Bankruptcy and my car

startingover

Hi all

Well I had my light bulb moment a couple of weeks ago and decided that bankruptcy is the only option for me. I now actually feel relieved. I phoned the local county court today to enquire if I have to make an appointment and if there was a waiting list, to my shock he said no would you like me to make an appointment for next week??:eek:

Anyway said I needed some time to fill in the forms.

I would really appreciate some advice though about my car.

Its on HP and I owe £2.5K I understand that the HP company will repossess it once i'm bankrupt and thats fine.

I need a car for work and get an essential car user allowance from my employer to use my car.

My question is should I put on my SOA the running costs of my car even though it will be repossessed? my plan is to buy a cheap runaround (say £300) so I will need to afford to run it and account for it in my outgoings.

Thanks

startingover

Sorry just to add do I have to put the amount the HP is for my car currently is on my SOA and then it will be adjusted after bankruptcy once repossessed?

Thanks

startingover

Can anyone please help?

MrsWallop

Leave off your hp payments on your SOA - it is normally part of the t&c that they take it immediately if you go BR (and if they dont, the OR will!)

Keep all of your car running costs on your SOA as you still need to get to work, and it is realistic that you will have to replace your car.

HTH a little x

startingover

Thanks Mrs Wallop for the reply. Thats really clear and I will do just that.

Whats HTH? sorry but quite new on here

theunknownstuntman

HTH stands for Hope That Helps startingover.So........... HTH!!!! lol. Welcome to the boards.

Stunty

startingover

Thanks Stunty