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T O P I C R E V I E W
billy79
Posted - 26 February 2009 : 19:06:39 we have a car on hp in my name only but my partner drives it and she is the registered keeper and she pays for it is there a way that she can keep the car when i go bankrupt
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 27 February 2009 : 23:21:28 it is also worth checking that the agreement is actually an HP agreement rather than a fixed sum loan agreement.
If it is a fixed sum loan agreement the car is not actually secured by the finance and it is really a personal loan used to buy a car.
Posted - 27 February 2009 : 08:30:40 If the agreement is in your name, the likelyhood will be that you would lose the vehicle, unless you speak to the HP company prior to filing for bankruptcy explain the situation and ask them to transfer the vehicle into your partner's name, this will not be immeadiatley agreed to but if you explain that you are about to file for bankruptcy and the agreement will therefore be void and you will be unable to make further payments under the agreement, you will finf that they will be more accommodating to the request as they would prefer to have the agreement paid that have to collect a car which to them is worthless. Give it a go, youhave nothing to lose, and i know of many clients who have taken this course of action.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
MrandMrs
Posted - 26 February 2009 : 21:20:32 We had the same when hubby went BR. His name was on the finance purely because we had just moved and I wasn't yet showing on the electoral register at the new address. I have had the car 4 years, paid all the payments and it is registered in my name. However, in order to ensure that the OR couldn't have an interest in it I had to pay off the finance prior to his bankruptcy.
working towards the first day of the rest of our lives
