Bankcruptcy and the car

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Navydog

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Post by Navydog » Mon May 25, 2009 9:15 pm
Hello all,

Sorry if this is a repeated question.

Just trying to gather peoples experiences when it comes to losing the car. I understand its all down to individuals but was wondering

My car is valued at between 2.5-4k(dependant on where you look). I need a car to get to work etc

What has been peoples experiances? I know im in someone elses hands when it comes to it but will they give me leeway to buy another old banger?

thanks in advance [:D]
 
 

Max

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Post by Max » Mon May 25, 2009 9:22 pm
B/R I can't understand it for a local business man here went B/R over a year ago - he still lives in his huge house and still drives around in his Bentley Continental. He is not married so how on earth has he done it? J
 
 

kallis3

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Post by kallis3 » Mon May 25, 2009 9:59 pm
Usually you are allowed to keep your car if it is necessary for work and is worth less than about £2.5k. If it's worth more than that, the OR would normally expect it to be sold and a cheaper one bought.
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.
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Navydog

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Post by Navydog » Mon May 25, 2009 10:02 pm
Thanks Kallis.

who decides on its value?
 
 

MelanieGiles

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Post by MelanieGiles » Mon May 25, 2009 10:04 pm
It is really down to the discretion of the OR dealing with your case. A figure of below £2,000 ought to be safe - anything higher and you will need to justify keeping a car of such value. If their decision goes against you - put up a fight, as this usually works!
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Mon May 25, 2009 10:09 pm
I presume the OR would refer to something like Parkers or Glass's guide Melanie?
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
 
 

Navydog

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Post by Navydog » Mon May 25, 2009 10:14 pm
Thanks Melanie, didnt want to waste lots of time in our meeting talking about a car.

Who sells the car? is it down to me or do they take it and auction it off?
Who values it?
 
 

MelanieGiles

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Post by MelanieGiles » Mon May 25, 2009 10:14 pm
Yes - and they do have a network of local auctioneers that provide valuations as well.
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Navydog

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Post by Navydog » Mon May 25, 2009 10:15 pm
Sorry, its down to me to sell?

thanks
 
 

MelanieGiles

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Post by MelanieGiles » Mon May 25, 2009 10:19 pm
Not usually. If the feel that the car is of excess value they generally arrange for it to be collected and sold at auction.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Navydog

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Post by Navydog » Mon May 25, 2009 10:21 pm
Thankyou. And replacement car money from the auction?
 
 

MelanieGiles

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Post by MelanieGiles » Mon May 25, 2009 10:23 pm
Not always guaranteed - but generally accepted to be fair. Again, all at the OR's individual discretion.

As I explained to you on Friday, one of the disadvantages of bankruptcy is not knowing what will happen until after the Order is made, at which time it is nigh impossible to get out of it and you then have to accept decisions made for you.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Navydog

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Post by Navydog » Mon May 25, 2009 10:24 pm
Thankyou again :D
 
 

Julie

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Post by Julie » Tue May 26, 2009 9:43 am
It is down to the OR - hubby has a lease car and he's allowed to keep it, as its essential for work.

I have to be honest, I found the OR really fair and understanding.
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