Arrghhh Noooo :(

hannah9000

Just received a copy of my HP contract for my car. Says I have to give it back if I go bankrupt Has anyone ever kept a HP car after bankruptcy?
Any ideas for a way around it? I've never ever missed a payment on this car and i've had it for 18 months...

k2nga

you could contact them i guess if the OR was ok with it as surely they will just take the car to auction anyway and wont get much for it. I would say its worth asking?

DON79

Im sorry Hannah but I don't think that you will get much choice in the matter. If there is a BR clause in the contract, they will likely act to recover the car as soon as they learn of the BR. The only positive that might come out of it is that any shortfall between the value and the remaining hp balance will be covered under BR. Someone will correct me if I am wrong but I think you may lose the car. Sorry.

DON79

k2nga wrote: »

you could contact them i guess if the OR was ok with it as surely they will just take the car to auction anyway and wont get much for it. I would say its worth asking?

Although good suggestion here and it is probably worth asking at least. but if you do contact them now and tell them you are going BR I don't know if that will set them panicking now rather than when you have actually gone BR?

hannah9000

Hmm, maybe I could contact them on the day or something?! I don't know, I don't wanna lose my car

blind-as-a-bat_2

hannah9000 how is it worded exactly, my OH has a HP contract with a BR clause and it states they "MAY" not "WILL".

While it doesnt guarentee anything, it does mean something totaly differant depending how it is worded.

hannah9000

Ooh it says MAY! Here's the exact segment:
11.1 We may terminate the hiring by giving you writen notice if any of the following happens
11.1.1 You fail to pay any repayment by the time it is due
11.1.2 You have given us any untrue statement or flase information which we have relied on
11.1.3 You take any steps to sell the vehicle
11.1.4 You present, or have presented against you, a petition for bankruptcy or for an administration order or your partnership dissolves or
11.1.5 you call a meeting of, or enter into any arrangement with your creditors to repay your debts

hmmmm....may?! Am i getting too excited about nothing..? Like I said, I have a squeaky clean record with them and the bankruptcy isn't due to my irresponsible spending or excessive debt or anything....

blind-as-a-bat_2

the fact is unless you have paid enough they will lose money if they repo it.

If you have paid past roughly the half way mark they cannot repo it without a court order, which will cost them to get, and there is no guarentee ajudge will agree, more so if you have a perfect payment record.

so the finance company is in a lose lose situation if they follow through on that clause.

like i said no one can guarentee what they will do but its not a done deal they "will"

Have you got an email adress for them? if so you could ask them anonimously via that if they would repo if the payments are and always have been up to date

DON79

I hope that in view of bat's findings, you won't lose it Hannah. I know what it is like, we had a car on HP which we ended up terminating and handing the car back because we knew we just could not keep going with the payments. I still miss my car! :sad:

Since it says "may" I hope you can keep it.

LilyBart

Hannah, I'm sorry. One of us should have spotted this when you posted your first draft SOA and warned you that it was a possibility. Bat, assuming they don't want to terminate Hannah's HP arrangement, how will she be paying for the car? Is HP an allowable expense, or is she expected to pay the installments from surplus income? I just looked back for Hannah's final SOA and couldn't find a completed version, just one she was going to tweak to avoid a deficit.
L x

hannah9000

Thank you so much all, i'm going to fight for my car!! And if I can't pay for it the other half can!