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Caroline
New Member
58 Posts |
 Posted - 12 March 2009 : 12:46:55
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Hi - my car is worth around 3,000. However I do need a vehicle as my work is 30 miles away, plus I have to attend meetings here and there etc. If I'm unable to keep my car because its over 2,500 but am able to keep a vehicle, what happens about getting another one? Do I sell it? surely I wouldn't be able to trade it in for a cheaper car because of BR? I'm a bit confused about what actually happens here.
Any advice welcome |
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jurell922
Junior Member
United Kingdom
187 Posts |
Posted - 12 March 2009 : 15:33:03
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Hi Caroline,
The OR will send a car auctioist round to value the car. They will then send their findings to the OR. If its worth over 2k, they will remove your car, but give you a cheque for 2k to buy a new vehicle. This arrives after aprox 4 weeks of them removing the original car. Also the OR will review if you can use public transport.
I was really lucky, I bought my car for 4.5k 2 months prior to BK, the OR said they wouldnt make enough money from the sale and let me keep it.
Hope this helps,
Jurell |
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Caroline
New Member
58 Posts |
Posted - 12 March 2009 : 15:58:51
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| Thanks for that info. I'm really hoping I can keep it as I have a 60 mile round trip a day and public transport involves a few changes and takes around 2 hours one way!! I just couldn't do without it for a month - fingers crossed I can keep hold of it! |
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John
New Member
United Kingdom
73 Posts |
Posted - 12 March 2009 : 16:20:47
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Hi Caroline
I'm not sure if you have already declared bankruptcy as if you have I assume the forms state that the car is worth £3K in your estimation.
If you have not yet done the deed I would research the value of the vehicle further and look to see if the value is in fact less than you think as the 2nd hand car market is far from bouyant at the moment.
John White
England Jackman & Spacey |
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pix1
Average Member
689 Posts |
Posted - 12 March 2009 : 16:25:52
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| If it is really worth £3k then it is borderline whether the OR would take the trouble of seeking possession of it. As long as you can show you do indeed need it yu may find you get a letter shortly after the bankruptcy order stating it is exempt property. As John says, it might be worth less than you think. I think the OR probably focusing on registrations from the past 3 or 4 years only. Unless someone maybe had an E Type Jaguar from 1972! |
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Caroline
New Member
58 Posts |
Posted - 13 March 2009 : 12:55:13
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Thanks for that. I've got my appointment on the 30th March. I did some investigations and as its '06 plate it came in around 3200, its done 30,000, but I really don't think it would fetch that much and 3k seemed about right to me. But you're right John, the market is not good at the moment.
I really couldn't do my job without a car so heres hoping! |
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Topic |
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What happens to my car?
