car in bankruptcy

sizzler

do understand that bat.

But why not just surrender vehichle at date of BR.

blind-as-a-bat_2

sizzler wrote: »

Thanks for that dojo.

Its like saying yes I want it then just because i dont want it ill put it in BR. I could understand company being really !!!!ed off if they have agread to let you keep the agreament after BR.

sizzler

Thats why most dont allow the agreemant to continue these days, but actually it is in there intrest to in certain cercumstances.

If there is no dividand from the BR estate, they may get a higher return by letting it continue, even if it does go pear shaped later, they have still had X number of extra paymants, and still have the security to sell, so may actually break even, or even possibly make a small profit.

sizzler

thanks for answers bat.

just takes a bit getting your head round some things.

BR is a minefield:)

blind-as-a-bat_2

sizzler wrote: »

do understand that bat.

But why not just surrender vehichle at date of BR.

Because at the time you may think you could afford it.

But as time goes on, fuel and costs go up, maybe you have a decrease in income, all the things we have seen in the current economic climate and your stuffed again

dojoman

Thanks BAAB, that explanation makes sense of the situation now.

sizzler

Bat question

I had newish van on Hp and OR allowed me to keep it. Which I was really gatefull for. I pay my payments each month since MY BR with help from my OH.

I have got another two years to go. If I decide to say i dont want it would that mean i could put shortfall in BR?

Same as for my mortgage I was very pleased to be allowed to keep my flat and mortgage and make my payments the same if I decide because I could afford it this could go into my BR.

As far as the mortgage how far down the line could you do this 6 months a year or ten years?

Thanks sizz

Sorry just intresting stuff:)

Angiepange

sizzler wrote: »

Bat question


Same as for my mortgage I was very pleased to be allowed to keep my flat and mortgage and make my payments the same if I decide because I could afford it this could go into my BR.

As far as the mortgage how far down the line could you do this 6 months a year or ten years?

Thanks sizz

Sorry just intresting stuff:)

I would be interested to know a definite answer on the shortfall question as I have had varying responses

My examiner on the phone interview said only until discharge
My CAB caseworker said probably for up to 3 years
An OR from another area told me 3 years at most
Info on MSE says it wil ALWAYS be included

Who is correct?

blind-as-a-bat_2

By the letter of the legislation, yes, as it is the liability for a possible debt, it does not matter if it is not actually one at the time of your BR, as long the liability was before your BR

That part of the insolvency has no time limit, as long as you don’t agree to be liable again after BR, the theory is it matters not how long after your BR it happens

sizzler

that amazing:eek:

blind-as-a-bat_2

Angiepange wrote: »

I would be interested to know a definite answer on the shortfall question as I have had varying responses

My examiner on the phone interview said only until discharge
My CAB caseworker said probably for up to 3 years
An OR from another area told me 3 years at most
Info on MSE says it wil ALWAYS be included

Who is correct?

Like i say, by the letter, there is no limit, but i guess a creditor 'could' claim in a court that by continueing with an agreemant it 'may' be seen as accepting liabilaty 'after' BR

The creditor may even get a judge to agree, if the time scale was long enough.

But even if they did, i think it would have little chance in a higher court if it went to appeal