BR

[jayrob]

Hi thanks to some great advise from melanie's co-worker also melanie who I must say is absolutly brilliant my husband has decided to go br as it is the best option for him/us.
One question I have is our car its only a renault grand espace valued on the parkers guide for approx £3500 its only an x plate. He is the registered keeper (but I actually own the number plate) but we co-own it, I put some money towards it when it was purchased and I also pay towards the maintenance, last being £2200 in repairs. we also have four children so obvioulsy need a 6 seater and my husbands uses it to drive to and from work.
Do you think we will be allowed to keep it as I am co-owner or will they make it be old an offer me to buy it back.
We have our accountant coming over next week to go through things and then I have the bit I am dreading telling roberts dad who used to be a lloyds bank manager and may I add that they were the worst creditor we have.
Thanks in advance for any advise and melanie please will you pass on my gratitude to your co-worker.
thanks guys
jayne

[MelanieGiles]

I will do so Jayne, and with regard to the car so long as you can demonstrate that you have an interest in the car - for instance showing details of the repair bills, then you ought to be able to retain the vehicle,

[chris.g]

You could maybe buy the beneficial interest in the car-your husbands share-if the OR decides against you keeping the car. Good luck

[jayrob]

just been on parkers guide and on there it says the car is only worth £3,180 poor condition private sale don't know if this would make a difference.

[chris.g]

The advice that I was given was this--the OR will need to sell the car, usually at auction, car usually sells at below bottom book price, auction fees need paying, the OR will give you funds-if they allow you a car-to buy a cheaper one and what is left will be used for creditor pool. There may be no point the OR taking your car but may calculate the beneficial interest in the car and ask you to pay it.eg, the car is worth £3100, car allowance £2000, £1100 split between you and hubby, £550 hubby's beneficial interest. So to keep the car you could pay £550.(I think that's how it works!) Please correct me if I'm wrong.

[jayrob]

thanks chris you have been tons of help

[Reviva UK]

Hi
would suggest that you sort the car out before you go bankrupt and keep very careful records of all the transactions.

Work out what is your share of the car ( by virtue of your deposit and repair contributions ) deduct this from the value and what is left if potentially your husbands.

If your husbands share is less than £1500 you will be fine. If his share if worth more than that it would be worth going to the official receivers with all the paperwork and a cheque for the excess value - so effectiely you are buying out his excess beneficial interest.

From my experience I find that if you can do 98% of the OR's job - carefully documented - it helps smooth out the process and makes life less stressful.

I always prepare all the documents they are definately going to ask for, the documents they might ask for and the ones they occsionally ask for - down to photocopies of the MOT, insurance, tax disc, log book etc.

If the car is valued at under market value because of miles or condition then take a photo of the mileage and damage.

hope it helps