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Car On Hp
rlj86
Posts: 38 Forumite
I currently have a car on Hire Purchase which costs me £145 a month, I am considering going bankrupt but want to know if the car would be taken off me from the OR's point of view as I haven't spoken to the HP company as yet. I used Celcome Finance as my credit file was really bad to start with. I still owe quite a bit on it as you can imagine with the APR but I had no other option, I needed a reliable car as I have had bangers previously and to be honest cost me a lot more than £145 a month to keep on the road. I have to be at work when I am earlies for 0500 which there are no buses at that time, and if I am working the weekend, thare are no buses on a Sunday.
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Comments
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If the car is on HP it doesn't belong to you until you make the last payment and as such isn't an asset, so the OR is unlikely to have an interest in it. However, many HP agreements have bankruptcy clauses which state if you are bankrupt they will take the car back.Accept your past without regret, handle your present with confidence and face your future without fear0
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Most say " May" not "Will" re the BR clause whether they "may" or "will" is anyones guess
Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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It is in the HP's interest to let you keep your car because if they repossess any shortfall will fall to them NOT you. I just had my car repossessed yesterday after waiting for months. In my circumstances I couldn't afford the last 8 out of 60 payments so didn't want to keep it.
:j :j
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