| T O P I C R E V I E W |
| jacqstar |
Posted - 28 July 2008 : 10:25:18
Hi there,
I have a car loan of approx. £9K - this covers the actual price of the car (about £6k at the time of purchase) and the balance for depreciation which has occured through having to change a former car to a smaller one.
How do I declare this on my BR form. In the secured section as the total loan amount and/or the unsecured section? i'm slighty confused as the car value now is probably only £5,500 but I have a loan of £9,000.
Advice would be gratefully received..... |
| 5 L A T E S T R E P L I E S (Newest First) |
| atpgirl |
Posted - 07 August 2008 : 14:12:10
Sounds like you have it figured out too the most part. Is the loan secured? Are you sure you have to declare for bankruptcy? There are lots of different ways to go about getting out of debt. Maybe this might help some more...
http://uk.moneto.eu/financing/personal-loans/avoiding-debt/
http://www.debtcounsellors.co.uk/bankruptcy/declaring-yourself-bankrupt.html
Good luck!
Cheers |
| jacqstar |
Posted - 29 July 2008 : 16:34:56
Much obliged Assist - comments taken on board! |
| John |
Posted - 29 July 2008 : 11:59:23
The amount is secondary as you don't know what the shortfall would be. The 2nd hand car market is on it's knees and as the vehicle is likely to be sold at auction you may be shocked at the eventual shortfall. Whatever you decide to enter as the amount owing ( £0 ; £5000 ; £4000 etc) is not as crucial as entering "shortfall - amount unknown" in the column headed "reason for debt"
Assisting where I can. |
| jacqstar |
Posted - 29 July 2008 : 10:24:34
Thanks Assist,
Should I put the full loan amount in both as I don't know what the shortfall will be?
|
| John |
Posted - 28 July 2008 : 18:59:00
The details of the car need to be listed in both secured and unsecured sections.
Assisting where I can. |
