| T O P I C R E V I E W |
| emdaz |
Posted - 15 May 2009 : 10:02:13
OK, so I just found out my car finance is not finance it's a personal loan.
Is it right then that I can sell it now and buy a cheaper car (about 2k)
Also what is the least i can sell it for. Parkers says in good condition about 5k but would like to may be sell it a friend cheaper or keep a bit back for emergency.
Could the OR find out what I sold it for??
Thanks |
| 15 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 17 May 2009 : 16:15:09
you need to plan for you and the family FIRST.
so lets say you didn't pay the mortgage for june, july & august and planned to move out in August / september that would be fine.
Then I would look at petitioning for Br AFTER you have moved so Sept / oct.
That gives you time to sort out the car, deposit for new place, time to move etc etc etc .
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| emdaz |
Posted - 17 May 2009 : 15:13:10
Is this ok with the or, and would we contact the mortgage company or would the or do it after br?? |
| Reviva UK |
Posted - 17 May 2009 : 15:04:51
there is a process
and you do need to do it right so you don't get caught out by the mortgage company and sign the wrong form.
many folks who are going to hand back a mortgaged property would probably skip the mortgage payments for a few months while they save up for the deposit for rental.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| emdaz |
Posted - 17 May 2009 : 14:49:45
thanks paul for your quick replies, really helping us out.
How would we go about the transition can we just walk away from this house first, or is there an official process???
|
| Reviva UK |
Posted - 17 May 2009 : 13:02:08
always better to sort your new home first. That has to be a priority.
People usually want to rush into Br before getting everything organised to make it as smooth as possible.
new home
car
deposit
bank account
etc etc etc
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| emdaz |
Posted - 17 May 2009 : 10:51:43
Thanks for your reply Paul.
The old vehicle was in my wifes name and the new one is now in her name too, so this should be fine then, as she is the one who needs it.
With regards to the new rental, should we move into rental accom before BR then or just after so that we can your our surplus money for rent??
Thanks |
| Reviva UK |
Posted - 17 May 2009 : 09:40:00
the or won't let you keep any for rent UNLESS you have already paid it out so make sure you do that.
also you should review ownership of the car, who deposits the money in which account etc.
For Example.
If the car is currently owned by hubby - and he is not working - he sells tha car deposits money in his account then :-
1. buys a replacement car in his name ( problem because he isn't working)
2. gives you £2k to buy a car ( problem because this is a gift )
If the old car were registered in hubby's name but actually belonged to you, then the funds should go into your account and the new car be invoiced and registered in your name.
that might not be the case but it would be reviewed better by the OR
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| gettingoutofdebt |
Posted - 16 May 2009 : 22:30:57
As Paul mentioned a car isn't guaranteed to be ok with the OR but if your wife needs it for work and cannot get there with public transport then it should be ok.
If you sell the car for £4250 and buy another one for £2k and use £510 of the excess for the BR fee then you will have £1740 left and you could use some of this for the bond and, hopefully, the OR will let you keep some for the rent as well. |
| emdaz |
Posted - 16 May 2009 : 20:50:49
Update - We have a valuation and agreed sale with a well known garage (Perrys) for £4250 for our car, we take it in and collect the cheque on Monday, and we have also agreed and purchased a replacement car for excactly £2000 with a receipt etc. So everything should be ok now we hope??
The extra from the car will be banked in our cashminder account for a bond on new rental property and rent (as many months as we can get away with??)
We should be able to keep the car as my wife needs it to get to work (its in a remoth location too, no buses)...? |
| Reviva UK |
Posted - 16 May 2009 : 14:07:15
just a note regarding the car.
The OR will allow a car for specific reasons, the main one being that you need it to attend work. If you are currently out of work thenyou would need to build a significant case why they would allow you to retain the car if unemployed.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| gettingoutofdebt |
Posted - 16 May 2009 : 10:05:16
That should be fine as everything would appear in your bank statements although the OR may query the additional money for the extra months rent but you can explain this during the interview. |
| emdaz |
Posted - 16 May 2009 : 09:17:12
Thanks for quick reply,
Here is our situation:
we have a bit of money in the bank which we will be withdrawing to live off and pay the court fees.
We are gonna sell the car (worth about 3500 - 4000) and buy one @ 2k with the excess we were gonna save 600 for a bond on rented accom and a couple of months rent (i'm currently unemployed)
would this be all above board??
Thanks. |
| gettingoutofdebt |
Posted - 16 May 2009 : 08:59:57
It would need to be done before BR and a written valuation would be ideal. The excess could be used to pay a £2k car and to pay the court fees. |
| emdaz |
Posted - 16 May 2009 : 08:57:11
Just a bump. anyone got any idea??
Thanks |
| emdaz |
Posted - 15 May 2009 : 11:25:40
Sorry do i need proof of a valuation? |
