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| T O P I C R E V I E W |
| Lottie |
Posted - 08 May 2009 : 18:22:21
Hi there
Is there anyone out there that has been allowed to keep a car on finance after going BR. I ask this as I took a car on finance for my son as he was under 21 and could not get the finance. He has been paying me the payments into my bank every month and the finance co take the monthly payment by D/D from my bank. My son has also always insured the vehicle. I have my own car that I use and I took the finance solely for him. When I go BR in 2 weeks I will be honest and upfront about this to the OR and can show proof of monthly standing order from his bank to mine and proof of insurance, but am wondering if they will let me/him keep the car as they can see that i'm obviously not and never have paid for it. Obviously I know I need the agreement of the finance company, but hope they will agree that its in their interest as they will continue to be paid whereas if it goes back there is no money in the bankuptcy to pay them anything. Has anyone had a situation where thy were llowed to keep the vehicle on finance? Thanks in advance
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| 4 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 09 May 2009 : 14:23:40
Just a quite note of caution
you need to identify what type of finance you actually have.
If it is HP then the car is financed, if however it says "fixed sum loan agreement" on the paperwork it looks like an hp agreement on the car but is actually a personal loan used to purchase the car.
please cheack and let us know
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| CMJ |
Posted - 09 May 2009 : 13:33:50
Hi Lisa,
The DD goes out to a compasny called Freeway, who I think are part of Lombard,
Hope it all works out ok??
Michelle |
| Lottie |
Posted - 09 May 2009 : 13:05:19
Hi Michelle
Thanks for your reply. Yes I will be able to change the D/D to go from my sons account but up until now it has gone from mine a couple of days after the standing order from my sons bank so the OR will have to know its been taken from mine up until now but it is a totally honest arrangement so I hope they will be ok. Won was your finance company out of interest?
Regards
Lisa |
| CMJ |
Posted - 09 May 2009 : 09:17:47
Hi Lottie,
We went BR last Nov and have a car on finance which we needed for work, the OR said if the finance company were ok about it, we could keep the car we rang them and told them we were BR and they were fine. We then recieved a letter from OR saying he had no further interest in the car.
I also helped my son buy a car, it is in both our names and DDs go from his bank account again I explained this to OR as it was in joint names he again said he had no interest!!
My advice would be to be open and honest and expalin the car is your sons, could your son pay DDs from his bank, not sure if this would make a difference but its worth a try.
On another note BR is scary, I was a wreck last Nov but I have to say once you get court and interview out of the way its such a relief, I now have nothing to worry about now, just wish we'd gone sooner. We went last Nov and have just sent of forms for possible early discharge, so fingers crossed could be discharged after only 8/9 months, it amazes me how , the phonecalls stop, you here nothing , and life becomes peaceful again its the best thing we ever did!!
Good luck and I do hope it all works out for you.
Take Care
Michelle
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