More advice please chaps

jo70

Hi again. I think you lovely lot know we are preparing for bankruptcy next week-and i'm sorry with more questions to ask.
We will be filling in the forms over the next couple of days. OH will get figures from his accountant on Friday to put on the dreaded forms.
I am going back over many previous posts on the site, and one of our biggest worries is the car. OH definately needs a vehicle for work (S/E builder) and probably less importantly we have 2 sets of twins.
An old post that i have just read is that the OR may give back some money in order to get a new car.
We will definately need another vehicle. We just don't know how it all works.
Thanks, thanks and thanks again all:o

tigerfeet2006

If I remember your van is on HP? If so then the HP is the one that will normally take the van back not the OR. It is only if you have an owned vehicle that is worth a lot that the OR may sell it and give you some towards another vehicle.

Dez-Titute

If your OH needs his vehicle for his work it is unlikely the OR will be interested unless it has a high residual value in which case he may take it and give you a nominal amount to replace it

fudge59

Jo,

As it's both of you thats going BR, the OR may let your OH keep the car due to being self employed - dare say others will correct me if I'm wrong.

I know personally my OH had a car (he didnt go BR, only me), which I have access to, though I didnt have a car of my own. I was told if I had got a car of my own, they would had taken it as I'd have access to a vechicle (the OH's)

jo70

Thanks both. Car is on HP it's probably worth about 7k, and is it an asset???

Dez-Titute

Hi Tiger,
Noticed you still have the sunglasses on are you on some tropical island or are you getting better weather than the rest of us

jo70

wish i was on a tropical island!:rotfl:

deedee_3

jo70 wrote: »

Thanks both. Car is on HP it's probably worth about 7k, and is it an asset???

If it is on HP it is not an assett as it doesn't belong to you it belongs to the HP company untill the last payment. As it is on HP the HP company may take it back or let you keep paying. Check your contract for a bankruptcy clause.

fiveyearplan

I'm sure the HP company will let you keep it as long as you keep up to date with payments - they would risk not getting the value for it in auction.

Dez-Titute

Hi Jo,

Your wish is my command

http://www.youtube.com/watch?v=5OMFiqNA6Ag

jo70

Thanks Dez i'll share the island with you on Saturday night when i win the lottery. OH says it'sa good record too!!

Because i'm athicko would someone tell me how you clever lot getall your links etc-makes me very jealous as i can't bloody do it!!!:o