I have absoloutely no assets whatsoever except for a work van which I bought for £3200 back in Aug 08. As a sole trader doing long distance courier work I need to have a reliable vehicle. I have checked it out on Autotrader and a similar vehicle would be £2900-£3300. What are my chances of keeping this and not being forced to get sell and take a lesser vehicle? I have been truthful on my SOA.
I would suggest in view of the need for reliability you have every chance of keeping this van. If it were to be suggested otherwise question the proposal to change it.
The rule of thumb is that a vehicle retained by the bankrupt should be worth no more than £2K to £2.5K but each circumstance is different. If you were doing a short local journey twice a day you could justifiably be asked to replace it but in your line of work that extra element of reliability could be the difference between earning a living or not.
Business Van
Posted - 06 March 2009 : 21:36:53
