearmed.
Vehicle values seem to be a very grey area when you go bankrupt and there are no set rules.
I've been reading all of tonights posts
Posted - 13 February 2009 : 00:29:15
