Hello, I have a car on HP with Black Horse. I have missed 4 payments, infact I have defaulted on all my credit payments. I am planning to delare BR. My home was repossessed 9 years ago for a 2,000 debt. The shortfall is now 25,000. I got the car 21 months ago for 7,000 it is worth approx 4200 (parkers guide) I need a car for work as I travel all over the country. Will I loose this car? A man representing Black Horse keeps pushing cards throught the door telling me he has come to collect the car and I don't know what to do. Any advice would be greatly appreciated
It is likely that your car will be repossessed by Black Horse unless you can come to some arrangement with them. The bankruptcy is unlkely to have any effect on this as the Official Receiver will probably not be too interested in the car as it is not an asset of yours and you need it for your livelihood. I take it that it is not a luxurious car and you are not paying huge monthly HP payments.
However if the car was to be repossessed and you did declare yourself bankrupt, the shortfall on our vehicle will be written off as will that of your house.
Thanks. I thought that if I declared BR before they took the car back the OR might sell it(don't know if they can)because I need a vehicle to work and looking at some other posts, people have been given some money back from the OR to get another cheaper vehicle. Sorry if I sound confused, because I am. Does the OR only sell cars that fully belong to a BR person and not finance companies?? Thanks
Hello,I have a car on HP with Black Horse.
Posted - 12 November 2009 : 00:08:09
