Keeping my car - bought with loan?

startagain_2

Help O Clever Ones......

I bought my little car 4 years ago partly with my money and topping it up with my first loan from Abbey.. :rolleyes:
A year later, I paid off that loan by taking out another one after my Dad died to help with the funeral expenses....
Then... In Nov 07 I did the same, paying it off by taking out another one supposedly to consolidate my debts.... disaster, and now I am BR.

My question - do the same rules apply for keeping my car?
It is absolutely impossible for me to get to and from work without it.
It is only worth about £1100.

But.. it was bought with credit - can they make me give it back?
Common sense tells me No.... but I am having a panicky day...

Someone, Anyone?

SA

TehRoflcopterz

startagain wrote: »

It is absolutely impossible for me to get to and from work without it.
It is only worth about £1100.

You've answered your own question... it should be safe, as you've proved it's necessary, and it's less than the £2k suggested limit.

skintsteve_2

startagain,

As TehRoflcopterz says, and i found out today. If you require it for work, then you need it!! And at £1100, you should be fine. Our settlement figure was payed with credit. You'll be fine.:D

messimoney

We bought our car on finance for 7k, OR said we could keep it if it was ok with finance co, they agreed. However the payments were too high so we decided to give it back anyway. Just shows all ORs are different.

JCS1

messimoney wrote: »

We bought our car on finance for 7k, OR said we could keep it if it was ok with finance co, they agreed. However the payments were too high so we decided to give it back anyway. Just shows all ORs are different.

Guess it was on HP? It is therefore not an asset and still owned by the finance company so the OR couldn't take it and sell it. Only if there is equity in a car on HP does the OR become interested, but I've never seen that actually happen yet.

dubiousone

Hi all. While you're on about cars can you help me at all.

I have a car on HP, there's still an outstanding balance but the car is only worth £1,500. We are on an IVA at mo and were able to keep it. However, we are going BR in Feb. There is no BR clause in car contract. It is essential for work as I work very unsociable hours, live in a rural area where there is no public transport when I finish some shifts. Will the OR take it and give it back to finance company?

Replies appreciated.

dalip

DO
I think i am right in saying that if no bc clause onthe agreement and you still owe for it via HP, the car still belongs to HP company. So the OR can not touch it. You would need to ring the HP company and see if they are happy for you to continue paying for it. You can then(i think) put the payments down on your SOA.

Please somone correct me if i am wrong:o .Dx

dubiousone

Cheers Dalip. Do you think the OR would give me the option of continuing to pay for the car, would this be seen as favouring a creditor? I've not made payments since we began IVA, though they would have eventually got some from the pot over 5 years. It's likely they haven't had any yet as DFD have probably kept the 6 months we have paid.

dalip

DFD:eek: sorry i have no idea. Best ask one of the car experts. Why not start your own thread,your question may get lost in this one. Plus the title will attract those in the know;) .Dx

dubiousone

Thanks again dalip. At the time DFD seemed like the right answer, but I've read stuff on here that makes me realise I was wrong to go with them. Oh well, not been with them that long and going BR in less than 2 weeks anyway.

Cheers!

dalip

Yes i know exactly what you mean. I nearly went with them too but then went bc.Dx