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| Jeanette.mc |
Posted - 05 April 2012 : 10:16:18
If I have bought a car on finance and have another 3 years to pay on it, but need it to get me to work can I leave this out of the bankruptcy and continue to pay the finance on it? |
| 5 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 06 April 2012 : 18:28:37
Hi Jeanette,
If it's a fixed sum loan agreement, then the loan will go into the bankruptcy and you own the car.
If you can prove the need for a car for work purposes, then they will allow a car, but if your car is worth 3500-4500, then you will need to sell this before the bankruptcy and get yourself a cheaper one.
Please speak to an expert before doing anything.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Jeanette.mc |
Posted - 05 April 2012 : 15:29:55
Oops, sent your message back!
As far as my car goes I think it is probably a fixed term loan as it is with lloyds bank. I got car less than a year ago and cannot really afford to be without it as I need it to get to work everyday. Probable value at the moment is between £3500 and £4500. Not sure they will see it as a priority for me to have it. Don't actually know what to do, but have to do something as I am sinking very quickly into the big dark hole with no way of getting out of it!
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| Jeanette.mc |
Posted - 05 April 2012 : 15:24:18
quote:
Originally posted by Melanie.n
Just to add here, that the Official Receiver does not 'adopt' HP agreements and as such will, if circumstances dictate ie used for travel to work etc, very often allow an individual to continue to pay the hp agreement and retain the vehicle. At the end of the day it is down to the actual HP company whether or not they are prepared to allow you to continue the HP agreement NOT the Official Receiver, once you are bankrupt, as many HP agreements have a 'bankruptcy clause' though to be completely honest with you, as long as the OR is prepared to let the payments continue, HP companies will prefer to receive the monthly payment than have the vehicle back, and then have to claim the outstanding agreement monies via the bankruptcy.
A few years ago, the OR took a very hard line on HP agreements and cars were always returned to HP companies, these days they are far more lenient, provided the individual can put up a 'case' for the necessity to retain the vehicle (which is not too difficult to do!)
You must check though as Viki states whether or not it is an actual HP Agreement or a fixed sum loan agreement
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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| Melanie.n |
Posted - 05 April 2012 : 14:55:37
Just to add here, that the Official Receiver does not 'adopt' HP agreements and as such will, if circumstances dictate ie used for travel to work etc, very often allow an individual to continue to pay the hp agreement and retain the vehicle. At the end of the day it is down to the actual HP company whether or not they are prepared to allow you to continue the HP agreement NOT the Official Receiver, once you are bankrupt, as many HP agreements have a 'bankruptcy clause' though to be completely honest with you, as long as the OR is prepared to let the payments continue, HP companies will prefer to receive the monthly payment than have the vehicle back, and then have to claim the outstanding agreement monies via the bankruptcy.
A few years ago, the OR took a very hard line on HP agreements and cars were always returned to HP companies, these days they are far more lenient, provided the individual can put up a 'case' for the necessity to retain the vehicle (which is not too difficult to do!)
You must check though as Viki states whether or not it is an actual HP Agreement or a fixed sum loan agreement
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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| Viki.W |
Posted - 05 April 2012 : 11:17:08
Hi Jeanette,
If it's on HP, then the HP company will terminate the agreement once you are bankrupt and reposses the vehicle.
If it's a fixed sum loan agreement then the debt will be written off in the bankruptcy, but the car may be at risk depending on the value.
Please speak to an expert for advice and chat all this through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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