Can i keep my car

steviecoyle

Speaky7 wrote: »

For the last 3months we have been preparing for bankcruptcy making token payments to our creditors

If you are going into bankcruptcy I do not believe you should be making token payments. Just keep your money. What you owe will be included in the bankcruptcy.

Carrot007

noobinvestor wrote: »

and avoid French cars!

Or better yet go for one.


Becuase of underserved bad rep (any car can be bad but people like to blame the entire line after having a bad one) they depriciate fast so a peugeot etc will get a lot newer car for the £1000, which should mean lower upkeep. (also learning to buy a car privately will help).

Andyjflet

Speaky7 wrote: »

Hi i have made 6x 250 payments so far
Never missed a payment because it is essential.
What would they expect us to do car wise
We need a reliable car.

Unfortunately its an asset so they will take this and auction and the balance will be added to the total debt.

You obviously can't expect to keep something and not pay for it, put some cash aside and run a £500 banger until you can save more.

They say you shouldn't enter bankruptcy lightly as these things will be happening over the next few years, you are pretty much cash only at the moment.

JCS1

Andyjflet wrote: »

Unfortunately its an asset so they will take this and auction and the balance will be added to the total debt.

You obviously can't expect to keep something and not pay for it, put some cash aside and run a £500 banger until you can save more.

They say you shouldn't enter bankruptcy lightly as these things will be happening over the next few years, you are pretty much cash only at the moment.

The OR will only take and auction if there is equity in it after paying off the HP. if it is in negative equity they will send a letter of non-adopt.


As it's a new(ish) HP agreement there is unlikely to be any equity so it is then up to the HP company what to do.

Murphybear

noobinvestor wrote: »

Old cars should be more reliable, as long as it's not a luxury brand such as Audi or BMW etc.


Go for an Asian car like Toyota and avoid French cars!

I have a 17 year old Toyota Yaris. I look after it, regular maintenance etc. It is incredibly reliable, no unplanned costs. It is also cheap to run. Because there are so many of them around getting 2nd hand parts is easy and not too expensive.

CanadianDream

Murphybear wrote: »

I have a 17 year old Toyota Yaris. I look after it, regular maintenance etc. It is incredibly reliable, no unplanned costs. It is also cheap to run. Because there are so many of them around getting 2nd hand parts is easy and not too expensive.

Completely agree!

TheGardener

missile wrote: »

Live within your means, :rotfl:

It may have been a 'light-hearted' comment - but please remember BR is a source of despair and distress for many posters. It is also worth noting that many of us did indeed 'live within our means' but were sunk through no fault of our own.
Although there are of course some people who just plain mess up with their finances, the majority are others who were taken ill, were made redundant, lost loved ones, were 'domino'ed' by other business insolvencies in the supply chain or were simply blindsided by someone they trusted. Constructive comments and/or support are what this board tries to offer.
There but for the grace of a god goes anyone of us...

Speaky7

Thank you for the lovely comment GARDNER!!
I do not want to dive in why i am in this position to much, but we av around 28000 in un secured debts and the short fall of the sale of the property when ever it gets sold.
My eldest son is disabled so he goes to special school and we share the car between us
We did have 2 cars 6month ago i bought a cheap car for 1200 a peaguot 308 and it was in the garage all the time.
My son does not do well on buses so it will be alot of taxis because we personally would go without drive a realiable old banger , i know theres gd ones but as sed before ive had so many cheap cars in the past all die.
Also were would the money even come from for a car i have no idea.
Also in 12-18 month or so i will be taking over my fathers window cleaning round so i will need a reliable car also.
Iam also thinking of leaving my job before bankruptcy because i do not want to get a ipa.
Thanks guys x

TheGardener

Speaky7 wrote: »

...
Iam also thinking of leaving my job before bankruptcy because i do not want to get a ipa...

Unless you earn quite a bit more than the 'average' wage then I wouldn't do that. In BR you are expected to maintain a reasonable standard of living. Perhaps you could post an SOA and we can advise?
There is a good template here https://www.stoozing.com/soa.php

foxy-stoat

What does your HP agreement say if you were to go insolvent/bankrupt?

I know that if you do not make the contractual payments then the car well may get repossessed, which by the sounds of it is likely as you haven't paid for a few months now.