Hi, can somebody tell me, if i'm made bankrupt and have a hire purchase agreement where i've paid over a third - can the finance company still repossess the car without a court order?
It is possible,but I would read your agreement to see what it says on that.
You may be allowed to keep it as long as you keep up the payments on there.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for your reply, i've read the terms and conditions and it says that they need a court order if i've paid over a third - but somebody recently told me that if i'm bankrupt they dont need a court order
Hopefully one of the experts will be along to advise further.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is a default of the agreement so you lose your rights. The finance company can repossess the vehicle but normally will not if the payments are up to date. You may need to get a guarantor or have someone take over the finance but it does depend a lot on the individual HP company.
