Terrible mess.

Bad_Timing

Hi I wonder if anyone can help. I am self employed but have no work coming in at the moment. My husband was self employed but now on pension credits (basic) We are really struggling and can't afford the car we have. We bought it on HP just over a year ago - trading in two cars in an attempt to downsize. We didn't save much on the monthly payments but there was only one set of insurance, road tax etc and the newer car is very fuel efficient.

We are at the point now where we have defaulted on the payments (3) and Black Horse have said that they are coming to take it back today. There will be a big deficit because there was negative equity on the other two cars.

My question is, if my husband goes into bankruptcy will BH try to apply a charge on our house. The house is mine and in my name.

We cant both go bankrupt as the house and the loan we have charged on it (the root of all the trouble) will be taken off us. He is 64 and not looking too well today. Can someone advise me what to do?

Bad_Timing

I am trying desperately to remain positive in seeking new business - we did very well in previous years but everything ground to a halt with the world economic crisis. thanks

fermi

Is the HP also in your name?

debt_doctor

Hi,

Are you certain it is HP? - does it say at the top of the agreement Hire Purchase or Conditional Sale? - or does it say Fixed Sum Loan Agreement?

DD

Bad_Timing

Hi Fermi,no it is not in my name. Hi Debt Doctor Yes definitely HP

Thanks.

They have taken it away. God knows how we will manage without a vehicle now.

If my husband goes bankrupt can the company (Link Loans and in both names) that have a charge on the property (my name only) enforce a sale even though we have kept up to date (just) with the payments?

Bad_Timing

haven't slept all night panicking and worrying myself into the ground.

debt_doctor

Hi, sorry you lost the car.

Do you have any equity in your house after mortgage and secured loan are taken in to account?

DD

fermi

So car finance/HP is entirely in his name, and house is solely in yours? Sorry. Just want to be 100% clear.

mattannar

How long has your husband lived with you in that house?

Bad_Timing

debt_doctor wrote: »

Hi, sorry you lost the car.

Do you have any equity in your house after mortgage and secured loan are taken in to account?

DD

yes we do. Not enough to sell up and move somewhere else though.

Bad_Timing

fermi wrote: »

So car finance/HP is entirely in his name, and house is solely in yours? Sorry. Just want to be 100% clear.

Yes that is correct Fermi. However the loan secured on the house is in both names.