Considering BR

hanes · 3 April 2013 at 7:34AM

sorry I mislead there with my post - I don't intend not to pay car insurance I know the pitfalls of that. I meant how many payments can I miss on the car before they decide to take it back?

tigerfeet2006 · 3 April 2013 at 8:25AM

What sort of loan is it? Is it a personal loan? Is it secured on the car?

hanes · 3 April 2013 at 4:33PM

tigerfeet2006 wrote: »

What sort of loan is it? Is it a personal loan? Is it secured on the car?

It was a personal loan and yes it is secured against the car as they have sent me letters stating of intention to remove it from my address.

I think there is just over 5k left as it ends in 11/14 do I stick it out or just let them take it and fight them through the courts? I have paid 3 years at £254 p/m already. There is no VT on the contract as It is a personal loan.

However I am hoping if it does get to court then the judge may look at it that I have paid enough already and was foolish.

I can but hope eh.

alastairq · 3 April 2013 at 6:06PM

It was a personal loan and yes it is secured against the car as they have sent me letters stating of intention to remove it from my address.

If a 'personal loan', it is unsecured credit.

tigerfeet2006 · 3 April 2013 at 6:26PM

Get the loan documentation out and read it. If it is a personal loan it is not secured on the car.

hanes · 11 April 2013 at 4:36PM

Yes it has to be secured against the car as I missed two payments and they attempted to collect it whilst I was at work last year and I had to borrow the outstanding amount to pay inc fees.

I am thinking if I miss the payments and save for another car £750 will buy something half decent for now.

That way they can take It currently owe 5k on it, soon after I will put my BR petition in.

hanes · 16 April 2013 at 4:57PM

So im getting closer to affording the fees should have them by end of may

I have made an appoitment at the CAB to help with the forms and then i will go to the next stage.

It is my partner going BR at this time, what happens there as my SOA is joint debts expenses etc.

Would they advise for me to be made BR also?

Rylynn · 17 April 2013 at 12:07AM

Hi,

I am a bit confused, the car is on a loan, so the loan is an unsecured debt that would form part of your bankruptcy?

I thought the same way you did back in 2008 only to find that I was wrong the loan was not secured against my car as it was a loan not car finance? there is a difference.

RL

dancingfairy · 17 April 2013 at 6:07PM

If you both need to go bankrupt then it will be easier to do it all at once but doesn't have to be done like that.
It's going to matter what debts you both have, which ones are joint etc. If any debts are personal to your partner they will go when your partner goes bankrupt. If any are joint then they will fall to you to pay (alongside any that are solely in your name). This will determine whether you also need to go bankrupt.
In terms of joint/single bankruptcies then the judge will want to make sure that the living expenses are reaonsable (and not taking the mick) and that the person going bankrupt is paying a fair share of the household bills.
df

JCS1 · 17 April 2013 at 7:09PM

If you do go bankrupt at separate times, when the 2nd person speaks to the OR initially then please let them know the details of the 1st person. They will then link the cases and assign you both the same examiner, case admin, etc