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friend going bankrupt and....
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tiggerkian
Posts: 87 Forumite
he has a car on finance....anyone know what will happen to it..thanks in advance....
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Is it HP or Loan? How much is car worth and how much of the finance is left to pay?0
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hi jcs it an 08 car so probably worth about 5 grand and its on hp..... and he has 2 years left to pay on a 4 year agreement........ thanks0
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Assuming that the finance outstanding is more than the car is worth, then the OR will send a letter of non-adoption to the HP company and it is then down to the HP company to decide what to do. Check the small print for a BR clause.0
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I would think the finance company would reposses the car, but it really depends on whats left outstanding etc. i voluntarily terminated my agreement and they picked it up 5 days later, I then just included the shortfall in the Bankruptcy, he could do it that way too....or is he trying to find a way of keeping the car?0
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