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Posted: Wed Aug 01, 2007 11:09 am
by onlypassion
Just wondering if anyone knows what woule happen to my hubby's car if he went BR. The car is 5 years old and worth approx £3000 but has HP outstanding on it of about £3000. Would it likely be taken away under BR proceedings - it is essential he has this as he works 100 mile away from home.
Thanks
Andrea
Posted: Wed Aug 01, 2007 11:21 am
by Oliver
It would depend if the OR felt that the HP payment was reasonable. If the HP payment is not an enourmous amount I would say that there would be little benefit to the OR to make your husband stop these payments.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Wed Aug 01, 2007 11:23 am
by iva_squirrel
Hi Andrea,
In Bankruptcy any car worth more than £2000 can be sold to make funds available to your creditors.
Regards,
Michelle P.
Posted: Wed Aug 01, 2007 11:31 am
by onlypassion
The monthly repayment is £89 with about 3 years left to go, with him travelling such a distance an older car in my opinion would be very risky and I dont think we could get a reasonably new car any cheaper than what we pay for this. It is not a flashy car or anthing it's a citroen C3 but without it he would be very stuck! Thanks for your replies though, gives me an idea of what the possible outcomes could be if he goes that route.
Andrea.
Posted: Wed Aug 01, 2007 11:33 am
by Oliver
I would be confident that he would be allowed to continue this arrangement during his bankruptcy.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Wed Aug 01, 2007 1:55 pm
by iva experts
Ultimately the decision would be up to the OR but the good thing is that you can justify why you need the car which helps. The OR may ask for evidence that your husband travels 100 miles, but this could be proven by postcodes.
Best Regards. IVA Experts
Posted: Wed Aug 01, 2007 1:57 pm
by MelanieGiles
The decision lies with the finance company and the OR. Most finance companies have provisions that their agreements terminate upon the making of a bankruptcy order, but commercially they sometimes allow the bankrupt to continue with the payments.
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