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T O P I C R E V I E W
karena.f
Posted - 14 June 2008 : 08:49:54 Hi
I have just been made bankrupt and have a car on HP that I use for work. I am up to date with the payments and the HP company are willing to let me keep the car so long as I continue to keep up the payments, its current value is £9000. Will the OR force me to return the car to the HP company because of its value. I pay £172.00 per month to the HP company and have listed this amount in my monthly income and expenditure budget to the OR. Its my understanding that they only allow you to keep a car to the value of £2000, is this correct.
Thanks
4 L A T E S T R E P L I E S (Newest First)
karena.f
Posted - 15 June 2008 : 17:58:35 Thanks Andy
That sounds very reassuring.
Andy Davie
Posted - 15 June 2008 : 16:48:33 Hi Effectively your car is worth nothing as there is no equity in it.The OR may allow the cost to pay the HP in your allowance or more likely expect you to fund it out of the 30% plus of your surplus. Regards
Spokesperson and Site Manger IVA.co.uk
karena.f
Posted - 15 June 2008 : 14:42:04 Hi Skippy
Thanks for your reply,there is no equity in the car for me to get 2500k as I have only just about paid the interest, so where do I stand in terms of generating cash for a car that is mainly used for work purposes.
Skippy
Posted - 14 June 2008 : 20:20:15 Hi Karena and welcome to the forum.
£2.5k is generally the allowace for a car. I don't think you'd be allowed to keep a car worth 9k. Also you need to bear in mind that some HP companies will repossess the car once they are notified of your BR.
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