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T O P I C R E V I E W
holly_1
Posted - 28 December 2009 : 07:34:37 what happends to vechile's that are on finance?
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 28 December 2009 : 09:40:13 Hi Holly.
This is an open question because it depends upon the finance agreement,the amount of equity, the monthly repayments, The Official Receivers view and also the Finance companies position.
In short if there is considerable equity in the car the OR will probably ask the car to be sold and if you need transport provide you with an allowance to obtain alternative transport.
If the car is in negative equity they when the finance company collect it any shortfall will be included in your bankruptcy.
If the car is on a fixed sum loan agreement - this is not HP but rather a personal loan for you to buy a car with.
Posted - 28 December 2009 : 09:08:25 is the finance hire purchase of just a loan (make sure that you check). how much is the car worth. how much is owed on the finance
