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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
 Posted - 28 December 2009 : 09:40:13
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Hi Holly.
This is an open question because it depends upon the finance agreement,the amount of equity, the monthly repayments, The Official Receivers view and also the Finance companies position.
In short if there is considerable equity in the car the OR will probably ask the car to be sold and if you need transport provide you with an allowance to obtain alternative transport.
If the car is in negative equity they when the finance company collect it any shortfall will be included in your bankruptcy.
If the car is on a fixed sum loan agreement - this is not HP but rather a personal loan for you to buy a car with.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
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what happends to vechile's that are on finance?
