Hi, My hubby & I are in the process of completing the SOA forms online and we're a bit confused! We have a car on a HP agreement which is in negative equity. Do we answer the questions as though we "own" the car or as if the Hire Purchase company own it? Thanks and I'm sure I'll be back with more questions!
Thanks Paul, yes we've double checked and it is a Hire Purchase agreement. The repayments are £300 a month so I think the OR will give us no option other than to surrender the car?? Although I do need it to get to work which is a 50 mile round trip(my husband has a company car).
I stongly suspect that the OR will not allow a £300 per month payment.
I would suggest you organise another car before Br. As it is clearly going to go had you thought of ctopping the monthly payments so you can save up for an alternative?
We have just put in a request to cash in an insurance policy my husband has which was for just over £2,000 which will cover the BR costs and the remainder we were going to put aside for a car as we assumed we wouldn't be allowed to keep ours. Thank goodness for that policy! Really appreciate your advice.
Hi Paul, We've now purchased a car for £1,000 which I need because I have a 50 mile round trip to work. We haven't told the HP company about the BR yet as we needed the car for me to get to work. Our court date is set for 12th May. Would you suggest that we let the HP company know now that we are unable to make any more payments and arrange for them to collect the vehicle? I'm concerned that if this doesn't happen before we submit our forms online it will look like we own the new car and still have the car that is on the HP agreement. Many thanks in advance. Susie
In that case should we list both cars as an asset and put the car that's on HP as an unsecured debt?
Also, we have a private number plate on the car on HP which we're going to leave on there when it goes back, do we need to declare this? It cost around £250.
Our court date is 12th May and the next payment for the car would have been 13th May although we have cancelled the direct debit.
in the process of completing the SOA forms online
Posted - 16 April 2009 : 20:30:38
