Hello I have my appointment next week with bankruptcy clerk and would like a question answered. I have a car on finance with around £6000 finance outstanding and the car would be worth around £4500 I use this car for my work being a self employed painter and decorator and also for personal use ie 3 children will I have the car taken from me thus leaving me with no vehicle at all. Thanks
Is the vehicle on HP or a personal loan - reason I ask is there is a different legal position.
I am not aware that the OR will make any exceptions on value - £2K is the figure.
Depending whether it is HP or a loan will set the scene. It could be repossessed on behalf of the OR by a local valuer, sold by auction or tender and then when the proceedes are in - you will be invited to buy a vehicle up to £2K and the valuer will "fund" this on behalf of the OR
Hi Barclays Partner Finance is unlikely to be a fixed sum loan agreement and more likely HP or Lease.
They are pretty standard in their approach and I would expect them to cancel the HO agreement, as per the terms of the agreement, and collect the car shortly after your petition.
you may be better to postpone the bankruptcy until you are surte of your facts and have arranged alternative transport.
Can anyone explain Housing reply when he said the car will be sold at auction then i will be offered to purchase a car up to 2k with the proceeds is this correct The car is on higher purchase and was not a prsonal loan Thanks
If there was equity in the car after clearing the finance you may be allowed to keep this if you need a car for work. You are usually allowed one up to around £2k,
However if the car is worth less than what is owed then there is no equity to release on the sale
I misred the post as Paul said - I was asking for clarification at the time of my original post as to whether it was HP or a personal loan - there is a difference on your rights - now you have confirmed it is HP, I too suggest that you wait until you have alternative transport before BR.
I sugest that a conversation with one of the financial experts will be worthwhile - Paul from Reviva UK or Melanine from Jones Giles.
I hope this clarifies - I was not trying to mislead you - far from it Richard
quote:Originally posted by gedc1
Can anyone explain Housing reply when he said the car will be sold at auction then i will be offered to purchase a car up to 2k with the proceeds is this correct The car is on higher purchase and was not a prsonal loan Thanks
will I have the car taken from me ?
Posted - 22 April 2010 : 07:25:30
