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| BankruptC |
Posted - 24 September 2008 : 13:25:55
Hi all,
I always knew the time between declaring BR and the OR interview would be a tough time (ian's is next week but I haven't even had a date through for mine yet!), so some new worries are setting in now.
Ian's car expenses work out to be over £700 per month and I'm worried they'll see this as far too much. It's broken down, roughly, as:
HP £200
Petrol £300
Parking £100
Others (tax, ins, breakdown cover, servicing etc) £100
Ian works about £20 miles away from home and has to travel during his working day, to various other sites within the(very large!) region. He is often required to drive down to London (a 5 hour trip) and sometimes up to Scotland (even further!). As I don't drive, and both sets of parents live an hour away, he also has to take our little one to be looked after by them (and pick him up again!) every fortnight, and we travel to see them every other week too.
I'm worried the OR may ask us to return the car to the HP company (they are fine for us to keep it). It would mean a shortfall of aroud £7k if we did. Ian has a good job and he absolutely could not do his job without the car.
What is the OR likely to do about this??
Thanks in advance!
C. x (a little down and worried today-having a heavy cold myself and looking after a 2 year old with tonsilitis doesn't help) |
| 4 L A T E S T R E P L I E S (Newest First) |
| BankruptC |
Posted - 24 September 2008 : 15:01:00
Thanks very much John. You always seem to manage to put my mind at rest. I owe you a pint (or 20!) if we're ever standing at the same bar! :-)
C. x |
| John |
Posted - 24 September 2008 : 14:52:26
Hi C
at the end of the day the only issue is the £200 paid in HP payments as regardless of which car Ian has the other costs would be relatively the same.
The HP company have no problem with the agreement which is great.
If the OR proposed the return of the vehicle this would free up £200 more per month to direct towards any IPA. On the other hand there are 2 negatives for him to consider. If Ian doesn't keep this car how does he acquire another? The OR won't pass any money to buy at around £2K as this only happens when the sale of a car realises significantly more than £2K and yours is in negative equity to the tune of £7K. Therefore Ians job is at risk which would definately put paid to any sort of IPA. So if you were the OR what would you consider the best action to be in order to claim some money back from Ian's estate?
Also, by insisting on the car being returned Ian's debt would increase by £7K which is not something the OR would want to do in the same way that the OR would not force the sale of a property in negative equity as there is no benefit to creditors if doing so.
If it is proposed that Ian gets rid of the car all of the above needs to be pointed out, in writing, to the particular examiner as sometimes he / she may be a rookie and going by the book without seeing the full consequences.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| BankruptC |
Posted - 24 September 2008 : 14:51:54
Thanks hon. Glad you managed to get on in the end!
C. x |
| maizie |
Posted - 24 September 2008 : 14:12:58
Hugs for you my sweet xxx
Maizie |
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