Scared about bankruptcy, advice needed!

nervousmother

I think those repayments are too high to allow in BR. How much do you owe on the cars? I know if the OR sells the cars he can give you an allowance of up to 2k to buy a cheaper car, of course if the HP company take them back that wont count so there will be no cash in the pot to purchase new ones.
There is nothing definate with cars though. Your best bet would be to get rid of them now let them go back to the HP company. If you stopped paying them it would probably take a couple of months for them to repossess them, you would have saved 1k over 2 month towards purchasing a cheaper one you could keep.

catneedtosell

Wondering - apologies if you've already stated this, but how much of the HP in total have you paid off of the cars? Reason I ask is that if you get to a certain point in the finance, they cannot just come along and take the car away - they have to go through the courts (I think) to get reposession.

IF the OR were to take them, I'm not sure how them giving you X amount to buy another car works if HP is existing on said cars.

Just out of interest has your CAB got a specific Debt service? Some do, some dont.

If the CAB havent been much help I think others on here would suggest called CCCS for advice.

Wondering82

NM - we cant just give them back cos then we have no way of getting to work unfortunately. It does sound like a good idea but just not practical for us. I feel like our situation is a no hoper to be honest. I'd need to ring for an up to date settlement figure but from paper work I've got here, I think about 8500 and 10000. More than the cars are worth.
Cat - Have only had one car for nearly 2 years and the other for a year. We changed cars alot, just cos we could at the time. So the agreements are fairly new I suppose.
Yes CAB was a specific debt service apparently.
Thanks I'll try CCCS.
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Moley456

Wondering,

In terms of the cars, I appreciate you both need a car, however, I think you probably have either got to try and reduce you expenditure, not go bankrupt and fight your way out and repay the debts or let the cars be taken by the HP company and don't make any more payments and use the saved money to buy two very cheap cars and then go bankrupt.

nervousmother

Wondering82 wrote: »

NM - we cant just give them back cos then we have no way of getting to work unfortunately. It does sound like a good idea but just not practical for us. x

That is why I said stop paying the cars now, you will probably get away with missing 2 payments before they start any proceedings, that is two months 1k saved towards a cheap run around. You will still have the use of the cars until the HP company take them.

You need to take pro advice. You have two choices go BR or make arrangements to get out of debt.

Wondering82

Morning both,
Sorry NM I'd just got in to bed when I realised what you'd actually written - I think I was getting too tired and emotional. I understand what you meant now. I think I'm scared to actually purposely stop paying my bills. I hate missing payments at all through no money but to know the money is there but choosing not to pay - OMG! Thanks both for your kind responses.
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