Hi, this is my first time on here and the first time i have seen this site. Have a couple of questions if anyone can help. Myself and my husband are seriously thinking about BR as our payment plan is working, our questions are my husband has a car on finance which has been running for 18 months of a 5 year plan, will he have to give it back, we need a car to get to work. We also have a sofa on finance which has been running for 6 months will they repossess it ? I would just like to say your forum has been really good i have been looking through things for hours. Thanks
the sofa is very unlikely to be claimed I would suggest you would keep it and the debt be added into your bankruptcy.
If the car has no equity the OR will not be interested. However, the lender will have a bankruptcy clause within the agreement which permits them to repossess and the OR will write to them. Likewise the ongoing repayments are often not allowed as an ongoing expenditure claim once you are bankrupt.It depends on the degree of need and the level of monthly payment.
Hi, this is my first time on here
Posted - 15 April 2009 : 09:00:47
