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car finance on bankcrupcy
Legacy_user
Posts: 0 Newbie
if filling for bankcrupcy will i lose my car on hp finance
0
Comments
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The only answer is that it is up to the OR - brand new Range Rover or clapped out Corsa ? The HP co will allow you to keep it as long as you keep up the payments. If you honestly think you will not be able to keep up the payments one option may be terminating and putting the debt into the BR. Have you sought any advice from a debt charity ?0
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hi thanks for your reply
hi cars valued at 7kish but its essential in day to day living and ye payments are affordtable likeThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Have a look at the Bankruptcy guide here
https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part2/31-2%20Front%20page.htm
Will give you some insight on the circumstances surrounding keeping the car - or more importantly being able to justify continuing with the payments. You don't say why you need one.Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
The law is like an ocean - have a swim but don't drown.0 -
wel wife needs to get to work and need for my son whos austic and he doesnt like buses and challenging when walkingThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Are either of you claiming Carer's Allowance for your son?Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
The law is like an ocean - have a swim but don't drown.0 -
hi yes a will be doing i am coming out out of my job of 9 years to look after my son like
as my mum who had him fulltime cannot cope likeThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
CA is taken as an indication of need but not an absolute. You should be OK if you explain it.Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
The law is like an ocean - have a swim but don't drown.0 -
what would happen if i didnt have finace on the car and owned it outright would i still be a risk of losing the carThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Is there any equity in the car? If no, the OR will send a letter of non-adopt to the HP Company, it is then up to the finance company to decide what to do.
If there is equity, the OR may decide to sell the car and replace with one of a lower value.0 -
what would happen if i didnt have finace on the car and owned it outright would i still be a risk of losing the car
How much is it worth? It could then potentially be an Asset and be sold/replaced with one of a lower value.
Also, where would the funds come from? You don't want to make a preference payment to the HP company as the OR could overturn.0
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