Hi, i am looking at going banckrupt, but i have a car on finance which i pay each month and is used for my job (field sales) the car is worth approx 7-10k, will i lose my car going banckrupt or can it be exempt.
realistically.. if there is equity in the car and on HP the OR will want to sell it for the equity. if there is equity in it or not and its on a FSLA fixed sum loan agreement or loan then the OR will take it to sell it and pay for a replacement worth £2000 if loan or FSLA sell it yourself and after paying fees etc and buying another car worth £2000 give the balance to the OR
if no equity and on HP is possible but not usual that the HP Co will let you continue paying for it but the costs may need negotiation with the OR as regards IPA calculations and income and expenditure
Dave
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Hi, i am looking at going banckrupt
Posted - 08 March 2010 : 18:39:57
