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T O P I C R E V I E W
david3
Posted - 17 December 2008 : 21:07:53 We have recently (October) got a car on HP with Welcome Car Finance, however our business has suffered majorly due to the current situation and we are booked to go bankrupt in January. The first Direct Debit was returned unpaid as all our funds had been used to cover overheads. Where do we stand? should we advise Welcome of the forthcoming bankruptcy and let them collect the car or wait until January and declare it in the bankruptcy.
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david3
Posted - 17 December 2008 : 22:10:59 Thank you for your reply. We are still trading (sorting christmas orders) until Friday. We have decided to close it now and deal with the closure/bankruptcy in a controled manor. We had to upgrade our car to a 7 seat as we have another baby due in the new year and as we had entered achievable payment plans with our suppliers we though it was affordable especially as we don;t take any wages, however two of our suppliers changed details of the payments and trade has been non-existent so matters have just snow-balled very quickly. This is why I asked the question as I don't want it to seem as though we took the debt knowing we couldn'r repay it as this isn't the case.
Reviva UK
Posted - 17 December 2008 : 22:02:37 Hi
Sorry to hear about your situation.
From my experience Welcome are quite slow in collecting cars as clearly the profit is achieved if you keep them.
You will need a reasonable reason as to why you thought you could afford the car in Oct and now you are reviewing bankruptcy.
You might want to call the helpline to discuss the matter to get some peace of mind.
incidentally is the business still in operation and have you thought about the consequenses of Br for the business
Paul Johns Assisted Bankruptcy Specialists Reviva UK
