Hi to all forum users and experts alike. I am currently just into a DMP but feel BR might be an option. Last year I could afford my debt but last November I had to step down from team leader -£160 mnth then last week told to come off nights -£200 mnth. Last night we were told that we will be going on a 5 day week then 4 day week rotating till further notice -£120 mnth. My DMP payments are based on £140 mnth, but now the 4/5 day week thingy has made things very tight. I feel BR may be the only way out now. I am a council tenant married with 2 teenagers. The debt is all in my name and the only assets I have are my leather sofa, telly and a car on HP. I know the car would be eaten up, but work 24 miles away with no public transport options. Would GE money consider transfering the finance to my wife? I am open to all advice.
Hello and a warm welcome to the forum. From the info you have provided it may well be that bankruptcy is the better option for you mthe details i note that you have a car on HP - please check the agreement (or ring them)to clarify whether or not it is HP or a motor loan/loan -If a motor loan or loan it would just be classed the same as your other debt, If, though it was a hp agreement the agreement may be void on the making of the bankruptcy order and you would lose the car. An alternative would be to get a partner/family member to take over the agreement (transfer to their name) prior to filing for bankruptcy, thus you could keep the car - however they would also have to make the payments. Depending on our job sometimes OR's have agreed to a hp agreement continuing if the vehicle is essential ie shift work and unable to use public transport - the valus of the vehicle and hp payment would be looked at for this to be accepted.
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Thanks Melanie, My cars market value online is between £2400-2900 and is on HP with GE money and pay £150 mnth (still owe £5000 on it though). I work shifts and no chance of public transport (I live in a village 24 miles to work). I believe if a car is worth more than £2500 you could keep it if you pay the remainder of value to the court. But I thought you cannot transfer any asset prior to the BR as the OR would find out about it.
Technically it is not an asset as you do not own the vehicle the HP company does (in legal terms under a hp agreement you rent the vehicle for the monthly payment and make a small payment for the car in the FINAL payment) thus you are not transferring an asset! Bearing in mind your circumstances you would probably be able to continue the agreement but this does depend on the particular OR (they are laws unto themselves at times) if you transferred the agreement say to your partners name (the payment would be built into household expenditure) you would be safe in the knowledge that the agreement would not be cancelled and the car returned to the HP company. If you actually state why to the HP company they will usually allow the agreement to be transferred as they do not want the vehicle back!
Hope this explanation helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Should I contact GE money to explain I may go bankrupt and ask for the HP to be transferred to my wife (she only earns £180 month). I am unsure of the percentage of an IPO for 3 yrs and need an estimate so I have an idea of future payments. I work in the car industry (manufacturing) and things must pick up eventually. My wife has not long passed her driving test so you can imagine the pressure Im under (I dont want to rock the boat).
New to forum and might need to go BR
Posted - 04 March 2009 : 16:44:59
