Me and my husband are going bankrupt by the end of July. But I have a question, We have 1 car on balloon finance, its costing us £266.00 per month. We would like that debt to go as it is too expensive per month, but we need a car for work and domestic use. Will we get any money to get a cheap car for us to use or not?
If the car is on finance then it will probably be reclaimed by the finance company if the debt is included in the BR. Generally you don't own the car until the finance is completely paid off so it isn't a case of you being able to sell the car and then buy a cheaper model but this will depend upon the credit agreement.
Me and my husband are going bankrupt
Posted - 06 July 2009 : 22:02:00
