Lease car??

malfollie_01

Hello all,

Just a quick question if I have a lease car on a 3 year contract what happens with that when you go bankrupt do they make you cancel the lease?? or can the cost be included in my SOA?? I need a car for work as travel 30 miles to work and work shifts

Thanks in advance
Malfollie
xx

Merry_Gentry

I think you need to check whether there is a clause in the lease regarding bankruptcy - you may well find they will take the car back. I would think it's extremely doubtful you would be allowed it in your SOA.

peachyprice

As Merry says, check your lease paperwork.

Whether the OR will let you include it on your SoA depends on how much is it. If you're paying £500 a month for a Merc, you've got 2 hope's and one of them is Bob, on the other hand if you're paying £100 for an average car that should be fine, as it would be comparable to using public transport for work.

HTH

malfollie_01

All it is my car has given up the ghost and was looking into the car leasing as an option instead of buying. Was only looking at a little car about £140 per month. I only want a little one just don't have the money to buy anything outright!

Merry_Gentry

Might be a daft question, but how are you going to afford that per month??

blind-as-a-bat_2

Merry_Gentry wrote: »

Might be a daft question, but how are you going to afford that per month??

I keep asking myself the same question ever since the DWP left us in the lurch whith our HP:mad:

for that reason I would not volenteer to that commitmant if i could avoid it, but if the lease covers all running costs except fual, and it is truly needed for work, the OR may view it a reasonable.

Its easy to lose sight how many other costs running a car has, lease 'can' work out cheaper than running your own 'banger'

(clouded by the possibilaty of an IPA if you can continue to work:rolleyes: Cynical.......who me?:p)

There is still the issue of the lease company accepting to lease to a BR though

Merry_Gentry

I'm sure there was a discussion somewhere on the forum about car leasing, and places that would accept people with bad credit ratings. Don't know if it works out more expensive though...