Bankruptcy advice
Options
louiserose0910
Posts: 39 Forumite
Hi,
My friend is considering bankruptcy but is a bit embarrassed to come on here herself so I said I would ask for her.
She currently has a car on a plan where she pays a monthly amount for four years and then at the end of it she either pays a lump sum or hands the car back. She needs her car for work as she works in the community as a carer. Would this plan be cancelled if she went bankrupt?
This is the only thing holding her back as she has to have a reliable car for work but would obviously not be able to get credit to buy one if this plan was cancelled due to the bankruptcy.
My friend is considering bankruptcy but is a bit embarrassed to come on here herself so I said I would ask for her.
She currently has a car on a plan where she pays a monthly amount for four years and then at the end of it she either pays a lump sum or hands the car back. She needs her car for work as she works in the community as a carer. Would this plan be cancelled if she went bankrupt?
This is the only thing holding her back as she has to have a reliable car for work but would obviously not be able to get credit to buy one if this plan was cancelled due to the bankruptcy.
0
Comments
-
Check the T&Cs for any provisions in bankruptcy.
If they have the right to cancel the contract in BR, they likely will.
Also check this about how the OR may handle this: https://www.stepchange.org/debt-info/bankruptcy-and-my-car.aspx
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
can she move the contract to a family member or friend- my brother took over the lease for my car and i had use of my it-0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards