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Originally posted by Melanie.n

Just to add here, that the Official Receiver does not 'adopt' HP agreements and as such will, if circumstances dictate ie used for travel to work etc, very often allow an individual to continue to pay the hp agreement and retain the vehicle. At the end of the day it is down to the actual HP company whether or not they are prepared to allow you to continue the HP agreement NOT the Official Receiver, once you are bankrupt, as many HP agreements have a 'bankruptcy clause' though to be completely honest with you, as long as the OR is prepared to let the payments continue, HP companies will prefer to receive the monthly payment than have the vehicle back, and then have to claim the outstanding agreement monies via the bankruptcy.

A few years ago, the OR took a very hard line on HP agreements and cars were always returned to HP companies, these days they are far more lenient, provided the individual can put up a 'case' for the necessity to retain the vehicle (which is not too difficult to do!)

You must check though as Viki states whether or not it is an actual HP Agreement or a fixed sum loan agreement

Hope this helps, Melanie

Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.

If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab

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