Hire purchase and bankruptcy

romy22

Has anyone had a tv on HP then gone bankrupt? I've read that sometimes they will let you carrying on paying for HP things but would they see a tv as a necessity. I think it is as I only work 2 days a week and I would be incredibly bored without it. Also I've already paid over a third of it so they would have to take me to court to get it back and I dont think it would be worth it for them in court costs etc

I also got a camera on the same hp but it broke a couple of weeks ago!

oneandonlyboy

Hi,

It would all depend on the terms and conditions on your agreement. Some do have bankruptcy causes that can make them stop the agreement. Worth checking your out.

romy22

Oh my god! I've just looked through the agreement and it says its not secured. I've put it on my SOA that its secued. I cant believe it I was sure it was HP Ive just rang OR and spoke to someone in the office he says it will be sorted out at the meeting. I feel like a right idiot. Do you think I will get into trouble and will they see my tv as an asset and sell it?

oneandonlyboy

Don't worry, you dont own the TV the HP company does, therefore its not an asset.

blind-as-a-bat_2

oneandonlyboy wrote: »

Don't worry, you dont own the TV the HP company does, therefore its not an asset.

As the OP says the item is not security for the loan (as is the case for most store type credit) then that is not correct oneandonlyboy, ownership does not transfer to the finance company in such agreemants, but whether that makes the item in question an asset would depend on its realisable value now.

Unless its a top end LCD or plasma the answer to that is usually its not worth the OR taking it as it will cost more in there time and costs for disposal than it will make, but there is no guarentee,s of that, there are some odd discisions made by the OR,s sometimes

peachyprice

I'm sure unless it's a top end model as Bat said, they won't take it. You're allowed a TV as a basic item for living, along with furniture etc., We got to keep our sofas from DFS, we'd paid about 1/3 off.

romy22

It's a Samsung 50" plasma tv that cost £900 in April. I know this was a really stupid purchase but I honestly thought I could pay it at the time.