Quick question

Jane21_3

Hi,

I bought my computer at Curry's on one of those 'buy now pay nothing for 6 months' agreements and now have an agreement with HFC. I forgot to ask CCCS about this and was wondering...I know that I won't be responsible for the loan anymore but do they take the computer away? We got it about 3 years ago? I'm hoping the answer is no!!!

So_Sad_Angel

Hi Jane21,

Similar situation for me with SCS Sofa people & I was told that I need to have paid more than a third of balance & then unlikely they will want item or take any steps to recover...I`m sure someone will add to this as I`d like confirmation..

Cheers Angex

debt_doctor

Hi Jane,

I pressume you are BR now ? That type of agreement is almost certainly a personal unsecured loan. Your computer is all yours !

DD

Jane21_3

debt_doctor wrote: »

Hi Jane,

I pressume you are BR now ? That type of agreement is almost certainly a personal unsecured loan. Your computer is all yours !

DD

Hi, Thanks for that. I am booked in for BR next week!

How can I be sure that it is a personal loan? I can't find my original agreement anywhere. I have letters about payments to them for my 'loan', but doesn't confirm it is unsecured personal loan.

Toon_Dave

Jane21 wrote: »

Hi, Thanks for that. I am booked in for BR next week!

How can I be sure that it is a personal loan? I can't find my original agreement anywhere. I have letters about payments to them for my 'loan', but doesn't confirm it is unsecured personal loan.

Hi jane ,

HP agreements are always classed as unsecured personel debt which would be wiped out via BR. They would have had to apply to courts etc for charging orders etc to change this, but if payments have been met then should have no worries there.

On a seperate note, Is the computer essential part of business or studies? As the OR will look at the computer as an asset and look to use it to pay creditors unless it is needed for daily work or studies...You would need to put your case to them on this matter.

You may get a very nice OR who isnt bothered about the computer, How much is it worth?? that may be another part of the asset building from the OR.

Hope this has helped.

Dave

Toon_Dave

Hi Angel...i keep following you around on these threads...lol

Regarding the sofa, i dont think the OR look at furniture as part of the BR as they are classed as eseential or a necessity..unsure 100% if there is still monies outstanding on a HP though...i know you have to list on the SOA for the courts.

Jane21_3

Toon_Dave wrote: »

Hi jane ,

HP agreements are always classed as unsecured personel debt which would be wiped out via BR. They would have had to apply to courts etc for charging orders etc to change this, but if payments have been met then should have no worries there.

On a seperate note, Is the computer essential part of business or studies? As the OR will look at the computer as an asset and look to use it to pay creditors unless it is needed for daily work or studies...You would need to put your case to them on this matter.

You may get a very nice OR who isnt bothered about the computer, How much is it worth?? that may be another part of the asset building from the OR.

Hope this has helped.

Dave

Hi,

Thanks for this. Just a basic home PC for leisure really. I think it was about £430 when we got it but that was about 3 years ago so probably not worth much now. Do I have to put this as an 'asset' on my SOA? Cheers

Toon_Dave

Jane21 wrote: »

Hi,

Thanks for this. Just a basic home PC for leisure really. I think it was about £430 when we got it but that was about 3 years ago so probably not worth much now. Do I have to put this as an 'asset' on my SOA? Cheers

i think you must list it as a possible asset to be 'sold' for funds to pay creditors..i'm sure someone else will come along with more specific advice as i know it does depend on the value of the item after auction fees etc..

You could sell it yourself privately and use money to 'pay' for your BR fees and other essential living costs...then after BR buy a cheap one off ebay etc using 'surplus' money that the OR has allowed you to keep...this may seem a bit 'wrong' but its an option for you.

Dave.

fermi

So_Sad_Angel wrote: »

Similar situation for me with SCS Sofa people & I was told that I need to have paid more than a third of balance & then unlikely they will want item or take any steps to recover...I`m sure someone will add to this as I`d like confirmation..

To quote the ADMIN of another BR forum when answering this:

Question from poster:

Bought sofas from DFS on buy now spread the cost over three years. Had the finance for 2 years and 4 months now. Would this debt be classed as secured or unsecured? And would they take the sofas away from us? I think we owe about £252.

Answer from forum ADMIN:

Unsecured.

And no they wont take it away!!

I had a £2400 worth of leather recliners, and never paid a penny!!

Still got them and they still look posh!!

fermi

Jane21 wrote: »

Thanks for this. Just a basic home PC for leisure really. I think it was about £430 when we got it but that was about 3 years ago so probably not worth much now. Do I have to put this as an 'asset' on my SOA? Cheers

Nope. I wouldn't. It asks for assets of "value" which a 3 year old second hand PC certainly isn't.

Toon_Dave

Thanks Fermi.

I knew someone would be on soon to offer the correct advice for Jane.

Great stuff. and im glad the sofas still look posh!!

Dave.