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T O P I C R E V I E W
Davidd8568
Posted - 02 January 2012 : 21:37:53 Hi, We have a crippling log book loan, where we have paid back over 2k in six months,having borrowed 1200 originally. I realise we accepted the terms at the time, but it has destroyed us financially. We will be declaring bankrupt in the next few months. Can we include this in the bankruptcy. If so are we best to cease the payments now.,obviously we are worried that they will take our car if we stop paying.
Any advice/experiences would be a great help.
Thanks
2 L A T E S T R E P L I E S (Newest First)
Steve Thatcher
Posted - 06 January 2012 : 12:47:28 Hi David, your log book loan is a Bill of sale, so thecar is security for the loan. Until it is paid off if is the property of the lender. It is not included in your bankruptcy. What do you owe on the loan and what is the car worth. If you need the car and assuming you don't pay any other debts could you keep paying the loan.
Steve Thatcher
Daniel Griffiths
Posted - 02 January 2012 : 22:11:59 I think you wil find David in essence when you took the loan you sold the car but am at present borrowing it until you fullfill the terms of the loan then you get the logbook back, bankruptcy or not stop paying and the car will be repossessed
