Furniture on finance

Truckered · 20 March 2019 at 11:14AM

Hi all looking at maybe going bankrupt as debts have all caught up on me, and it’s leaving us as a family short each and every month.
Cannot see a way out and was wondering what would happen to our furniture dining set, sideboard and bookcase would the finance company want this back, as I would no longer be paying for it.

DigForVictory · 20 March 2019 at 11:24AM

Email them & ask?
So you know what you are trying to replace on freecycle etc, if you have to?

Exodi · 20 March 2019 at 11:27AM

The trustee can sell your belongings however furniture usually isn't sold unless it's excessively expensive.

EDIT: you can see details here https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/is-bankruptcy-right-for-you/belongings-impact-of-bankruptcy/

Annie35 · 20 March 2019 at 3:53PM

Is it just in your name or joint?

Annie35 · 20 March 2019 at 4:04PM

This stepchange page has info on defaulting HP purchases. https://www.stepchange.org/debt-info/hire-purchase-debts.aspx

Essentially they can't collect until they have a court order or you can surrender the items but they do belong to the company until final payment.

If it's any consolation the best sofa I ever had was 100 on eBay (leather John Lewis!) & the best table set was 60 off Facebook, you'll be fine

Truckered · 26 March 2019 at 2:39PM

Thank you for your responses

Daniel1971 · 27 March 2019 at 9:44PM

What company did you have this from? Finance is very rarely secured against bookcases and suchlike

Furniture on finance

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