The car

rennes123

Me again,right we have a car which,through a cleaning job I do,we have managed to keep the payments up on. It is in hubbys name,we plan to sell it pay off the balance and use the remaining money,about £1000,to buy another one,is that ok,also we have inherited an old banger from family,its worth about £150,we were hoping to give it to our son when he passes his test,is this selfish,or should we sell it and give the money to the or after we have gone br,I know it sounds daft but I guess I am doing any thing i can to get one of those payment orders after hubby goes br,I feel so guilty about doing this,just walking away from it all,feel like crap:(

Are these feelings normal

now

rennes123 wrote: »

Me again,right we have a car which,through a cleaning job I do,we have managed to keep the payments up on. It is in hubbys name,we plan to sell it pay off the balance and use the remaining money,about £1000,to buy another one,is that ok,also we have inherited an old banger from family,its worth about £150,we were hoping to give it to our son when he passes his test,is this selfish,or should we sell it and give the money to the or after we have gone br,I know it sounds daft but I guess I am doing any thing i can to get one of those payment orders after hubby goes br,I feel so guilty about doing this,just walking away from it all,feel like crap:(

Are these feelings normal

If the car is on HP it is a secured debt and you should not sell it as it really belongs to the loan company, if you sell it you will have to hand over any profit to the OR but you are allowed up to £2000 to purchase a car. The OR and the loan company will decide what happens to the car as selling it and paying off the loan prior to going BR could be seen as favouring one creditor over another. Best go and talk to CAB or get help from a IP also the banger it maybe wise to leave registered with who owns it ever owns it now. do not feel guilty as so many are here through need not greed and that says a lot Good luck