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BankruptC
Senior Member
1030 Posts |
 Posted - 03 September 2008 : 16:14:59
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Hi again,
It's getting closeto BR day for us and though I thought I had things quite clear in my mind, the doubts are starting to creep in.
We have a car on HP and when we initially asked about it, Melanie and Suzanne said they thought we would probably be allowed to keep it (it's in 'negative equity', we need it for work, HP company says we can keep it as long as we continue to pay).
BUT...will the OR allow us to have the HP repayment in our I&E? The monthly payment is £216. What do people think?
CG. x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 17:27:50
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Hi CG,
If you can justify having a vehicle of that value, it is not unknown for the OR to let you keep it. It depends if this £216 is the difference between getting an IPA or not as to what the OR is likely to do.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 03 September 2008 : 17:56:40
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Hmm well it definitely would be! So if we show we need a car, and the OR decideswecan't keep that one, what would we do for a car?
CG.x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 19:01:51
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Hi CG,
What is the car worth? The OR can't stop you from working and has been known to give a cheque for £2500 to buy another car with. It all depends which is the cheaper option, but I suspect that you should be ok.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 03 September 2008 : 19:15:01
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Thanks Julian.
The car's worth about 10K and we owe over 15K on it. What do you think?
CG. x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 19:25:47
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Hi CG,
I believe if the OR made you hand the car back, that would result in an increase in your debts of £5k. The OR cannot do anything that would put you and/or your creditors in a worse position. As long as you can come up with a strong argument that demonstrates a requirement for you to have a car of that value (the nature/mileage you do for work etc), I believe you should be ok. However, it is ultimately the OR's discretion.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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HP on I & E
