Car in Bankruptcy

[TheDerbyRam]

Hi..sorry if this isn't appropriate to IVA forum..but i am very nervous about it all.
I declared [V]myself BR on 04/04/08..i have no assets except a vehicle..i paid £2000 for it last year..it's a Cat D vehicle ( ie a repaired insurance write-off).Thats why the car is worth less than many may think.I have receipt to show my purchase.I am worried that the OR may order me to sell it..i do need it to go to work ( otherwise 4 bus journeys each day).I've seen regular posting suggesting £2000 is the likely allowed value and any excess can be paid in order to keep the car..but tonight on www.bankruptcyadvisoryservice.co.uk i have seen it stated that £500 is the accepted valuation that is "allowed"..surely a major difference..has anyone experience of OR attitudes to car valuations ?
Please help if anyone can

[MelanieGiles]

That is not correct - most OR's will allow you to retain a vehicle of £2,000 or under, but it is best to wait and see what happens in your own individual case to be honest.

[chris.g]

I've just had notification--yesterday infact---that we can keep our car. '01 Clio in ok condition so worth around £2500 so I don't think you have a great threat to your car.
I will mention though, it's not what you paid for your car BUT how much it's worth.... You could check Parkers online to get an approximate price for your car.

[ianmillington]

Good point Chris. I suspect that because it was an insurance write off it will always be blighted from a valuation perspective.

How will it be viewed? It differs from ORs Office to ORs office, and even examiner to examiner. If you need it for work, then it's an excluded asset. You need to disclose it to the OR obviously. The OR will determine whether it is worthwhile telling you to hand it over so it can be replaced with something at a more modest cost but which is serviceable. A car valued at £2k-£3k will probably be untouched.

In this case the history of your car may be very relevant. The OR might not wish to be seen to be knowingly selling such a vehicle.

Ian

[Soulgrowth]

Just wanted to wish you all good luck for the future Derbyram ... it's a very brave step that you have taken and I wish you well [:)]

Debbie