bankruptcy

[geoff&karen]

356% and this is what some of the poor bastards that fairpack shagged are having to pay I can't understand how companys think they can get away with this.

[Gingerheid]

Originally Posted by geoff&karen

356% and this is what some of the poor bastards that fairpack shagged are having to pay I can't understand how companys think they can get away with this.

My apologies to Provident for the incorrect information. It's not 356%; I recalled incorrectly and apologise sincerely.

It's 497%

Originally Posted by geoff&karen

Would you not be better selling the car and buying a cheaper car as cars under a certin amount would not be included in a bankruptcy as it would'nt be an asset.

Any car 66pete has will always be an asset in the bankruptcy no matter what it is worth, unless he can meet both one of the criteria above AND the value criteria.

He's got to be able to show that he needs it for an allowable purpose (ie to get to work) and that if they sold it and bought him one for £2000 they wouldn't be left with any money for themselves.

[geoff&karen]

Couldn't he say the car was for personal use such as shopping. And that public transport such as taxis would workout more expencive and the fact he needs to transport his children (when he has them) from A-B.

[Gingerheid]

That will be valid if he's in Upper Meadowington Vale Farmhouse, 8, Miles From Anywhere, Rollington Countrysideshire, ....

It won't work if he lives in a town that has public transport.

[66pete]

my kids live around 50 miles away, and i normally have one of them overnight at least once a week. so that is a 200 mile round trip. I
have already thought about selling the car as i have this feeling it will go no mater what i do. i just need to find someone with a glass's guide now and see what its really worth.

[66pete]

hav just found out according to glass's its worth around £1500 but it is a 1990 car so not sure now

[itfc78]

I went Bankrupt in May of this year and received my discharge last week.My wife an i had £47000 in unsecured debt,Usual story,wife had baby,stopped working living off one income, cannot meet minimum payments, Hammered by charges left,right and centre. No other option but to go bankrupt. We had looked at all options including iva, but if we missed payments on that we would still end up bankrupt.
we had a 51 plate Ford Focus worth about 3000 which we sold and bought a cheaper car for a £1000.the money was used to pay for the court and official receiver costs. In my interview i was informed that they would of let us keep the car as it was of no significant value.
All i say to you,if you have no assets and are honest with them you will have no bother.If you lie and try and hide things you may end up with a restriction order

[66pete]

i have nothing except the car, i am not trying to be dishonest or hide anything. my main concerns are seeing my children and that is it.
my youngest loves coming down to see me and staying, even if she is 15

[itfc78]

I dithered for nearly 2 years about what to do,being hassled all the time by creditors. I wish i had done it sooner. If the car is required for family purposes it is highly unlikely it will be sold.
As i mentioned earlier,i was told by the official receiver that they would not of touched the car as it was only worth £3000 and was needed for work,but we sold it to pay the bankruptcy costs and bought a replacement car