Keeping a car worth £2k and going bankrupt? £2,800 is still owed on the car...

Rochdale_Guy

I got an unsecured loan from Northern Rock, went to the garage and paid for it on my debit card (after obvious checks).

I now pay back N/Rock for the loan, so are you saying they own the car?

It's mine, I just owe them for an unsecured loan (NOT a car loan).

Confused

PippaGirl_2

Rochdale, BR is a massive decision never to be taken lightly. For me it was a decision I took 2 years to make after advisors advising me it would be the best option for me in my circumstances. I think the fact that your car is the deciding factor for you in deciding not to go BR means that BR can't be the right option for you at this time anyway. So it has probably been helpful for you.

The only thing that upset me about the process is I lost my £5 of premium bonds that my (deceased) grandfather bought me when I was born but I just have to see it as he if you like released me from this debt and for me material things mean nothing. Fortunately I need a car so I was allowed to keep my jalopy.

alastairq

BR is a life-changing position.

No two ways about that one.


A potential BR has to accept that treasured possessions may well be taken for the BR estate [to pay creditors]...

Some have had to relinquish their home.

Others may well have had to give up treasured family heirlooms...

People have had to adjust to drastically different lifestyles.


And some have had to let go valuable motor cars.

This is part of the reality of bankruptcy.


The problem with easy-access credit has been, we have all been able to 'have our cake and eat it.'

Once we realise we are on a forever-spinning spiral of debt repayment, we come to the conclusion that something has to 'give'....it has to stop.


I believe the OP is getting to that conclusion.

And isn't the only one to be dragged kicking & screaming towards that realsiation.....and the means of dealing with it.


So, to the OP, losing one's car isn't the end of the world.....like wives, there will be others in the future.....

ani_26

Sound advice from alastairq, as always.

rossireps

Rochdale_Guy wrote: »

Can't do that, I owe £26k and certainly haven't got £1k free




Ask you? Not order you?




Over my dead body.




Oh I won't get one of them, I just know it



So I sell my treasured car, then get a £500 jalopy. Then they can seize that :mad:

What incentive is there for me to go bankrupt?



Thanks, yeah but only if I go bankrupt or apply to.

Thank you for the helpful post.

you never know,i had a nice examiner she remembered/knew i was very anxious about my vehicle. first thing she did was say. i know you anxious about your bike so we will deal with that first