We have recently (October) got a car on HP with Welcome Car Finance, however our business has suffered majorly due to the current situation and we are booked to go bankrupt in January. The first Direct Debit was returned unpaid as all our funds had been used to cover overheads. Where do we stand? should we advise Welcome of the forthcoming bankruptcy and let them collect the car or wait until January and declare it in the bankruptcy.
Thank you for your reply. We are still trading (sorting christmas orders) until Friday. We have decided to close it now and deal with the closure/bankruptcy in a controled manor. We had to upgrade our car to a 7 seat as we have another baby due in the new year and as we had entered achievable payment plans with our suppliers we though it was affordable especially as we don;t take any wages, however two of our suppliers changed details of the payments and trade has been non-existent so matters have just snow-balled very quickly. This is why I asked the question as I don't want it to seem as though we took the debt knowing we couldn'r repay it as this isn't the case.
Where do we stand?
Posted - 17 December 2008 : 21:07:53
