newbie re: bankruptcy

littlelegs2008

I have been on a dmp for about 3 years, but things have got to a head and can no longer afford the payments. Havent paid them now for 6 months as our outgoings have reached higher than our incomings.

The only asset we have is our 1998 peugeot 7 seater which is worth around £5000.
The hp for this is in joint name and is paid for by my husbands DLA mobility element.
We also have 5 children between us.
Do you think if i was to go bankrupt, would we loose the car. We need to car for my husband and children. I no longer work due to lack of childcare in the area we just moved into 9 weeks ago. I have asked the finance company if they would put it in my husbands name only and they have refused. Payments are up to date with them, and the last payment is due in december this year.

Any help in this matter would be very appreciated.

Waspeze

Hi ya..
It might be better posting this is the bankruptcy sub forum
http://forums.moneysavingexpert.com/forumdisplay.html?f=136

The main problem I can see is that it's on HP and quite often the HP company has a banruptcy clause in the agreement so they cancel but someone more knowledgeable will be able to answer.

rayday2

Have you taken any further credit out or catalogues etc? If so do a new DMP and include them.

Also I would offer token payments of a £1 if you could its much better than not paying at all. Who was your DMP through?

GeorgeUK

Need a bit more info before we can comment on bankrupcy i'm afraid.

Can i ask who the DMP is with? The whole idea about a DMP is that it is affordable - i hope you're using one of the free debt charities and not a fee paying service?

We could have a look at your situation a little easier if you post up a statement of affairs http://www.makesenseofcards.com/soacalc.html
You don't need to do this, but it might give us a clearer picture of what's going on.

Have you reclaimed CC charges? Have you beed missold an endowment or PPI? http://www.moneysavingexpert.com/reclaim/

If debts are with a DCA, have you requested a copy of the credit agreement?

littlelegs2008

hi there dmp was with cccs, but a i missed a couple of payments even though i tried to tell them my cirucmstances had changed. they were not all that helpful.

littlelegs2008

rayday2 wrote: »

Have you taken any further credit out or catalogues etc? If so do a new DMP and include them.

Also I would offer token payments of a £1 if you could its much better than not paying at all. Who was your DMP through?

no i havent taken on any further credit
how can i do a new dmp if our outgoings are more than our incomings?

makingendsmeet_2

I would double check your figures on your car... 1998 (r/s) registrartion car worth £5000. Would think book price on it would be £1500/ £2000 if its low mileage and has ever extra.

littlelegs2008

i checked with whatcar online and it said private sale price of just under £5000.
and has about 97000 on the clock. but it is a limited edition model, i of 200 made. so i think that could be why it is worth a little more.

fermi

littlelegs2008 wrote: »

i checked with whatcar online and it said private sale price of just under £5000.
and has about 97000 on the clock. but it is a limited edition model, i of 200 made. so i think that could be why it is worth a little more.

Check on www.parkers.co.uk. That is the one that the Official Receiver normally uses for an online estimates.

Not sure what your model is, but a quick check gives:

Peugeot 806 (95-02)

1. 1.9 TD Roland Garros 5d (7 Seat)
2. 1998/S
3. Average mileage: 100,000 miles

Original Price £21,020
Independent Dealer £2,280
Private Good £2,055
Private Poor £1,470
Part Exchange £1,740

Or:

Peugeot 806 (95-02)

1. 1.9 GLXDT 5d (7 Seat)
2. 1998/S
3. Average mileage: 100,000 miles

Original Price £19,840
Independent Dealer £2,145
Private Good £1,930
Private Poor £1,380
Part Exchange £1,640

littlelegs2008

fermi wrote: »

Check on www.parkers.co.uk. That is the one that the Official Receiver normally uses for an online estimates.

Not sure what your model is, but a quick check gives:

Peugeot 806 (95-02)

1. 1.9 TD Roland Garros 5d (7 Seat)
2. 1998/S
3. Average mileage: 100,000 miles

Original Price £21,020
Independent Dealer £2,280
Private Good £2,055
Private Poor £1,470
Part Exchange £1,740

Or:

Peugeot 806 (95-02)

1. 1.9 GLXDT 5d (7 Seat)
2. 1998/S
3. Average mileage: 100,000 miles

Original Price £19,840
Independent Dealer £2,145
Private Good £1,930
Private Poor £1,380
Part Exchange £1,640

thanks for that.
which figure do you use? the private or the part ex?

rayday2

littlelegs2008 wrote: »

no i havent taken on any further credit
how can i do a new dmp if our outgoings are more than our incomings?

You could post a statement of what comes in and goes out each month there could be ways you can cut back that you don't realise which will allow you to send token payments of a £1 to creditors and mean you don't have to worry about bankrupcy.