Cars yet again

jo70

Hello, good evening and welcome!!!!

Bankruptcy dates booked for August 26th.

Is our car an asset although it's on HP???

There is a clause in car paperwork about bankruptcy-does it mean it will go?

Sorry yet again all............

skylight

Its not an asset and is likely to go. Of course, actually going will depend on how long you have had it, arrears (if any) and how the company feel about it. So if no arrears and only say, 6 payments left, its probably in their interests for you to keep it ((and make the last 6 payments) - but in that instance as only 6 payments to go the OR would consider it an asset.....

Depends entirely on the HP company.

topdraw

As i havejust found out the car will go back, thses finance companys see us like monsters, they took mine back straight away.
My OR was happy for me to keep it and pay the finance but they said no.

jo70

Howdy. This is really starting to get us down. We are reading so much and have been told so much that we don't know what the hell to do or think.
We are slightly behind with the payments-and only slightly, but OH needs a vehicle for work, and the argument will be from OR it doesn't need to be such an expensive car. Our argument wil be it's needed for work purposes. We also have 2 sets of twins........what to do?!!

Merry_Gentry

Hi Jo

My understanding is that if there is a clause in there regarding br then you will lose the vehicle. It won't have anything to do with the OR - as it's on HP it's not an asset because in essence it doesn't actually belong to you til you have made most of the payments.

Is there anyone who can help you out getting a banger or anything like that? The OR can allow for cars in your SOA but won't be able to help you 'get' a car. Sorry things are getting so difficult.