Hp query

vickitoria

Hi, I hope someone can help me, my partner is soon to be declared bankrupt, he has taken advise and thois seems to be the way to go...

Anyway, to cut long story short, stopped paying car finance about 4-5 months ago, car still sat on drive, awaiting collection.

spoke to company now dealing and they sent him surrender for which states that if he did not voluntarily surrender then they would have to get a court order??? confused, as he only got the car at the beginning of the year and ive checked the agreement and it looks like regular hp agreement, not a loan....

he signed the form and sent it off (i told him not to sign but hey ho, he just wants the car gone)

kind family member bought me a car £1800 value, in my name, need a car for kids , work(his) etc

He is looking at bankruptcy in jan...can anyone tell me if the above is normal??

Many Thanks in advance

skylight

It shouldn't matter now.

The forms tend to have a clause that states its a new debt and you are liable. As he signed the form it created a debt at that point so should be included in his BR. These things are really trouble if you sign them after BR at they then create a new debt after your BR date that you would then be liable for. It would have been better if he has not signed it as it *may* create problems later on. I would suggest though that he does not go BR until the car has gone and they have sent a letter stating whats owing (then its a proveable debt).

As to the new car, if its in your name and you are not the one going BR then it cannot be taken.

vickitoria

Thats great , thank you very much.

The car should go within the next couple of weeks, however I dont know how long it will take for them to auction it etc... method of thinking was along the lines of the debt being 8600 to begin, surrender car and although it creates 'new debt' this will be lower than the 8600 owing atm

there was no real form as such, just a basic typed letter (not headed) from a firm called credit style...but anyway, he signed and sent it

Thanks again

Thanks for your help