Help!!! big depression about going bankrupt! what about my car finance??

allmuktup

Hi all, cheers for reading me!!! Very briefly I/we are in serious debt and looks like only option available is bankruptcy....approx £75k after house repo'd. Living in rented but work some 50 miles away from home and a car is very much needed. Our exsisting car has zillions of miles and needs plenty of money spending on it. Been thinking about a guaranteed type finance but how does this affect my bankruptcy (not bankrupt just yet still saving the 500) but a car is to be honest a defo must? No buses available until 06:20 but start 50 miles away at 06:00? Can I keep a car on finance?? please help cheers depressed andy

So_Sad_Angel

allmuktup wrote: »

Hi all, cheers for reading me!!! Very briefly I/we are in serious debt and looks like only option available is bankruptcy....approx £75k after house repo'd. Living in rented but work some 50 miles away from home and a car is very much needed. Our exsisting car has zillions of miles and needs plenty of money spending on it. Been thinking about a guaranteed type finance but how does this affect my bankruptcy (not bankrupt just yet still saving the 500) but a car is to be honest a defo must? No buses available until 06:20 but start 50 miles away at 06:00? Can I keep a car on finance?? please help cheers depressed andy

Hi Andy.

Welcome along....I can appreciate the depression side of this process. I guess thats why I`m on here at 3.30am.....the night time is the worst.

Any kind of finance now would be ill advised...as you say you are insolvent...ie you can`t meet your commitments. Upon BR the finance Co would likely terminate your agreement & take the car back anyway. Not sure what you mean about guaranteed?....if you mean finance in someone elses (non BR) name then I not sure of that.

Have you spoken to one of the debt charities? This must be your first step..CCCS/Nat Debtline/CAB.

The OR will allow a car to be kept provided it is essential to your work as you say. It maybe that you will have to make do with the existing.

Angiexx

allmuktup

Hi angie, thanks for reply. I didnt realise about the insolvency part as I am super new to all this and extremely green so to speak. The guaranteed finance part with regards motor is were you can get finance on cars with a bad or poor credit rating ie ccj's/defaults etc. My plan was to try and get something in place before I go bankrupt as our car is very much in need of some serious money spending on it and to be honest not really worth too much as it is. I have heard were in certain circumstances a car finance company will petition an adoption of a bankruptcy order, I had hoped we could go down this route. At the end of the day I know our finances are shot to pieces/blown up/stamped on and any other manner of description etc but would you understand that I really feel to cope with all this we need the chance to prove we can be shall I say trusted again financially.

take care and keep safe andy

stintond

I used one of those companies once , they charged 40% apr . Blimey , wot was I on at the time.....
If I was in your position now , I would raise three or four hundred pounds and get yourself an old nail. They wont take it from you when youre bankrupt , especially as you need it for work.