bankruptcy Help

Ianrgj

Hi me and my wife are about to go bankrupt:(
I have managed to get the RBL to help with the cost.


The question is I have a car on HP... CAB have said I will have to hand the car back as I have 2 years on the payments left
I am an essential car user at work so no car means no job:mad:

I called the Finance company and told them the situation and asked if I could hand back the car. the woman on the phone said its up-to the court

The trouble is I need to make sure I have a car so don't want to go out and buy a banger if I don't need to:(


Thanks

Ian

JCS1

How much is the car worth and how much is there left to pay?

Assuming the finance outstanding is higher than the car value, then the OR will send a letter of non-adopt to the HP company and it is then down to the HP company to decide what to do. Some will let you keep the car as long as you maintain payments, others will take the car back.

If the car value is higher than the finance outstanding, then the OR might decide to pay off the finance, sell the car and then use the proceeds to your BR estate. Depending on your reasons for needing a car, they may decide to give you an allowance from the money to buy a replacement.

willit_everend

Hi The OR used Parkers used car guide to value my car,he valued it at a lot less than i did, on my SOA .and as i use it for work, i was allowed to keep it.