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| T O P I C R E V I E W |
| Sophie.re |
Posted - 29 April 2010 : 14:02:03
Hi There, We are considering going bankrupt and have spoken with CAB so pretty sure no other solution. Got a few questions as my husband is self employed. How does it work if he has a car on loan to do his driving instructoring, do they just take it and sell it and we have to get another vehicle? Can we sell it to someone else or have it put in someone elses's name etc? Also I'm having to live off my credit cards as normal until the point we reach bankruptcy as have no money as usual, but would they think I am racking up more debt knowing I'm going bankrupt?
Thanks |
| 7 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 05 May 2010 : 17:15:21
Hi Sophie
re car service as long as you are being realistic not a problem, the car must be safe
you should not use credit once you have decided to go Bankrupt. (But as a parent you have responsibilities to your child to feed).
The flat will be looked at, if no equity and you can still afford to maintain the mortgage payments provision may be made to keep the property.again be realistic what else is available locally to rent for same amount of money as mortgage and service charge.
paul @ Reviva has made an entry on your thread, which could be seen as an invite to contact him. Do so, he will help put your mind at rest he did for me.
regards Richard |
| beardco2 |
Posted - 05 May 2010 : 15:49:30
Hiya, thanks for replies, I will check the agreement. I have another couple of questions in the meantime if that's ok? I have just had my car tax and MOT on my car which I didn't have the cash in my bank for and also had to buy essentials like food petrol, and also had to get my Daughter a car seat, so had to use part credit card and I have taken a payment holiday from Northern rock to try and pay for these, will this go against me knowing I may go bankrupt and can't pay the amounts on my card etc back? I don't have the money to buy things on a monthly basis so am having to still use my cards and run my debt up more each month! Also, we have a flat which is mortgaged and if sold at the current market value we would cut even and not have any equity but no loss either, is it best we stay in it until we're made bankrupt or should we try and sell first and get out so that it looks better on our mortgage history etc for future mortgages? We have never defaulted etc.
Thanks
Sophie |
| Reviva UK |
Posted - 01 May 2010 : 16:44:14
Hi
couple of things:-
double check the finance agreement to check if it if HP ot a different finance agreement, and how much is this per month and which finance company is it with.
The above will give us a good indication if he can continue the agreement or if he will have to return the car.
Secondly if you are planning to go Br quickly it may be better is postponing it for a while because the Or will probably get grumpy about the HP agreement being so recent.
Finally is the franchise anything to do with the current debt situation. This may help significantly with your explanation in the SOA.
If you are not sure of timings etc give one of the experts a call and just run through your time plan to make sure you won'r get any fall out. you can also discuss the car then as well.
Hope that helps a little
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| debtinfo |
Posted - 29 April 2010 : 21:15:30
ok, how much is owing on the car and how much is the car worth |
| beardco2 |
Posted - 29 April 2010 : 21:03:11
quote:
Originally posted by debtinfo
Hi sophie, is he independant or with a national firm, is the car owned outright, on lease or on a Hire Purchse contract
Hiya, he was franchise under a firm up until 2 months ago but is now independant but have not registered his business yet. His car is on hire purchase which again only started 2 months ago :-( |
| debtinfo |
Posted - 29 April 2010 : 17:24:36
Hi sophie, is he independant or with a national firm, is the car owned outright, on lease or on a Hire Purchse contract |
| Housing |
Posted - 29 April 2010 : 15:22:57
Hi and welcome,
Are you looking at one going BR or both? That will have an effect on what happens to vehicles etc.
What advice did the CAB give you and are they able to assit you with the debt issues?
If not, why not call one of the experts that deal with insolvency matters on the left hand side of the page.
Good luck, Richard
"There are no problems - only solutions" |
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