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davidsw
Starting Member
United Kingdom
15 Posts |
 Posted - 23 November 2009 : 21:01:39
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| hello, I am decalring BR in Feb/Mar to avoid a nil tax code. I am trying to get my ducks in a row - so to speak (another members terminology. I have not been paying the HP for my because I have been savin for my fee. I am not i serious arrears and Black Horse want to reposses the car. I need this for work, my mum said she would pay he arrears and make the payments. How would the OR react to this? any advice would be a help |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 23 November 2009 : 21:18:31
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before BR the OR will not mind who or how the car was paid for.
once BR it is likely the HP company will want to take the car most HP has a no BR clause in the paperwork unless the HP agreement can be transferred into someone elses name but if there is equity in the car the OR will want it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 23 November 2009 : 21:21:13
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| Thanks, The reason I asked is becuse there is a question on the SOA that says something along the lines of - have you treated one creditor differently to another - not those exact words, but something like that |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 23 November 2009 : 23:09:57
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Hi davidsw
what value / age is the car
if it is over 2k you prob wont be able to keep it
might be worth mum lending / giving you a 2K car rather than paying HP on a new model that you will not obtain any benefit
quack good luck Richard |
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davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 24 November 2009 : 15:21:46
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Hello,
Car is a 54 plate. Bought for 8,000 but with interest wa approx 11,000 now valued at 4,000 still owe god know how much on it, had it for 22 months, so will still owe alot |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 November 2009 : 23:27:42
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Hi
Great opportunity to eliminate your liability. Why would you want to pay 12k for a 4k car?
Much better to arrange alternative transport rather than waste money on the old car.
Can you double check the finance agreement to see if it is HP or a fixed sum loan agreement.
Interested to see.
Paul
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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hello, I am decalring BR in Feb/Mar
