question category: Debt Relief Order

I wanted to appy for a debt relief order but my car is worth 1100 can i sell my car

Submitted on: 15th Sep 2009 by Non-Member | Total Answers: 2

and get a cheaper one will i then be eligable for a debt relief order

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Re: I wanted to appy for a debt relief order but my car is ...

In a Debt Relief Order...
http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/droguide.pdf

although there is a £300 limit on assets you are actually allowed a car of up to £1000 so there probably isn't that much of a problem with yours.

If someone has a vehicle which is worth far more than that they can sell it - but would have to make sure the money is paid off the debts on a pro rata basis - the creditor they owe the most to - gets most of the money, the one they owe the least to gets the least proportionately etc

Only certain organisations can arrange DRO's, the most obvious one being the Citizen's Advice Bureau (CAB).

If you want to look at your options or you have further questions about debt by all means contact Debt Advice Foundation

Submitted on: 17th Sep 2009 by Darren Member

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Re: I wanted to appy for a debt relief order but my car is ...

If you're only £100 over the limit for your car, it's worth asking your intermediary if they would accept a lower valuation. They have to value the car if you keep it, even if you were sure it's worth under £1000.

Submitted on: 6th Feb 2012 by Non-Member (not verified) Non-Member

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