Hp finishing before discharge

Czeskyy

Hello there, 
I'm looking for helpful advice regarding my case.
I'm undischarged bankrupt science Jan 23, currently having car on HP to be finished before my discharge.
I have no IPA , and HP company let me keep car as long all payments are up to date.
Will my car be claimed by OR when I pay it off ?? 
I'm bit confused how this all works now , I was considering of giving car back or selling it and settling finance , I did ask OR about but only what I heard to not do anything for now.
Reason I'm asking cuz my budget is very tight and to paying for car now make me to cut on other esencial expenses like food or clothes for kids etc...

It's sames to me pointless to pay for car now so it can be taken away.

I do use car mainly to take my wife to work and kids to school , nursery and day to day shipping 

Please advise if anyone is or was in similar situation.

JCS1

Is there equity in the car? Have you had anything in writing from the OR about it?

Czeskyy

JCS1 said:

Is there equity in the car? Have you had anything in writing from the OR about it?

Thank You for replying, 
Car is worth around 3500 ( based on we buy any car valuation),  with still to pay 800 pounds.

I did ask OR about car , OR ask me back what I use car for where I answered as above and nothing else.
When I did ask again if I could sell car to potentially clear HP and buy cheeper car i was told to not do anything yet.
I presume OR wants contact HP company himself.

I'm bit worried now cuz my budget is very tight like mentioned and I don't know what I can do what I can't as no answer from OR 

JCS1

The car might be an issue. There is equity on it, so it is an asset.

The OR may pay off the finance and sell it. You need to prove that the car is necessary rather than nice to have.

If you can prove that, they may give you an allowance to buy a car.

What is the lowest valuation you have?anyone who could pay the OR? I suspect they are waiting for valuations and values from HP company before deciding as the figures less fees etc are close.

You cannot sell it unless you get letter from OR to state they have no interest on it.

Did you take advice before going BR as the debt charity should have covered this.

Czeskyy

Thank You again for replying,
Yes I did take advice from Step change and we discussed this matter, I'm ready to give car away.

However my case is bit more complicated.
My income and expenses was calculated as whole family as I'm full time parent and partner is in full time job, we receive Universal credit and I'm able to do small self employed income working from home. 
My girlfriend is mainly using car and she is paying HP from her account although HP agreement is on my name ( that time I was in full time job).

I'm very confused here and if I can't keep car I don't want my girlfriend to pay for it it would be not fair. 
I'm happy if OR , or HP company take the car but neither of them giving me and answers.

JCS1

Is OR aware who is paying the finance? You could argue she had beneficial interest on the vehicle. 

I suspect the delay is because the figures make it a borderline case. Keep chasing them for a decision.

Czeskyy

Thank You, 
OR is not aware who pays for what, he never asked about any details even my interview was very brief like 5 min no question asked neither interested in my situation etc.
I was informed I won't have IPA, and that's science then no answers etc. I did call and spoke to OR but like mentioned no answer in this case.

I will email again OR asking for more details, and yes as u mentioned my girlfriend has beneficial interest in car. Same time our budget was created as family but I feel not fair for my family to live in the border line cuz of my bankruptcy. 

fatbelly

Almost certainly the OR will sell this for the benefit of the estate.

The third party will have no rights over the vehicle.

This info comes from the technical guidance

https://www.gov.uk/guidance/technical-guidance-for-official-receivers/27-motor-vehicles

JCS1

fatbelly said:

Almost certainly the OR will sell this for the benefit of the estate.

The third party will have no rights over the vehicle.

This info comes from the technical guidance

https://www.gov.uk/guidance/technical-guidance-for-official-receivers/27-motor-vehicles

Why do you say almost certainly?  I think given the figures and agent fees, less replacement vehicle it could be borderline.  You don't want to sell an asset and make a loss for the estate.

fatbelly

The car is valued at £3500 (based on a false valuation from wbac)

The girlfriend is the main user of it

It's the client's asset.

I wouldn't want to be 100% on it but almost certainly the OR will sell this for the benefit of the estate.

Czeskyy

fatbelly said:

The car is valued at £3500 (based on a false valuation from wbac)

The girlfriend is the main user of it

It's the client's asset.

I wouldn't want to be 100% on it but almost certainly the OR will sell this for the benefit of the estate.

Thank You for replying, 
I do agree with idea that OR want to sell car for the benefit of the estate.

However like mentioned before at moment u need still pay my finance to HP company and at this stage I would rather give car away either to HP company or to OR and get different car which my girlfriend will keep.

Perhaps You have any advice how I could approach this situation ??? 
I intend to send letter or my OR with direct question about his intention, will include my budget (SOA) where currently cuz of HP instalments I'm going on minus and can't afford it anymore, my girlfriend she don't want to pay for it anymore either.

Thank you for all advise.