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Housing
Senior Member
United Kingdom
1399 Posts |
 Posted - 06 August 2009 : 17:56:14
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Hello all,
Please can someone guide me?
I am BR (19th May 2009). On my SOA I included a Black Horse agreement on my motor vehicle. I owe (on an early settlement figure) £11,300.20. It is a 2 year old vehicle (07) and probably at best would achieve £7,000 - if the wind was blowing inn the right direction - nothing wrong with the car - the market etc
On the letter to creditors (no creditors meeting to be held) (That is a plus methinks)the OR refers to an exemption (s283 (2). We have had the ORs valuer to see the vehicle.
On the strength of these circumstances, what is no likely to happen?
On another front, the OR has agreed to transfer the BI in our principal home for £212.00 - Sue, my wife is dealing with that now
Any advice or thoughts on the vehicle welcome,
Thanks, Richard |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 August 2009 : 19:14:11
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Hi
The exemption means that the OR has confirmed that there is no asset value in the vehicle and that they have no interest in it. Therefore any shortfall after the collection & sale will be included in the Br.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 06 August 2009 : 19:43:46
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Paul, Thank you as always.
I assume the vehicle will be auctioned to achieve the highest sum achievable?
There was something I saw somewhere to the effect that I may get something from the proceeds if I require a vehicle (or did I dream that?)
Thanks Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 06 August 2009 : 21:03:11
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| It sounds like the vehicle is on HP, if it is the decision to take it away would be blackhorse and would depend somewhat on whether you carry on the payments |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 06 August 2009 : 22:10:28
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Thanks for the replies.
I have since the posting - spoken to the valuer who has said, he is authorised to collect the vehicle sell it by tender and I will get back £2,000 to buy a cheaper car - (I do recall reading this somewhere else)
Any similar experiences welcome, Thanks, Richard  |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 06 August 2009 : 22:12:08
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Oh, p.s - would forget my head... it is a personal loan, not HP
Thanks to anyone who has had similar experience
Richard |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 August 2009 : 22:28:29
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if it is a personal loan that is why they sent the valuer round.
They will take the car away and provided that you need a car for work they are likely to give you a cheque for £2k to purchase a replacement.
unfortunately Black Horse will loose out completely.
For anyone else in the same boat ( Personal loan rather than HP ) I would recommend you downgrade the car BEFORE bankruptcy. This puts you in control and the OR wouldn't blink if you downgraded to a 2k car and used £510 for court.
Please remember that you need to identify what the money has gone on and any surplus can be passed to the OR
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 06 August 2009 : 22:34:41
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 Thank you Paul,
I thought that was the way it worked - I do not want to keep pestering the OR... So far, they have been so helpful and as I have had a "breakdown" and am being treated by the GP and a psyciatrist, they seem to be extra helpful.
Like so may of us, I had in my life been successful, I am a professional person, graduate from the 1970`s and a professional qualification too. However, there are times when I have cried like a baby - including this week - so all out there - Hang together and keep this Forum going it is fantastic
Regards, Richard |
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Motor vehicle
