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Junior Member

156 Posts

Posted - 29 September 2014 :  17:31:36  Show Profile  Reply with Quote
My friend has been bankrupt for 7 months and was told that they could keep the car to carry on going to university. The car has been written off and a payment of £700 is to be made to them. Can they buy another car for the same amount or do they have to pay it to the Insolvency people?

forum expert

United Kingdom
2211 Posts

Posted - 29 September 2014 :  17:33:19  Show Profile  Reply with Quote
If the car is exempt then the payment can be used to purchase another vehicle, but they will need to inform the official receiver.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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