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    • Jc1
    • By Jc1 4th Dec 17, 2:57 PM
    • 10Posts
    • 0Thanks
    Jc1
    HP Disaster? HELP please
    • #1
    • 4th Dec 17, 2:57 PM
    HP Disaster? HELP please 4th Dec 17 at 2:57 PM
    Hi All,

    I have got myself in an awful mess with my HP. I am still paying it and havenít missed a payment, however, Iím beginning to struggle with the £250 a month.

    On top of this I donít actually have the bike anymore, I only have the V5 in my name.

    I gave my friend a loan of it and he changed it into his name for insurance purposes, however, this caused hassle in terms of the bike being in his name which I never thought about. I thought as long as I was paying it then it would have been fine. The Finance company were on my case demanding the full balance as they thought Iíd sold it.


    So, I got it back from my friend and sent the v5 off again to get it back in my name which was fine. However, while riding it home third party only using the ďdrive any other vehicleĒ with the insurance on my other bike I crashed it. No other vehicles were involved but I caused enough damage to write the bike off, forks bent, handlebars bent, tank dented in etc.

    Panicking and trying to get some money for what was left of the bike, I sold it as it was (without the V5) as the engine was still good. In my panic I thought I would just keep the v5 in my name and continue to pay for it but I am now struggling and keeping a roof over the families head is obviously my priority. I havenít yet missed a payment but it is about to come, if I still had the bike they could have taken it back but I donít.

    On top of this Iím about to go bankrupt too.

    Any help in this mess I have got myself in would be very much appreciated.

    What are my options?

    Thanks.
Page 1
    • zx81
    • By zx81 4th Dec 17, 3:01 PM
    • 14,405 Posts
    • 15,202 Thanks
    zx81
    • #2
    • 4th Dec 17, 3:01 PM
    • #2
    • 4th Dec 17, 3:01 PM
    If you're about to go bankrupt, presumably this debt would be included?
    • Jc1
    • By Jc1 4th Dec 17, 3:08 PM
    • 10 Posts
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    Jc1
    • #3
    • 4th Dec 17, 3:08 PM
    • #3
    • 4th Dec 17, 3:08 PM
    They will look for the bike back though and I don't have it anymore. That's what I'm worried about, surely it won't be as simple as adding it in to the bankruptcy?
    • zx81
    • By zx81 4th Dec 17, 3:15 PM
    • 14,405 Posts
    • 15,202 Thanks
    zx81
    • #4
    • 4th Dec 17, 3:15 PM
    • #4
    • 4th Dec 17, 3:15 PM
    I don't see why not. I'm not an expert on it, but it seems you just lump together all the debts you can't pay.

    I think you need to tell them what you've done with their bike though.
    • Tarambor
    • By Tarambor 4th Dec 17, 4:58 PM
    • 1,769 Posts
    • 1,211 Thanks
    Tarambor
    • #5
    • 4th Dec 17, 4:58 PM
    • #5
    • 4th Dec 17, 4:58 PM
    If you're going bankrupt forget about it. From the moment the judge signs the order it becomes the problem of the official receiver.
    • sourcrates
    • By sourcrates 4th Dec 17, 11:41 PM
    • 12,724 Posts
    • 12,064 Thanks
    sourcrates
    • #6
    • 4th Dec 17, 11:41 PM
    • #6
    • 4th Dec 17, 11:41 PM
    Bankrupcy covers about 99% of all debts you can have, only things like court fines and CSA debts are excluded.

    If your going bankrupt it’s a non issue anyway.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Jc1
    • By Jc1 7th Dec 17, 1:34 PM
    • 10 Posts
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    Jc1
    • #7
    • 7th Dec 17, 1:34 PM
    • #7
    • 7th Dec 17, 1:34 PM
    What about me not actually having the bike though? Will that not cause hassle for me?
    • TadleyBaggie
    • By TadleyBaggie 7th Dec 17, 2:25 PM
    • 2,482 Posts
    • 1,817 Thanks
    TadleyBaggie
    • #8
    • 7th Dec 17, 2:25 PM
    • #8
    • 7th Dec 17, 2:25 PM
    What about me not actually having the bike though? Will that not cause hassle for me?
    Originally posted by Jc1
    Probably a lot less then going bankrupt. As has been said if they can't reprocess the bike, they will just become another creditor.
    • Shakin Steve
    • By Shakin Steve 7th Dec 17, 3:40 PM
    • 1,143 Posts
    • 851 Thanks
    Shakin Steve
    • #9
    • 7th Dec 17, 3:40 PM
    • #9
    • 7th Dec 17, 3:40 PM
    If you’re about to go bankrupt, develop a thick skin. Don’t worry about the bike.
    I came into this world with nothing and I've got most of it left.
    • Samsung_Note2
    • By Samsung_Note2 7th Dec 17, 3:57 PM
    • 208 Posts
    • 79 Thanks
    Samsung_Note2
    But wouldn't the official receiver ask for the bike as he would if you had a car on HP.

    The fact its been sold prior to bankruptcy,wouldn't the OR be asking questions..?
    If my appalling spelling offends you that much...dont read my posts.
    • Arleen
    • By Arleen 7th Dec 17, 5:10 PM
    • 1,040 Posts
    • 769 Thanks
    Arleen
    But wouldn't the official receiver ask for the bike as he would if you had a car on HP.

    The fact its been sold prior to bankruptcy,wouldn't the OR be asking questions..?
    Originally posted by Samsung_Note2
    They will, and will have to live with the fact that the bike and cash is gone.
    • Thomas The Tank Top
    • By Thomas The Tank Top 7th Dec 17, 5:21 PM
    • 192 Posts
    • 497 Thanks
    Thomas The Tank Top
    After all. You can prove the crash to the OR.
    • Fireflyaway
    • By Fireflyaway 7th Dec 17, 6:08 PM
    • 1,373 Posts
    • 1,384 Thanks
    Fireflyaway
    I'm not sure I understand. You sold the bike - you got money and you don't physically have it anymore but you have the v5 in your name? So you are still the registered keeper? If im right then I'd be more worried about ' selling' a bike that's still on HP. Maybe I got the wrong end of the stick though?!
    If you are about to go bankrupt why pay the HP? The most important thing is to keep a roof over your head and food on the table.
    Have hope though. No matter what silly things you did, there is always a way forward and things will get better.
    • Arleen
    • By Arleen 7th Dec 17, 6:18 PM
    • 1,040 Posts
    • 769 Thanks
    Arleen
    I'm not sure I understand. You sold the bike - you got money and you don't physically have it anymore but you have the v5 in your name? So you are still the registered keeper? If im right then I'd be more worried about ' selling' a bike that's still on HP. Maybe I got the wrong end of the stick though?!
    If you are about to go bankrupt why pay the HP? The most important thing is to keep a roof over your head and food on the table.
    Have hope though. No matter what silly things you did, there is always a way forward and things will get better.
    Originally posted by Fireflyaway
    The bike got wrecked and sold for parts/scrap (after he tried some sort of insurance trick but then reclaimed the bike back). It really doesn't matter anymore, there is no criminal liability here of any kind, and all the civil claims will be satisfied by the bankrupcy.
    • Jc1
    • By Jc1 7th Dec 17, 9:12 PM
    • 10 Posts
    • 0 Thanks
    Jc1
    Thanks for the replies folks.

    Yes, I sold the parts I could to salvage some money thinking I was going to have to just keep paying the monthly payments of £250. I kept the V5 so it remained in my name (which it has to for the HP). I haven't missed a payment but we have had to move house and the rent is more so it's now at the point where I'm going to have to start missing the payments. This means they are obviously going to come looking for the bike back which isn't there, so i'm panicking.

    I even contacted the finance company to say I was struggling to see if they could offer me a reduced payment to help out for a few months, however, they were NO help what so ever. I've paid them £2000 so far and the settlement figure is £48 less than what the finance was for in the first place. I know I signed up to it but think it's disgusting they couldn't offer any help. I obviously never said anything about not actually having the bike

    Can't believe I have got myself in this position, hopefully it is a simple as adding it into the bankruptcy.
    • zx81
    • By zx81 7th Dec 17, 9:20 PM
    • 14,405 Posts
    • 15,202 Thanks
    zx81
    think it's disgusting they couldn't offer any help. I obviously never said anything about not actually having the bike
    Originally posted by Jc1
    I don't think you're out ranking them in the morality stakes.

    Just be happy that the bankruptcy will resolve the issue.
    • DCFC79
    • By DCFC79 7th Dec 17, 10:14 PM
    • 30,436 Posts
    • 19,240 Thanks
    DCFC79
    You were happy with the monthly payments when you got the bike so whats changed ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Jc1
    • By Jc1 7th Dec 17, 10:28 PM
    • 10 Posts
    • 0 Thanks
    Jc1
    I don't think you're out ranking them in the morality stakes.

    Just be happy that the bankruptcy will resolve the issue.
    Originally posted by zx81
    I'm on here looking for advice, got plenty other people having a go so you can get to the back of the queue. You're the least of my worries.

    • Jc1
    • By Jc1 7th Dec 17, 10:35 PM
    • 10 Posts
    • 0 Thanks
    Jc1
    You were happy with the monthly payments when you got the bike so whats changed ?
    Originally posted by DCFC79
    The answer is in the thread already.
    • phillw
    • By phillw 7th Dec 17, 10:55 PM
    • 1,041 Posts
    • 622 Thanks
    phillw
    This means they are obviously going to come looking for the bike back which isn't there, so i'm panicking.
    Originally posted by Jc1
    Panic is your bodies way of telling you to do something, but there is nothing you can do as the bike is gone. Worrying won't help, you need to just accept there will be awkward questions & do something healthy that releases the stress instead (go for a run, be proactive etc).

    I'm on here looking for advice, got plenty other people having a go so you can get to the back of the queue. You're the least of my worries.
    Originally posted by Jc1
    People are much less likely to have a go if they see you are taking responsibility and not trying to lay blame on others.
    Last edited by phillw; 07-12-2017 at 10:57 PM.
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