Car in BR: find out Wednesday !

[michelle.l]

Sorry yet another question...regarding our car in BR...hubby's car is worth approx £6,000 so more than likely going to be sold by the OR to raise money for creditors.

My question is if they allow you money to purchase a cheaper car when do yuo get this money do you have to wait until your car is sold??? Only asking cause hubby needs a reliable car to do his job (travelling site to site and carrying equipment etc)...if he didn't have a car he wouldn't be able to do his job!

We was thinking about selling our car before BR and purchasing a cheaper one and keeping the surplus for the OR...how much do they allow you and is this set in stone? And do you think this would be frowned upon???

Any info greatly received...

Kind Regards
Michelle [?]

[MelanieGiles]

Hi Michelle

This is a good idea - I suggest you look for something priced at £3,500 and put the rest of the money in a savings account to hand over to the OR as soon as he/she is appointed.

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

[michelle.l]

Thanks very much Melanie once again...will definatley do this then...so glad I have found this forum!!!

[coco]

Hi Michelle,

Ensure that money is kept aside for the OR the reason i say this as the OR will check everything including DVLA and if found that you sold the car prior to BR they will question this especially if the value of the car is high. It may be not look good just a bit of caution.

view my blog http://coco.blogs.iva.co.uk

[michelle.l]

Thanks Coco...yes we will definatley keep the money to one side!!!

[michelle.l]

Well sold the car to a local garage for £5,700...(the driver's side electric window is broke so they wouldn't give full book price of £6,000 as they said it would cost them a couple of hundred to get fixed)! Put a small deposit down on another car that is £3,200 until the cheque clears...so we will have £2,500 for the OR, really hope they are ok with this and don't make us sell the new car as well!?!

Kind Regards
Michelle

[MelanieGiles]

Unlikley Michelle - but don't dip into that money in the meantime, tempting as it may be!

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

[BrassicLintus]

Hi all, quick question for Melanie - do all OR's allow £3500 for a car or is this just down to pot luck on who your OR is?

[MelanieGiles]

It is down to discretion really, and also the strength of argument put forward by the debtor depending upon circumstances - for instance a sales executive travelling 500 miles per week has more chance of keeping the car than an office worker who lives 5 miles from their workplace.

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

[BrassicLintus]

ok, thanks. I'm sure I'll find out Wednesday anyway!!! 2 days and counting!!

[michelle.l]

Good luck for Wednesday BrassicLintus...x

[BrassicLintus]

Thanks Michelle, good luck you too!

Bama
xx