How will I go on about obtaining another car

[Pippy]

I have a car on HP and am seriously thinking of bankruptcy and being dealt with by Melanie and her team. I am having a panic today cos I have realised my car is on HP and will be taken off me and I can not be without a car, I need it to be able to continue to work and transport my daughter to nursery. How will I go on about obtaining another car pr keeping mine under these circumstances?

[emma_t]

Hi pippy

I am sorry I don't know the answer but will reply to get this t the top again and hopefully an expert will be along shortly[:)]

[Julie]

Hi pippy, do you know for certain you'll lose your car.Some companies will still deal with you even if you're in an IVA/BR.

Let Melanie know your concerns over the car and I'm sure she'll find a solution for you.

Hubby is in an IVA and thanks to Melanie, we have found a company that will lease a car to us long term.

xx

[MelanieGiles]

Why do you feel that your car will be taken off you Pippy? If it is needed for transport to and from work then it is pretty essential - and so long as you can afford the ongoing HP payments this should not be a problem.

[creditcrunched]

As long as it isnt a ferrari or very expensive you will keep the car as it is essential mine was worth 5k and in the event of BR this wouldnt be included.

[liberta]

Hi Pippy, if the car is subject to a HP agreement, then the Trustee in Bankruptcy will not be interested in it, unless as creditcrunched says it is a ferrari and there is only a small amount of the loan to pay off.

If you have been maintaining the payments to your HP agreement, then as Melanie says it should not be a problem.

Sometimes however if the car is fairly new and has a high value, the HP company may want to cut their lossess and take the car back - I have only come across this once in thirteen years though. If you are put in such a situation, you may be able to get someone to guarantee the payments to the HP company which will make them feel a lot happier. Remember the HP company do not really want to reposess the car as they will make a loss when they sell it -they would rather you pay the ongoing HP and the amount under the agreement in full.