pcp vehicle

kellyvg

I am in the process of declaring bankrupt but I have a car on pcp. I am up to date with those payments but wanted to check if I definitely will loose the car or is there a chance I will be allowed to keep paying for it until the pcp runs out, I understand that I would not get another pcp but the finance company (black horse) wont gain anything if the car is taken now as there is nothing owing to them. I also need to have a vehicle for getting to work and school runs and don't know how ill be able to get a vehicle if I loose this one?
many thanks 

mwarby

The big issue would be value of vehicle, us it worth more than outstanding finance or 1-2k.

It will also depend on wether you can convince the OR that you need the vehicle (could be argued kids could walk, and you could use public transportation). The OR would see the advantage of getting value out of vehicle, and likely savings on running costs(fuel, parking, servicing, insurance, road tax etc)

kellyvg

thank you. my car is worth about 5000, I would have to have a vehicle anyway somehow so would still require running costs. can black horse decide what they are happy with or is it up to the official receiver? as the car is leased anyway it wouldn't pay any of my debts off. sorry for all the questions im just trying to get as organised as I can
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many thanks

mwarby

It’s up to black horse as to whether they still want to do business with you. It’s up to the OR to decide whether the the ongoing payments are affordable, and also up to OR how to handle any value if any (if it’s worth more than outstanding repayments)

pcoventry

kellyvg said:

I am in the process of declaring bankrupt but I have a car on pcp. I am up to date with those payments but wanted to check if I definitely will loose the car or is there a chance I will be allowed to keep paying for it until the pcp runs out, I understand that I would not get another pcp but the finance company (black horse) wont gain anything if the car is taken now as there is nothing owing to them. I also need to have a vehicle for getting to work and school runs and don't know how ill be able to get a vehicle if I loose this one?
many thanks 

Hi,
When I went BR I had a car on PCP - and my balance was about 10K - I had made all my payments. The OR said that they had no interest in the car because it was not mine. And they did say Renault had to end my current agreement and start a new one - but they never did and it carried on. Their stance was perfectly clear - miss a payment the car was going back. So my dad ended up taking over the payments instead. In the end I sold the car and paid off the finance before I was discharged.