i plan to go bankrupt in feb, im a single mother of one child ages 9 and a grown son of 18 still living at home. one of my debts is with the Welcome Finance for my car. although the car is worth around only 1,000 now, the debt is 6,000 ( very high apr)I alresdy have a very reduced payment plan due to ongoing finacial problems. when i go bankrupt how long on average is it before the car will be taken away from me ? and is ther any chance it wont be? ( i am currently up-to-date with the £68 monthly payments. i will not be making the end of januarys payment,i then intend to go bankrupt end of feb 09 when i have raised the fees?
Secured lending (including HP) is exempt from BR. Therefore, it would be the finance company's decision to take the car back. Given it's in negative equity, I would suggest that as long as you continue with the agreed payment schedule, you should retain the car.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
i plan to go bankrupt in feb, im a single mother
Posted - 16 January 2009 : 15:05:33
