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MrandMrs
New Member
United Kingdom
99 Posts |
 Posted - 29 December 2008 : 22:16:09
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Hubby has his bankruptcy hearing for 23rd January. He bought me a car 4 years ago and has kept up the payments, all apart from the last 2, which he cannot afford. I have offered a reduced payment in light of his forthcoming bankruptcy and the finance company are saying no - it's all or we have to return the car. Can they do this? The loan is secured on the car and there is £412 outstanding out of a £9000 loan.
What is the best course of action? He has sent his car back and has a new one that I bought him recently, but we both need cars for work and he works away a lot.
working towards the first day of the rest of our lives |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 December 2008 : 22:41:34
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Hi
The new on he now has - what value is this?
Secondly it may be better to postpone the bankruptcy until you sort the car out on HP. If he has made the payments for the car on HP then technically the car is his and with only £412 owing there is clearly equity in the car.
Therefore from what you have said the car is definately at risk.
Suggest you call either the helpline or one of the Assisted Bankruptcy Experts to get some advice before you attend court
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 31 December 2008 : 00:22:21
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Hi
We took advice on the car from the Melanie Giles agency and were told that, as it was a gift to me and it has been registered, insured, taxed etc in my name from the date of purchase 4 years ago then it wouldn't be an issue. He also had his own car on finance that he has returned, hence why I have bought him a new car. It cost £3799 and it is my name on the finance and the car is registered in my name. We both need vehicles for work. Mine is valued at about £3500 now.
The only reason we are in this mess is that his business went under leaving him with thousands of pounds of debt. He left the military and opened a business, but was shafted by a dodgy landlord and then the credit crunch hit. We are doing all we can, but without the cars neither of us can work. We have got rid of his car for a Ford Focus, he needs a smart and reliable car as he goes to clients premises representing the company he works for and I have to have a large vehicle as I do deliveries of animal feed, so have an old T reg Landcruiser.
Have we been given wrong information? I'm worried now. Payments for both the car that was returned and the one I have were made from our joint account.
working towards the first day of the rest of our lives |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 31 December 2008 : 10:44:26
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Hi
The team at Jones Giles are exeptional and if they have looked at the situation in great depth then I am sure that their information is correct
My thinking here is that technically if the car is under an HP agreement then it is his responsibility rather than yours and that you are the registered keeper.
I am just a little worried about it so I would be happy to look into it further just so you are absolutely on safe ground.
I will be happy to have a chat with the team from Jones Giles for you if you like
incidentally what value is the Ford Focus that hubby has now?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 31 December 2008 : 13:33:01
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Paul, I feel it would be of benefit if we talked. I am now worrying! We were advised for me to buy the new car and for the finance to be in my name as I am creditworthy. I am the registered keeper of both cars and my husband of none now. The new car cost £3799 and is an 04 plate Ford Focus.
Is there a way of contacting you directly?
working towards the first day of the rest of our lives |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 December 2008 : 14:00:57
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Hi M&M
Have a look down the side at pauls expert status and follow the link to his website, you can then contact him that way.
I do hope that you get this sorted out
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 31 December 2008 : 14:35:17
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Thanks Jo, helpful as always and a real asset to this site.
We are now agreed that hubby will speak to Paul and this may mean he delays his BR from 23 Jan as he would need to find the fees to pay Reviva, but we aren't worried about that as I'm sure the expert advice is worth every penny.
working towards the first day of the rest of our lives |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 December 2008 : 14:52:39
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Hi M&M
I know that the advice and help that you will get from Paul will do wonders for your current situaiton and worries. I just wish that when i was going through mine that i had someone like that to be there and hold my hand so to speak.
Its not worth the worry honest, it will be all sorted and i have no doubt that Paul is your man to help you out.
You take care and if i can help in anyway, shape or form i am around too.
Have a great new year, put the past to the past and live to the new future.
LOL
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 31 December 2008 : 14:54:51
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Thank you Jo - and the same to you, I hope 2009 is a great year for you.
working towards the first day of the rest of our lives |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 December 2008 : 15:01:29
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Thank you,
It is going to be the best for us, with the old year 2008 going out, is a year that although i will always remember but one that i now know that it was meant to be and into a year 2009 that will be the one that makes it a def fresh start. In 7 months we will be discharged and our past is well and truely in the past now.
Roll on 2009 my special year, one that will be the best for all of us, old and new.
Have fun :-)
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 31 December 2008 : 16:41:14
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Hi
sorry back in the land of the living.
still available as always to have a conversation any time - wife is very understanding!
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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MrandMrs
New Member
United Kingdom
99 Posts |
Posted - 31 December 2008 : 20:12:04
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Paul, we wouldn't dream of interrupting your New Year celebrations. Hubby will call once all the hangovers are banished!!!
Have a good one
xxxx
working towards the first day of the rest of our lives |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 31 December 2008 : 22:13:15
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Have a great one
the phones are always on from 8am every day inc new years day
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Topic |
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What will happen to my car - hubby going bankrupt
