made redundant

[robh]

Due to being made redundant I feel I will have to declare myself bankrupt. I have a car on HP so I need permission to sell it. My friend could buy it so he said he could lend me the money to pay off the finance and then buy the car from me and I could pay him the money back he loaned me, would this be OK as he would pay the guide price?

Also do they go over your bank accounts and want to see what you have been spending your money on over the last 2 years?

Thanks, Rob

[MelanieGiles]

Hi robh and welcome to the forum

Sorry to hear your news. What a blow for you.

You would not be able to pay your friend back, as this would be a preference, but you could certainly sell the car to him if you wanted to. Hold the sale proceeds to pass to the Official Receiver once your bankruptcy order has been made.

The Official Receiver will generally look through your bank statements for the previous 12 months as part of their routine investigations.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva experts]

Hello Rob and Welcome to the Forum!

Firstly what I would do is double check that the car you have is a HP agreement and not a finance agreement.

Strictly if the car is on HP it is technically not an asset of yours to be selling. I would call the company who have provided this car and get their approval (in writing would be best) of your plan to sell it to your friend.

Best Regards. IVA Experts