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T O P I C R E V I E W
emdaz
Posted - 30 May 2009 : 09:13:08 hi we have followed great advice on this board and sold our car to come below the threshold. we have used the excess to secure a rented house and buy appliances and also for our br fees. Thing is we have some money left over. What should we do. will the or take it. Also we are in need of a new pram for our twin babys could we use some of it for that???
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gettingoutofdebt
Posted - 30 May 2009 : 09:54:44 Hi,
You will need to put the car details and price you sold it for on the SOA so the OR will want to know what you did with the excess. Paying a deposit/initial rent on a new rented property will be fine as you need somewhere to live once BR.
With the pram I suppose it depends on how much the new pram costs and what is wrong with the current one. If the current one is falling to bits and the new one is a reasonable cost then it should be ok.
Having said that the OR would look on your case very favourably if you provide as much of the surplus from the sale of the car to pay off your creditors.
You should be very careful about spending any money either from creditors (i.e. cards/loans) or from selling items when you have decided to go BR. Obtaining or spending money on things rather than using it to pay off your debts could result in a BRU especially so close to being declared BR.
