Update on bankruptcy and car lease

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
6 replies 2.2K views
vivkivivki Forumite
36 Posts
edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
So everything is moving slowly. Bankrupt now for 2 months and nothing has happened?

I now have a new job starting 1st January, and the salary will place me below the threshold to enter an IPA.

Hubby has had a letter from the car lease company giving 7 days notice to terminate the car lease due to a bankruptcy clause in the agreement and asking for £11k for early termination. It is a lease where the car goes back after the term - he's 11 months into the 4 year agreement. His Examiner was happy for him to keep the car lease going when he was made bankrupt in September, but even maintaining his payments, RCI are terminating the lease. We can't afford to buy a car, so we're having to make other arrangements which includes taxis - he works nights, in the middle of the country! But we are worried that early termination fee of £11k may not be incorporated into his bankruptcy. I'll let you know though - it may help someone else out there who encounters the same situation.

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