We had our interview with the OR and all went well except there was a question over the cars value.
The car was a category D write off with extensive body damage when we bought it but it is drivable.
We used a number of online valuers to get a quote for value of car and they were are coming in lower than 2k.
We provided these valuations to the OR in our interview, however they get an independent valuation done and he told us if it comes back any higher than 2k they will lift the car off us and take as an asset and give us £1,000 towards getting a new car.
We have just been told now by the OR that the valuation came back to him and they are valuing the car at £2,900 and as a result will be seizing the car.
We have been told if we can get money off family and friends we can pay the difference of 1,900 and keep the car.
Does anyone have any experience or knowledge on how best to deal with this situation.
Thanks
It sounds like a tricky situation as it's important to keep the OR on side. However, if you are completely broke, it seems unduly punitive to take a low value car from you. It's the first time I've ever heard of a car appreciating in value a year down the line. I would agree with Steve T's points. I would respectfully request a copy of the independent valuation and query why its valuation of the car should be considered any more valid than the valuations you provided. In addition, is the car taxed and as a result will you lose out? Will there be an administrative fine for changing insurance mid-term? You could argue that you can't afford these additional expenses - tax and insurance changes. You could say that you need the car for work or to look for work and that a £1000 car would not be reliable enough for work and may, in fact, be a danger to you and your wife. You could argue that you got your own car serviced properly and that you couldn't afford to get the new 1000 car serviced. I would definitely say that there is no way a third party can hand over the money to you as most of your family and friends are in a similar situation due to the recession in Ireland.
Make your argument as compelling as possible, while remaining respectful throughout. He might agree to a much lower figure, such as £100 or £200, to save himself the hassle of flogging the car.
We have gone through the whole bankruptcy process on our own, could not afford legal advice or support as going through process as a couple it was out of our budget so appreciate the advice on this Steve, thanks for replying
We have gone through the whole bankruptcy process on our own, could not afford legal advice or support as going through process as a couple it was out of our budget so
Let's look at this another way, if you think the car is worth 2K and all your valuations point that way, then it should sell for 2K. Therefore you have one K and you need another 1k to buy it, that's the way I'd look at it. I presume there is nothing stopping you bidding on it yourself?
Hi Uk Bound
It's a shame about the car. This idea of them having to trust their valuer - who's valuation is conveniently at odds with every other valuer - sounds like a rationalisation to me. If you and your wife want to return home to Ireland - you could take the 1000 and use it to go home. You could use the seizing of your car as an excuse to go home ASAP. There is nothing to stop you both from returning home. By the way - if you are planning on returning to Ireland, be mindful of buying a replacement UK car as you will be liable for VRT on it, if it's in your ownership for less than a year. I'd wait and see what Steve T has to advise - before making ant decision.
Myself and my husband are soon moving to the UK to set up our COMI and go through bankruptcy. Like you we are having to do it alone, we just dont have the funds, no money hidden anywhere, would appreciate any tips or advise, if you would be willing to share.
Thanks
. This idea of them having to trust their valuer - who's valuation is conveniently at odds with every other valuer - sounds like a rationalisation to me.
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