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maff
Junior Member
United Kingdom
179 Posts |
 Posted - 12 March 2007 : 20:52:11
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| Hi. The CAB put me down as using my car for work. Will the OR give me some money to buy another one or do I have to buy one myself? My current one is worth £6000 so the OR will probz take it. Thanks |
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Debtdummy
Junior Member
United Kingdom
267 Posts |
Posted - 13 March 2007 : 15:31:43
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hello maff, the time and date stamped on your br petition is the moment your car belongs to the Official Receiver. Your say your car is valued at £6000. Chances are the OR will have it sold, but will give you money to buy another IF needed for employment or children have no other form of transport to get to school,etc. Probably, £2000-2500. However, your mum, dad, or friend can purchase it for you from the OR.
There is another post here asking the same question. Take a look at it as a bankruptcy professional answered that question.
I wish you success.
All I have left is my sense of humour. |
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maff
Junior Member
United Kingdom
179 Posts |
Posted - 13 March 2007 : 19:11:08
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| Cheers for the info DD. My cars on a Personal Loan and I've had loads of letters from the company. They've now handed it over to a debt recovery company called "Close Assistance" who have threatened to take the car away. They asked me to sign it over to them but CAB advised me to leave collection to the OR. I'm in court to petition for BR on the 22nd of this month. What are the chances of them taking it before then? Or do they need a CCJ first? Just abit worried about waking up one morning to no car. Thanks again, Maff |
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BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
Posted - 13 March 2007 : 19:29:59
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Hi Maff, was the car purchased on a personal loan or on car finance?
Regards, Dennis,
www.BankruptcyHelpline.Org
0208 626 9366 |
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maff
Junior Member
United Kingdom
179 Posts |
Posted - 13 March 2007 : 19:57:36
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| Hi Dennis, the car was bought on a personal loan from black horse, they wouldn't allow me to finance the car on HPI. Thanks |
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BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
Posted - 13 March 2007 : 20:31:33
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How much was the original loan for?
How long was the loan taken out for?
When did you take out the loan?
Sorry to be a bore !!
Regards, Dennis,
www.BankruptcyHelpline.Org
0208 626 9366 |
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maff
Junior Member
United Kingdom
179 Posts |
Posted - 13 March 2007 : 21:00:38
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| The original loan was for £12000 and was taken out over a 5 year period, i bought the car in february 2006. Your not being a bore, I appreciate the help. |
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BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
Posted - 13 March 2007 : 21:18:38
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I cant understand why a debt collector has threatened to take the car if it is not secured with the loan? Are you sure it,s an unsecured loan?
12k for the car in 2006 now worth 6K? Terrific depreciation !!
What car is it?
Regards, Dennis,
www.BankruptcyHelpline.Org
0208 626 9366 |
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maff
Junior Member
United Kingdom
179 Posts |
Posted - 13 March 2007 : 21:27:46
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| The letter I recieved after buying the car said, "thankyou for letting us provide your personal loan to purchase your new car". It might be worth more, not sure, it's a 53 plate 1.8 Vauxhall Astra sports coupe. Thanks, maff |
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go_4_broke
Junior Member
221 Posts |
Posted - 15 March 2007 : 01:12:47
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maff, the fact that Close Assistance is trying to get you to 'sign over' the car suggests they have no direct recourse to it which I think is what Dennis is trying to get to. So don't do this under any circumstances. C.A. will become just another creditor in the Bankruptcy.
-Best
'Bankruptcy - an elephant from the front - a mouse from the back' |
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Car Allowance
