hello, i live close to where i work- approx 10 mins walk but chose to drive as i have to cross busy road. if i were to go bankrupt would the or say i dont nee dit and to walk? so i would lose it? its 11 yr old £1500 value aprox. in the summer i do sometimes choose to walk and as its the only working car in the househod (partners is sworn off road and neds repairing~) if he uses it for work then i walk. would or check mileage or petrol receipts etc? i do use for food shopping etc too. really dont wanna lose it, do you think it could be at risk?
I think your car will safe rochelle. You obviously need it, either for yourself or your partner so I don't think you have anything to worry about.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your car is only a protected asset in bankruptcy if you need it for work.
From what you say, you do not actually need the car for work but do use it for that purpose sometimes. What will happen will depend very much on the OR who deals with your case and their view. I doubt very much they will check the mileage on the car or your petrol receipts and would imagine that the OR will go off the information you give him or her.
If the OR does decide that you do not need the car and therefore it should fall into the bankruptcy, then he or she will ask your partner if he or she would like to buy it first and it is likely that the OR will negotiate on price. If partner's car is off the road could that be sold to go towards the purchase price?
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
My apologies. I just thought the OR took it off you if it was worth a lot of money.
I thought if you used it for work and shopping (however infrequent) and it wasn't worth a lot, that they wouldn't take it off you.
Sorry about that!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am sure that the Official Receiver will let you keep your car. It is of relatively low value, and it is not necessarily safe to be walking on your own these days, so a car would afford you some safety protection as well as being a convenience.
These days, the OR will consider other things as well as work purposes, such as if you have elderly relatives who rely on your visits, the need to go shopping and social mileage as well. Make sure you put up a good fight if they do say that it is not and exempt asset.
thanks for advice everyone. oh this could sway it love my little car. what if i just said yes i need for work full stop! dont know how much they look into it. i could say i use it for meetings etc do they check? or is that illegal to say exagerate? dont really like not knowing all this before its decided
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Rochelle, I presume in the winter months you drive to and from work as it's too dark or cold to walk. This might be the same at other times of the year, it's safer for you. I personally think you need the car and I think you should stress that to the OR, if you choose BR.
would they know i only work 10 mins away if i didnt actually say it- they would obv have both post codes but that prob wouldnt mean much to them and as some people said i wouldnt be lying saying i use it for work as i do use it most of the time.
ive just looked on auto trader and my cars actually probably only worth £1000 wiht the economy as it is. bit gutted as i paid £1700 a year ago but never mind.
I was asked what other methods I could use to get to and from work. I was honest and told them that I could use the bus, but it would take me 1 1/2 hours and I wouldn't be able to get to work on time. I also mentioned that I have an elderly mother who has glaucoma and a cataract starting, and although she could still drive (and still can) I didn't know if things could change.
I certainly wouldn't say anything to the OR that can't be proved. It wouldn't take long for the OR to do an AA routeplanner and see how far you work from home. I would use the personal safety arguement. I could prove how long it would take me to get to work by showing them the bus timetable (although they didn't ask), and my boss was prepared to write a letter confirming that I might be asked to visit customers etc.
