I purchased a watch on finance as a special birthday present

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ian118
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by ian118 » Sat Oct 14, 2017 4:18 pm
I purchased a watch on finance as a special birthday present for my wife two years ago, unfortunately last year i had to enter into an iva, to which the finance company for the watch was placed into.
my question is this- can the watch company or finance company keep my watch or repossess it
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kallis3
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by kallis3 » Sat Oct 14, 2017 4:40 pm
If you have heard nothing by now I think should be ok.
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Foggy
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by Foggy » Sat Oct 14, 2017 5:15 pm
If it was a normal credit agreement, not HP or secured on the item, they will not ask for its return.
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Michael Peoples
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by Michael Peoples » Mon Oct 16, 2017 8:40 am
If this was a gift paid for by finance then potentially this is what is known as a 'transaction at an undervalue' if the loan was unsecured. This would have been disclosed in the proposal so probably little to worry about now.
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