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Hazel.11
Starting Member
4 Posts |
 Posted - 07 April 2012 : 18:56:29
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| my vehicle which is essential for my job is registered and insured in my name but the hire purchase agreement is in some else's name as I am unable able to obtain credit. The vehicle is worth approximately £5.500 but there isn't any equity. Will I be able to retain the vehicle. |
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debtinfo
forum expert
2826 Posts |
Posted - 07 April 2012 : 19:50:27
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| if the HP agreement is in someone elses name then, the vehicle can not be taken by the bankruptcy, the problem you may find though is that the amount paid to the HP company may not be allowed as part of your expenses, how much do you pay each month? |
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Hazel.11
Starting Member
4 Posts |
Posted - 08 April 2012 : 13:28:27
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quote:
Originally posted by debtinfo
if the HP agreement is in someone elses name then, the vehicle can not be taken by the bankruptcy, the problem you may find though is that the amount paid to the HP company may not be allowed as part of your expenses, how much do you pay each month?
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Hazel.11
Starting Member
4 Posts |
Posted - 08 April 2012 : 13:34:33
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I pay £156.00 per month.quote:
Originally posted by debtinfo
if the HP agreement is in someone elses name then, the vehicle can not be taken by the bankruptcy, the problem you may find though is that the amount paid to the HP company may not be allowed as part of your expenses, how much do you pay each month?
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Hazel.11
Starting Member
4 Posts |
Posted - 08 April 2012 : 14:36:08
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Together with my car query I own a substantial property which was remortgaged to fund a business. I am up to date with my mortgage repayments but in arrears with a secured loan taken out in both my husbands and mine names, unfortunately my houses was security and now there is a suspended repossession including a recent eviction which was avoided by way of entering into a voluntary assisted sale with the finance company who will have control of the sale at my financial cost. I am required to make monthly payments whilst house is for sale. When I file for bankruptcy will my property immediately become one of my assets with the receiver and remain within the receivers hands rather than the finance company? Meaning will the finance lose control of the sale and property reverts to the receiver. The finance company then becoming one of my creditors.
quote:
Originally posted by Hazel.11
I pay £156.00 per month.quote:
Originally posted by debtinfo
if the HP agreement is in someone elses name then, the vehicle can not be taken by the bankruptcy, the problem you may find though is that the amount paid to the HP company may not be allowed as part of your expenses, how much do you pay each month?
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James Falla
forum expert
45 Posts |
Posted - 11 April 2012 : 19:20:10
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Hi Hazel
It sounds as though the situation with your property and car is quite complex. You may be able to keep your car but I would suggest you speak to an expect about this.
The basic rule regarding your property is that secured debts are not included in bankruptcy. As such the offical receiver will not deal with the mortgage or secured lender on your behalf. Is your property in negative equity? If it is then you could simply find alternative rented accommodation, and then hand the keys back to the Mortgage company. In affect allow the secured loan company to repossess. Then declare yourself bankrupt. Any eventual shortfall to the mortgage or secured loan would then be included in the bankrutpcy.
Again I would suggest talking this senario through with an expert so you fully understand the implications.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
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Will I be able to retain my vehicle ?
