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ddonna
New Member
89 Posts |
 Posted - 24 October 2010 : 08:41:43
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what happens with goods i have on buy now pay later through my catalogue,will i be allowed to keep them or will the OR give them back to the catalogue??
Also
I have a tv which i bought from currys on finance i only have approx 214 to pay on it through monthly payments then its finished(ive paid it for 4 years) would the OR need to take this off me as i havent finished paying for it ?
hope you can help!
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 October 2010 : 14:57:44
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in a word no it is very unlikely.
it is likely to be an unsecured loan with a payment holiday at the start,
a 4yr old TV is not going to be of interest to the OR
and Currys will be an unsecured creditor.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 October 2010 : 15:05:35
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Hi
Do not stress as Chester has said - the TV will be of no value now and the rest will be lost to the BR - start to smile...
Regards, Richard
"There are no problems - only solutions" |
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donna pearcy
Starting Member
United Kingdom
14 Posts |
Posted - 24 October 2010 : 19:47:54
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Thankyou for letting me know,i was up til 4am trying to find answers and its made me ill!!I just cant take the stress but hopefully soon it will all be over and i can start enjoying my life again xquote:
Originally posted by Housing
Hi
Do not stress as Chester has said - the TV will be of no value now and the rest will be lost to the BR - start to smile...
Regards, Richard
"There are no problems - only solutions"
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ddonna
New Member
89 Posts |
Posted - 08 November 2010 : 13:42:48
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regarding the tv etc ,they are on a fixed sum credit agreement regulated by consumer credit act,is that the same thing??
Please help,im in court tomorrow and worrying about everything!!1quote:
Originally posted by Housing
Hi
Do not stress as Chester has said - the TV will be of no value now and the rest will be lost to the BR - start to smile...
Regards, Richard
"There are no problems - only solutions"
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 08 November 2010 : 14:03:03
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Hi there
exactly the sam ething - and the OR will not be interested, just ensure each of the debts is listed on your statement of affairs
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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ddonna
New Member
89 Posts |
Posted - 08 November 2010 : 14:05:21
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Thankyou,i feel like i get one worry sorted then another crops up!!!!Fingers crossed it will be all over tomorrow and i'll be able to start a fresh xquote:
Originally posted by Melanie.n
Hi there
exactly the sam ething - and the OR will not be interested, just ensure each of the debts is listed on your statement of affairs
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 November 2010 : 10:32:41
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Hi Donna,
in a fixed sum credit agreement, as soon as the supplier receives their money for the goods supplied you then retain the legal title to those goods(i.e. the TV), unlike an HP agreement in which the goods don't belong to you until the loan is paid off.
So in this case in bankruptcy, the finance company wouldn't have the right of repossession, but could pursue the amount outstanding, however as you are petitioning for bankruptcy it should be listed in your SOA as an unsecured creditor.
Technically the OR could claim the TV as you own it, but the liklihood of the OR doing that is remote as it would cost more to realise anything from it, and would not be of benefit to the bankruptcy estate.
On your SOA under section 3 (assets) question 19, only asks for any other property of any value e.g antiques, paintings etc, so NONE is the appropriate answer, and with £214 outstanding on the agreement, I doubt whether it will be commented on(I certainly wouldn't have).
Good luck
Big Al |
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ddonna
New Member
89 Posts |
Posted - 10 November 2010 : 10:46:05
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Hi Big Al ,i was made BR yesterday,it wasnt half as scary as i thought.The worst bit was waiting to see the judge.The judge was lovely to us and really understanding.It just haant sunk in yet,ive read back on my first posts where you started giving me advice and i cant believe its all over now,its never as bad as it seems!!!
Id just like to thank you so much for all the advice that you have gave,i couldnt of done it without all your help xxquote:
Originally posted by Bigal4787
Hi Donna,
in a fixed sum credit agreement, as soon as the supplier receives their money for the goods supplied you then retain the legal title to those goods(i.e. the TV), unlike an HP agreement in which the goods don't belong to you until the loan is paid off.
So in this case in bankruptcy, the finance company wouldn't have the right of repossession, but could pursue the amount outstanding, however as you are petitioning for bankruptcy it should be listed in your SOA as an unsecured creditor.
Technically the OR could claim the TV as you own it, but the liklihood of the OR doing that is remote as it would cost more to realise anything from it, and would not be of benefit to the bankruptcy estate.
On your SOA under section 3 (assets) question 19, only asks for any other property of any value e.g antiques, paintings etc, so NONE is the appropriate answer, and with £214 outstanding on the agreement, I doubt whether it will be commented on(I certainly wouldn't have).
Good luck
Big Al
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 November 2010 : 10:52:55
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Hi Donna,
glad it went well for you, the case clerk should be in touch soon, then you'll have a telephone interview with an examiner which shouldn't take too long, then once the formaliites are concluded(TNIDIS, NTB2 to sign) that should be it until discharge, any questions from the interview let me know,
Big Al |
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ddonna
New Member
89 Posts |
Posted - 10 November 2010 : 10:54:02
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Thankyou ,i'll let you how it all goes .
thanks again!!quote:
Originally posted by Bigal4787
Hi Donna,
glad it went well for you, the case clerk should be in touch soon, then you'll have a telephone interview with an examiner which shouldn't take too long, then once the formaliites are concluded(TNIDIS, NTB2 to sign) that should be it until discharge, any questions from the interview let me know,
Big Al
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Topic |
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Goods on buy now pay later ?
