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| davidsw |
Posted - 31 July 2009 : 13:11:02
Hello,
I have a car on HP, worth approx 3,000 owe about 8,000 I use this for work because I travel around the country. We akso have a child with special needs and public transport is out of the question.
I also have a scooter on a personal loan which my wife uses for work, she pays the finance on it but it is in my name. we were hoping that when I declared BR we could carry on with the payments to both companies. How likely would this be?? I will have £60 disposable income, but my wife would pay the rest.
Thank you |
| 4 L A T E S T R E P L I E S (Newest First) |
| davidsw |
Posted - 01 August 2009 : 23:17:31
Thank you for your help. The scooter is worth about 1200. Cant get the money together to get another car so stuck with this really it is with Black Horse and I have been told usually they let you carry on. what I was bothered about is that I will need to put the monthly repayments down for the car on the I & E form. If for some reason the finance company say no, then I will have 190 DI but without a vehicle I can't do my job as I have to travel all over the north of the country and there is my son who can't cope going onto public transport. |
| Andrewski |
Posted - 01 August 2009 : 14:44:12
Hi Davidsw
In my case I had a motorcycle worth c. £4K and the trustee in bankruptcy required to sell it and gave me an allowance of £2K for another vehicle.
If the loan is indeed personal and not HP it should be written off. If your scooter is worth not more than around £2K you should be allowed to keep it as an exempt vehicle.
As for the car, depending on the amount of the finance payment, you may have an argument that is an essential payment which should be taken into account in calculating your disposable income. Otherwise as debtrider says, consider returning the car and trying to acquire another car to the value agreed by the OR.
Andrewski |
| debtrider |
Posted - 31 July 2009 : 16:48:26
Hi Davidsw
First of all if the car is on HP then the OR will have no interest in it as it belongs to the HP Company, and it will be up to the the HP company whether they let you keep up the payments on it. Dependant on what the the monthly payments are on the car,this may be an issue with the OR. Especially as the car is only worth £3000 and you still owe £8000. I would suggest handing the car back to the HP company and if you can get hold around £2500 get another car. The OR may look more favorably under these circumstances especially as you need it for your child.
As far as the scooter goes then if it was bought with a personal loan, then the money owed would be written off in bankrupcty. The OR would look at the value of the scooter and look to sell it, unless again you could get a third party to pay the value of it to the OR.
If the car and scooter is in your name then then you are responsible for the payments, and I don't think you could transfer the ownership to your wifes name easily.
Hope I have been some help
Debtrider |
| CMJ |
Posted - 31 July 2009 : 16:36:18
Hi
We were allowed to keep our car on HP OR said as long as finance co agreed he had no interest in vehicle as we owed on it. We rang finance Co they didnt care as long as got paid and just carried on making monthly payments as you we needed it for work.
Speak to OR I'm sure it will be ok.
Good luck
Michelle  |
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