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T O P I C    R E V I E W
Christina85 Posted - 24 March 2011 : 13:33:39
Hi My parents took out a HP car finance agreement approx 1 year ago for my husband and I. The Finance is in my father's name as my husband ad I went Bankrupt 2.5 years ago so cannot get car finance ourselves. We pay the monthly payments in full by depositing money into my parent's account every month

However my parents are now having financial problems, through no fault of their own and are now considering bankruptcy.

Is there any way that we could keep the car? They already have their own car which due to it's size my Dad would need to keep for his work.

Could we for example give them cash for the car? The actual value is way less than the amount that would be owed on the finance but would probably be more than they would get at auction, but we would not want to get them into trouble with the car finance company?

Please advise, Thank you

14   L A T E S T    R E P L I E S    (Newest First)
Bigal4787 Posted - 13 April 2011 : 23:36:13
Hi,
not too sure about this, but if your parents are considering bankruptcy, and the HP agreement is in their name, then on bankruptcy the OR will write to the finance company to obtain details of the agreement, and amount outstanding.

If as you say, and is normal the balance is more than the value of the vehicle, the OR will not adopt the agreement, and inform the finance company to exercise their option to repossess the vehicle.

However, whether they would agree or not is debateable, but you could then negotiate with the finance company to establish whether they would let you adopt the agreement to continue the payments, or some other arrangement.

As stated, it is only an idea, and worth pursuing if there is a chance of you keeping the vehicle, instead ofit being repossessed.

Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.

If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
Niobe Posted - 13 April 2011 : 17:53:03
Unless one of the other experts can help then I have no idea.

You could always contact several of the companies via www.iva.com and you will receive free and impartial advice. Alternatively, you can contact one of the experts on here who may be able to help.

Double, double toil and trouble;
Fire burn, and cauldron bubble.

Jan
xx
Christina85 Posted - 13 April 2011 : 17:40:10
Ok thank you for letting me know, If anyone does have any advice please let me know. Thanks Again
Niobe Posted - 08 April 2011 : 17:33:02
Unfortunately Christina, Richard has made the decision to no longer post on the forum.

Hopefully one of the other experts can help.

Double, double toil and trouble;
Fire burn, and cauldron bubble.

Jan
xx
Christina85 Posted - 08 April 2011 : 17:26:43
Brilliant Thank you
Richard P Posted - 06 April 2011 : 10:31:04
Hi Christina

have not forgot you, waiting for permission from hosts to post the link.
Christina85 Posted - 06 April 2011 : 10:02:58
Hi Richard Sorry to bother you but was wondering if you had any update on the above please? Thank you again
Christina85 Posted - 28 March 2011 : 11:50:31
No problem, thanks Richard
Richard P Posted - 27 March 2011 : 17:32:05
Christina have not forgot you will post some info very soon



Good Luck Richard,
Christina85 Posted - 25 March 2011 : 17:52:59
Will do thanks Jan
Niobe Posted - 25 March 2011 : 12:22:09
If they can do a DMP then this has to be preferable to BR if the car can be kept safe.

Visit the link that I posted and give one or two companies a ring to see if there is anything that can be done rather than BR.

Double, double toil and trouble;
Fire burn, and cauldron bubble.

Jan
xx
Christina85 Posted - 25 March 2011 : 10:05:39
Hi thanks for the replies. there are another 4 years to go on the finance and they are not sure if they can hold on that long. They are in the process of writing to their creditors asking for reduced paymets etc so it may not come to this but they are looking at al the options as they are nearing retirement and cannot see a way that they will ever be able to pay everything back
I look foward to hearing from you Richard
Niobe Posted - 25 March 2011 : 07:54:43
They could consider something like a DMP until the finance is finished and the car would be safe.

Bankruptcy may not be their only option. If they visit www.iva.com they can phone a number of companies on there who come recommended. The advice is free and impartial and there may be another solution.

Double, double toil and trouble;
Fire burn, and cauldron bubble.

Jan
xx
Richard P Posted - 24 March 2011 : 19:30:09
Hi Christina

I think I have a solution for you, can you give me a couple of days I will either post a link for you or I will ask the Hosts for permission to exchange email

regards Richard

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