| Author |
 Topic  |
|
lyndsey
Starting Member
United Kingdom
18 Posts |
 Posted - 19 April 2009 : 16:41:44
|
hi please can anyone advise me .........
Left my owner occ property in December 08, building society have now sold the property for only 75K and are claiming the 38K shorfall from me. I now live in private rented so have no property to sell. I am unable to pay the debt so citizen advice have advised me to go bankrupt (1st appt with them is May 5th).
I have no assests or savings at all and only get paid £500 a month so I know they cant make me sell belongings or take money from my wage , but I am worried about my car.
I took out a loan with Santander in Dec 07. its not a HP agreement its a loan. I need the car to get to work and take my 3yrs old to childcare (sigle parent). Can they/will they take the car from me and sell it ? the log book isnt in my name and hasnt been since i bought it, its in my brothers name because he insures it for me but the finance is in my name and i pay it. I asked them to change the agreement to someone elses name but they said I cant. Where will I stand ? i cant lose the car. i would really appriciate any help thanks
Lyndsey |
Edited by - lyndsey on 19 April 2009 18:27:00 |
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 19 April 2009 : 19:22:31
|
| please can anyone offer some advice , have no idea where i will stand re the car. I cant afford IVA and certainly cant go on debt management , bankruptcy is only answer. thankyou in advance. Im worried sick about this , havent slept and its really getting me down either advice from knowledge or experience would be greatley appreciated. |
 |
|
|
frosie90
Junior Member
285 Posts |
Posted - 19 April 2009 : 20:37:23
|
Hi Lyndsey,
One of the experts will come along shortly I am sure. As far as I know, but I am not an expert, it depends on the value of the car? and your need for it. Hold on in there I am sure you will get responses to your question.
|
|
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 19 April 2009 : 21:22:45
|
| i have looked on net and it appears my car is now worth aprox 6k i bought it for 10k and its on a car loan , aprox 5k left to pay i estimate. i found something that suggest that if it worth over 2.5k they will look at it as an asset and take it and that they would allow me to buy a cheaper car from the sale of the car n them to keep the difference ?? |
|
|
|
frosie90
Junior Member
285 Posts |
Posted - 19 April 2009 : 21:52:34
|
| Yes I have seen that, because your car is deemed as worth a fair whack it will be seen as an asset but there are solutions to keep you mobile. If you put "Car" or associated words, "Keep car" etc. into search at the top of the page you will be able to read previous posts around cars etc. I know there have been lots of posts. One of the experts will also probably log on soon, they will be able to advise. |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 April 2009 : 21:52:50
|
If your car is worth around 6k you won't be able to keep it. However if the OR agrees that you need a car for work they will take the car and sell it, and give you around £2-£2.5k to buy a replacement.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
22 IPA payments made, 14 to go - on the home straight! |
|
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 19 April 2009 : 22:18:59
|
| what about the fact that i am not the registered keeper / owner of the car though ? I got the finance as my brother couldnt get it. I got the car loan in my name and i pay through my debit car but the log book is and always has been in his name from the time it was bought. So is he not legally the owner of the car ? although there is still 5k outstanding on the loan which is in my name. Logbook everything , insurance etc all in his name. would this make any difference. They can see that i didnt just do this now to avoid losing the car , wen it was bought he was instantly the registered owner. |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 April 2009 : 00:03:14
|
Hi lyndsey
the regostered keeper is not actually the owner of the car so that log book is actually not relevant here.
you previously said that the finance is not HP? is it a personal loan or a fixed sum loan agreement?
If so the car is not on finance and the outstanding debt would be included in the bankruptcy.
You would however not be able to keep a 6k car in Br so likely that the OR would collect the car and give you some money ( around 2k) to buy an alternative. I have always found it difficult to buy a car without a car to drive around to look at cars!
The other option is to take control of your options and manage the situation.
If the situation is not infact HP then you are legally able to sell the car and take time to find a suitable car at the right price point. you are also able to use some of the momey to pay for court costs.
any excess can then be passed to the official receiver unless you urgently need an allowable cost ( i.e.washing machine broken etc etc ) or professional fees etc.
hope this helps
if you take charge you keep control and retain much more dignity through the whole process.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 20 April 2009 : 09:22:00
|
i bought the car from a car dealer garage , i paid 1500 deposit and traded in my old car aswel. They arranged finance over 5 yrs for me with santander , its a car loan not a personal loan. I didnt think i could sell the car when i had finance outstanding for it. could i trade it in at a garage and get a cheaper car (ho much can i be allowed for a new car is it up to 2.5k??) as you said it will make things difficult if i dont have a car to look for a new car and also will make life pretty much impossible for me to get the little on to nursery and me to work. I would prefer to sell and buy another before the bankruptcy goes through. My initial appointment with citizens advice is may 5th and not sure how quickly things will go through for how long i will have to sell the car and get another etc.
My friend has said that if all else fails that she would take out a finance agreement for me to get another car, do you think this would be an option ?
do i have to sell private, wait for a buyer then buy new car from the money or could i do it all through a garage do you think ? should i put the log book of the new car in my name or keep it in my brothers name ?
confused..................
|
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 April 2009 : 10:28:41
|
Hi
you sound confused over the car finance and whether it is HP, a personal loan , or a loan to buy a car with.
To be absolutely sure I would suggest you speak to one of the site experts directly so that you can have peace of mind. Please have your finance documents & registration to hand.
Once we know the exact type of finance then you will have a number of different options available.
I would strongly suggest that a car at £2000 is the safest route to take as this seems to be widely accepted around the country.
Which area do you live in?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 20 April 2009 : 10:38:10
|
i live in necastle upon tyne , how do i speak to a site expert then ? im new to this site and not sure how to do it.
Kindest regards
lyndsey |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 April 2009 : 10:54:15
|
Hi
on the left hand tab of the webpage there is a link to "experts" where you can go to their web pages ot you can click on the links at the end of the posts .
The experts here are happy to answer questions as it sometimes is easier in person rather than with the snipets of the postings.
Incidentally Newcastlew is booking for June 20th onwards as I have a few clients in the area and am actually just north of you Wednesday & Thursday.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 20 April 2009 : 11:06:40
|
its north shields , newcastle upon tyne that i live and work. Will the CAB lead me through all the stages and avoid me getting terribly confused ? never been in this posotion before , always had very good jobs and owned my own home and had complete control over my finances , however bad things always appear to happen to good people ha ha
i will find the paperwork re the car and try to speak to someone , i want to take control of this before they take control for me. at least i wont be left destitute if i can get it sorted.
Lyndsey |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 April 2009 : 18:11:25
|
Well done
if you can retain dignity and control that is by far the best way forward.
You will feel a lot better now and ij the future knowing that you decided what to do and when.
As said before happy to advise on the car paperwork if you need that clarifying
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 23 April 2009 : 20:42:50
|
ok progress report ......... found paperwork for the car and called trhe national debt helpline. It is a personal loan and not HP. so they said i can take hold of the situation , sell the car and buy another from the proceeds as long as i keep remainder for OR. Went to garage today who confirmed my car is worth 6k but when they ran my car through the "checks" a warning came up , he showed me it and basically santander have attached the personal loan to my car and therefore it cant be sold. He said i did have the option to ask santander to unattach the load from my car which would remove it from this experian numberplate checking system so i could in turn sell the car. He said they may charge me up to 2k to do this ! which i dont have the money to do. So looks like and feels like i have pretty much hit a brick wall on the car front and not sure what else i can do now ..............
lyndsey |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 23 April 2009 : 20:53:44
|
Hi
you need to get professional help.
Santander will have to remove their caution on the vehicle and although they don't want to do it they can be pushed.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
Topic |
|
bankruptacy - mortgage shorfall / car finance
