I do have a car on finance, is not hire. I do still own around £ 7200. The car valuable could be around £ 5500. I am considering to go bankruptcy. My car is my only asset. Could I do end loosing this car?
From what you have presented I would say yes. The loan would be treated as part of your BR. The car would then be valued by an independent on behalf of the BR - you are allowed approx £2,000 worth of car.
If the value of the car is in excess of £2,000 then two things will happen: 1. you are allowed to have someone pay the valuer the difference between the £2,00 and the value of the car and keep the car. 2. The valuer sells the car on behalf of the OR - you get £2,000 back.
If I was you I would sell the car now and replace it with one purchased for between £2,000 - £2,500 - that way you maintian control over your own circumstances.
I do have a car on finance, is not hire.
Posted - 12 August 2009 : 23:06:20
