we currently have two vehicles on lease. one is a family car and the other is a van that my husband needs for his business. would my husband be allowed to keep the van because without it he couldnt earn a living. we are both just really worried and would appreciate any advice. also, if our car is taken back will the hire company demand any money from us?
It fully depends on the wording on your lease agreement - it may have a bankruptcy clause - if it does the car will have to be returned and any shortfall on the agreement come in as a creditor on the estate of which of you took out the agreement. If it does not have a bankruptcy clause you may find that the OR will not 'allow' the lease to continue in any case, particularly with the car - your husband may be able to state a case to retain the lease for the vehicle as he cannot work without it, but the car I cannot see being able to be kept. The OR would want the money you would be paying on the lease per month to be included in your disposbile income for any 'Income Payment Order calculation. In both cases it is only the OR that ca make the decison i'm afraid but be prepared of the likelyhood of losing the car.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
we currently have two vehicles on lease.
Posted - 23 March 2009 : 14:24:31
