| T O P I C R E V I E W |
| passatrider |
Posted - 25 August 2008 : 10:04:27
Hi John,
You may recall that I was considering bankruptcy some time ago( self-employed taxi driver). I've got a date for the hearing:30th October 2008 at 10am.
I will stop paying my creditors as of 1st September so I can get the fees uptogether. I have drawn out any surplus cash from my account upto my overdraft limit for living expenses/car running costs etc. I have a second account which I can run things from anyhow, but I know this will be closed after bankruptcy date.
My only asset is my taxi worth about 9k which Iam hoping to be able to keep as I wish to carry on working, more for my sanity than anything else as I suffer from anxiety disorders which Iam getting help for anyhow.
My question here is do I tell the OR this and get some evidence from my GP to prove that being able to work will be beneficial for me in the longrun? I'm hoping that doing this my car will be exempted and I can continue as normal as I do have contracts to honour too.
I hope this isn't too confusing?
Many thanks
dave |
| 10 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 25 August 2008 : 17:24:32
Your very welcome!
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| passatrider |
Posted - 25 August 2008 : 15:12:04
Thankyou for your kind words too jo :) |
| Needafriend |
Posted - 25 August 2008 : 13:23:24
Hi Dave,
I would like to wish you all the best too. You know where we are if you need us.
Take care
JO :)
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| John |
Posted - 25 August 2008 : 11:37:23
Good Luck Dave & please do keep us informed.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| passatrider |
Posted - 25 August 2008 : 11:10:40
Thanks for your help John.. I will keep you posted on how things go over the coming weeks!
Cheers
dave |
| John |
Posted - 25 August 2008 : 11:05:56
Hi dave
looking at the details the cheapest car of it's type being sold privately on autotrader has an asking price of £10K+.
That said, yours would, if claimed, be sold at auction. With the 2nd hand car market as it is I would take the car to a VW dealer and ask how much they would give for it.
I'd be surprised if it's more than £6.5K.
Then there is the cost of decomissioning (£400) and of course replacement.
Perhaps you would lose business, perhaps even the current contracts, with a much cheaper vehicle.
Image counts in your industry.
With a purchase estimate from your dealer, letter from GP, list of commitments and the arguement that business could reduce if you are forced to change the vehicle, you will have done the best that you can do.
The rest is in the hands of your examiner.
If all else fails you will certainly be given funds by the OR to purchase a cheaper replacement.
Probably £2K to £2.5K.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| passatrider |
Posted - 25 August 2008 : 10:56:05
I don't know about being sensible..guess all the counselling must be paying off!
The car is a VW Passat 2.0 s TDI on a 2007 july 07 plate. It's done 45000 miles to date, full service history, manual gearbox, good condition.
As for decommissioning costs:
£100 plate transfer
£150 remove meter/transfer new vehicle
£120 remove handsfree kit/install new vehicle
£25 insurance administration charge
The above all depends on whether the OR takes the car away and gives me some money to get a replacement?
dave |
| John |
Posted - 25 August 2008 : 10:39:32
Hi
yes I do recall your situation.
You seem to be approaching all this very sensibly and I think you're right that the car is the only "unknown".
As you know £9K value is high for the OR to accept but I should say it's not unheard of.
The first thing to do is arrive at as accurate an estimated value as possible.
I'm guessing it's a VW passat but what year?
Manual or auto? Petrol or diesel? What's the mileage? What model / cc?
Also, what do you estimate the cost to be for decommissioning the vehicle?
To evidence your anxiety through your GP may well help, evidence of your contractual obligations certainly will.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| passatrider |
Posted - 25 August 2008 : 10:19:03
Thanks jo..I will keep you posted as to how things go!
dave:) |
| Needafriend |
Posted - 25 August 2008 : 10:13:21
Morning Passatrider,
Thats good news about your date. Hopefully John will be along shortly to continue what you 2 started.
Good luck
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
