need a car for work!!!!

[chris.g]

Hiya everyone, I was wondering if anyone could help. Both me and husband are going bankrupt soon, my husband first then me after new year. Our family car is on a joint fixed loan agreement and we owe approx £11,500 on it. We know it will go but we both need a car for work-my husband is a door supervisor and works nights until the early hours and I am a visiting lecturer and need to go where the work is. We also use it to get the kids to and from school. When the car is auctioned will the OR allow us some funds to buy a replacement? We would find it very difficult to work if we didn't have transport and, as you can appreciate, we don't have the money to buy another ourselves. Any advice would be great, [:)]


Learning as I go along!!!

[MelanieGiles]

If I were you I would get yourself a replacement vehicle of about £3,000 prior to the bankruptcy, and ensure that the balance of the sale proceeds are held to be handed over to the Official Receiver once you are made bankrupt. In this way the new car is unlikely to be challenged, and you do not have the incovenience of being without a car whilst your other one is being sold. Do make sure that you do not spend any of the money though, as you will then be open to criticism.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[chris.g]

I don't want to sound dumb but how would we do that? The car isn't paid for so will it be legal to sell it on? Would I explain to the buyer etc? I thought the OR could get the car back if it was sold before bankrptcy?

Learning as I go along!!!

[MelanieGiles]

You said that your car was subject to a fixed term loan agreement, so there is nothing to stop you selling it. The OR will only get the car back if you sold it for less than true market value. This is about money - not necessarily assets and by having the money available to hand over to the OR you are saving him a job!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[chris.g]

Hiya, as my husband is planning to file in the next 2 weeks would we be better to sell to a car dealer/secondhand garage? As long as we get book price for it would that be seen as a good amount? Thanks

Learning as I go along!!!

[Adam Davies]

Hi
Well that is the amount thar the OR would get as it would be sold at auction.Why not put it into your local auction ?
You could also look at doing what's called a "backward deal" with a dealer,where you purchase a cheaper car from the dealer plus cash for your car.

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[chris.g]

Thanks, I will. It's such a relief to know we'll still have transport. Thanks for all the advice.

Learning as I go along!!!

[Storm]

Before you take an offer from a garage remember they will be looking at giving you trade price (or what they can get away with) - check the value of the vehicle on Parkers.

My understanding OR's use Parkers.

You can do it free at www.parkers.co.uk

[chris.g]

Thanks, I have done and it's give me some vital info for when I go to sell it.

Learning as I go along!!!

[emma_t]

Just wanted to wish you luck, hope you get the car sorted and sold.
I hope you get on ok in your bankruptcy
Goo luck
Emma

[chris.g]

Hiya, just wanted to make sure the amount allowed is upto £3000, I though it was more like £2500?

Learning as I go along!!!

[MelanieGiles]

It is discretionary and each separate OR's office seem to have a different policy. If in any doubt, find out which office will deal with your case and make some enquiries.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[chris.g]

Hiya, it will be Newcastle, Tyne & Wear. Anyone had any dealings with these regarding cars and have any idea what will be allowed? Thanks

Learning as I go along!!!