BR - advice needed

[BrassicLintus]

Hi all, i'm thinking about going down the BR route as I just don't have the money to enter into an IVA. But i've got a couple of questions and would appreciate any help or advice anyone can give me. My car is worth around 6k and I understand that I would need to sell it as i'm only allowed £3500 for a car, so could I sell it before i went for BR and keep the £2500? Also i'm not too happy with my name being splashed in the local paper as no-one knows my situation (especially family), could I file my BR in another county so it appears in a different paper? Also i've got a mortgage and secured loan which means I have no equity, and i believe that i can keep my house but i just need to get a friend to "buy" it for a silly sum like £1, how does this work exactly? Any advice would be much appreciated.

[scaredkez]

hi brassic if you sell your car and buy a cheaper one the proceeds of the sale will go to the OR,if they think you have gotten rid of an asset before BR and then kept the money this will not go down very well with the OR,you have to petition your BR in the county where you live and there is nothing you can do about it being in the local paper, however the notice is that small and unless you specifically look to see who has gone BR then you wouldn't even notice it, if you have no equity and the BI can be bought for £1 remember there is solicitors costs involved, currently it is £211 if you do it through the OR plus the £1.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[BrassicLintus]

Thanks for replying Kerry. So if I sell the car would they give me the £3500 back or should I do this before i file for BR? And the £2500 was going to be used to pay my builder because I had a bit of an accident with a chip pan which resulted in a fire and wasn't insured!

[BrassicLintus]

Where can i find out how much my car is actually worth? Could i get a friend to pay the difference between the value and my £3500 allowance so i could keep the car?

[lily]

As far as I am aware you do get the oppertunity to buy the car back as scaredkez did this. If you do a google serach you might be able to find out the approx value, I know there was a link on www.myvesta.org.uk which the OR's use. just had a quick look for you but I cant find it. Bankruptcy advise you could try there.

lily

[Storm]

You can use sites such as whatcar or parkers

http://www.whatcar.co.uk/valuations.aspx

http://www.parkers.co.uk/cars/used-prices/

[BrassicLintus]

Many thanks.

[BlueShoes]

Would they look at the trade price?
Blue

[BrassicLintus]

Just what I was going to ask Blue! The site I looked at came up with 3 different prices, which would be taken into consideration? Also, if say the bottom book value is £7500 would the court accept an offer of say £6500/£7000 if i could get the money together to buy it back? Because i presume the car goes to auction and i doubt that they'd even get the bottom book value there.

[Storm]

Current auction prices are about 95% of bottom book but then there are collection and sale fees to come out of the proceeds.

[BrassicLintus]

ok, so say my car is worth £7500 and the OR allows me £3000 and a friend is willing to lend me the £3500, what happens then? Does my friend then "own" my car? Would I still be able to drive the car and keep it in my name? Or would my friend need to come up with the £7500 and then I would get £3000 back to buy car?

[MelanieGiles]

That would depend upon whether your friend was making you a loan with collateral, or a gift. If the former, then they would be wise to have the vehicle registered in their name, if a gift then the car remains under your ownership.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

can i just say unlike me work on the worst case scenario, the OR's office use parkers on line guide, i worked towards there was no way on this earth the OR was going to take my car because i had kids and needed to get to work but hey ho he did,so don't let us take things for granted, work out everything, is there public transport that can get you to work? why do you really need an expensive car is it the life style you have become accustomed to? work it out its not an easy thing going BR you are stripped of the lifestyle you think you deserve right down to the basics, no matter how hard you try to hide something the OR will find it, if your car is worth is 7500 be prepared to say good bye and let the OR deem what he thinks you can have, there is no set value, be grateful, if he lets you have something!!

sorry if it sound harsh i was allowed nothing and relied on my parents don't think it is always done and dusted be grateful for what they allow

BR is not the easy way out

kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[BrassicLintus]

Hi Kerri, I work shifts so I need a car to get to and from work. And I need a reliable car as if i'm late I get disciplined and after so many disciplinaries I can get sacked!!! I know BR isn't the easy way, and believe me I'm not looking forward to it, but my IVA proposal was doomed to fail as I just didn't allow myself enough to live on, I made the figures fit so my IVA would be accepted. A DMP isn't an option as it would take around 20 years to clear so BR is my one and only option. And thanks for your warning!!! But I expect the worse anyway!!!

[scaredkez]

brassic you have a good case for keeping a car, if you work shifts, mu hubby was allowed to keep his old banger because he starts at 3 and 4 in the morning and obviously no public transport, i know its a hard time, but it does get better and you do feel you can live again without looking over your shoulder, i should guarantee that you will be given a provision for a car, i really hope so good luck.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/