My question is about my car..Its an 09 zafira and is worth about 5k..my husband is also very ill and is unable to walk long distances and can not be left alone so i use my car to go everywhere.
I am aware that if i apply for bankruptcy that they will probably want the car, but if i wrote them a letter explaining my circumstances would there be a possibility they would let me keep it?
Hi, I'm sorry I can't answer you question but will keep it bumped up for you and in my humble opinion I would like to think the OR would be sympathetic to your needs.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You are allowed a vehicle if you can demonstrate you need it for employment OR unpaid vocation purposes as long as the vehicle is not worth more than a reasonable replacement, and I can tell you with confidence that even if you can convince the OR you need a vehicle because of employment or Vocation purposes only, that a vehicle to the value of £5000 is worth more than a reasonable replacement, the OR will consider a vehicle to the value of £1000 so he will likely take your car and give you a cheque for £1000. It is therefore worth consideration to sell this vehicle now, and you must sell it for what it is worth, buy another for just over the £1000 and take it to a garage and have its faults corrected. With the balance of the monies pay the repair bills and pay your bankruptcy costs if anything left then that is left to the OR
The thing is i rely on my car on a daily basis, as my husband cant even be left while i go on the school run, and he cant walk there so it is used every single day. So i would not be able to go without a car if my car was taken and was given a cheque to get another.
I have just done a valuation on we buy any car...it says £3,800.00 bearing in mine the car has been scraped three times when people have been trying to parallel park round me ..there is no way i would get that. Considering if i had to sell it i would have to but another, pay for repairs, insurance upfront..i would have no money to pay into the bankruptcy anyway?..so confused.
This is not confusing you said the car was worth £5000 originally you now feel it is worth £3800 the figures are still the same the OR will still only offer you the sum of £1000, IF you can show that you require a vehicle for the purposes, I spoke of in my original post, you can of course through a family member or a friend offer the OR the cash value he would receive from selling the car if you are able. I understand and sympathise the reasons you need your car but the OR and your creditors will not, it is not their problem, in bankruptcy it is simple you swap your debts for your assets only you can decide if this is in your interests as I have no idea of your debt level
Well i am confused, everything is getting intop of me..I estimated that it was worth 5k as i paid 6.5k for it nearly two years ago, it turns out if i were to sell it i would only get aprox 3800 for it.
If the car is only worth £3,800, and you can demonstrate you need it and the loss of it would be detrimental to your husband's health, it is possible that you would be allowed to keep it - or perhaps you could offer to pay the difference over a period of time.
By the time the OR has paid someone to collect the vehicle and the selling agent has taken their cut, there won't be much left for the bankruptcy estate in any case.
