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T O P I C R E V I E W
ronalddp
Posted - 27 November 2008 : 21:37:02 my wife and i jointly own a caravan in the name of mr and mrs can this be siezed as an asset when it is only my debts in my name that will make me bankrupt.Also i owe about £1400 on a car but as i use the car for my work as a minicab driver can the finance company repossess it i had finance for 48 months and paid 39 months
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 27 November 2008 : 22:53:36 Hi
the car would really depend upon the value of the car less the amount outstanding.
If the car was worth £5000 and you awed £1400 then the "equity" would be £3600. This would certainly be sufficient for the OR to force the sale , clear the HP, provide you with funds for a replacement but cheaper car whilst retaining the balance for the estate
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
John
Posted - 27 November 2008 : 22:18:45 Hi
a caravan, much the same as any other asset, can be claimed by the OR in bankruptcy.
I'm not sure about hp repossessions on cars that have only 7 payments to go. Theoretically my guess is yes they can but hopefully someone more knowledgable re hp will post their answer.
