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BR & Company Vehicle

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
1 reply 1.5K views
Click_safe91Click_safe91 Forumite
12 posts
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edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
Hi all,

I have a question for you, which may sound ridiculous, however you’ve never let me down before. I’m in month 11 of my BR. I’ve just been given a promotion at work which now entitles me to a company vehicle. I’ve spoken to my OR who’s basically said that I can continue down that route, however, the ongoing vehicle maintenances budget currently allocated will be changed to £0, which is fine.

My question relates to the company vehicle itself. I know that the company vehicle scheme runs as a ‘fixed loan sum’ finance agreement. Its an 18 month agreement which I basically make payments of ‘X’ amount for 4 months. After 4 months/4,000 miles my company pays off and ends the finance agreement, and provide me with a new vehicle agreement and.. you’ve guessed it, another agreement for the next company car. Cars change every 4 months.

My question, sorry it’s been a long thread, As my BR will show on my credit file for 6 years, will it make it difficult for me to get the company vehicle (finance agreement) or will the fact it’s a company vehicle alleviate any concerns?

Any help, as usual, would be much appreciate. :money:

Replies

  • debt_doctordebt_doctor Forumite
    4.6K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Hi,

    Is it your company who are obtaining the finance and they take money from your wages or is it you obtaining the finance?

    If it is the company then I see no issue, but if it is you then I would imagine that your poor credit rating will cause a real issue and as you are still currently bankrupt (just) then at least on the 1st agreement you would have to declare your undischarged bankruptcy status as you will be borrowing more than £500.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
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