HP Disaster? HELP please

Jc1

Hi All,

I have got myself in an awful mess with my HP. I am still paying it and haven’t missed a payment, however, I’m beginning to struggle with the £250 a month.

On top of this I don’t actually have the bike anymore, I only have the V5 in my name.

I gave my friend a loan of it and he changed it into his name for insurance purposes, however, this caused hassle in terms of the bike being in his name which I never thought about. I thought as long as I was paying it then it would have been fine. The Finance company were on my case demanding the full balance as they thought I’d sold it.

So, I got it back from my friend and sent the v5 off again to get it back in my name which was fine. However, while riding it home third party only using the “drive any other vehicle” with the insurance on my other bike I crashed it. No other vehicles were involved but I caused enough damage to write the bike off, forks bent, handlebars bent, tank dented in etc.

Panicking and trying to get some money for what was left of the bike, I sold it as it was (without the V5) as the engine was still good. In my panic I thought I would just keep the v5 in my name and continue to pay for it but I am now struggling and keeping a roof over the families head is obviously my priority. I haven’t yet missed a payment but it is about to come, if I still had the bike they could have taken it back but I don’t.

On top of this I’m about to go bankrupt too.

Any help in this mess I have got myself in would be very much appreciated.

What are my options?

Thanks.

[Deleted User]

If you're about to go bankrupt, presumably this debt would be included?

Jc1

They will look for the bike back though and I don't have it anymore. That's what I'm worried about, surely it won't be as simple as adding it in to the bankruptcy?

[Deleted User]

I don't see why not. I'm not an expert on it, but it seems you just lump together all the debts you can't pay.

I think you need to tell them what you've done with their bike though.

System

If you're going bankrupt forget about it. From the moment the judge signs the order it becomes the problem of the official receiver.

sourcrates

Bankrupcy covers about 99% of all debts you can have, only things like court fines and CSA debts are excluded.

If your going bankrupt it’s a non issue anyway.

Jc1

What about me not actually having the bike though? Will that not cause hassle for me?

TadleyBaggie

Jc1 wrote: »

What about me not actually having the bike though? Will that not cause hassle for me?

Probably a lot less then going bankrupt. As has been said if they can't reprocess the bike, they will just become another creditor.

Shakin_Steve

If you’re about to go bankrupt, develop a thick skin. Don’t worry about the bike.

Samsung_Note2

But wouldn't the official receiver ask for the bike as he would if you had a car on HP.

The fact its been sold prior to bankruptcy,wouldn't the OR be asking questions..?

Arleen

Samsung_Note2 wrote: »

But wouldn't the official receiver ask for the bike as he would if you had a car on HP.

The fact its been sold prior to bankruptcy,wouldn't the OR be asking questions..?

They will, and will have to live with the fact that the bike and cash is gone.