Car finance and Bankruptcy

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Pepper25
Pepper25 Posts: 16 Forumite
First Anniversary
in Bankruptcy & living with it
Hi All,

First post here and new to the forum. I was forced to go bankrupt a few weeks ago due to not being able to pay a creditor as I didn't get paid myself from a client. I have a vehicle on finance and don't want to loose it as I need it for work. I have been advised by the OR that they now own the vehicle and its very doubtful that I will loose it but I'm concerned that I will. The OR has suggested that the finance company will be open to negotiation and that I would be offered the vehicle under and adopted package through a third party.
As this has never happened to me before I would like, if you can some advice on this.

Thank you.

Comments

  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    edited 5 December 2017 at 2:58PM
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    Hi Pepper25 and welcome to the forum.


    What will happen now depends on a whole range of factors, such as the level of repayments and how far you are from the end of the repayment term.


    There's probably only so much advice that can be given here in any case, as the ball is in the OR's court. They will decide whether it makes sense to let the car be maintained one way or another.


    If you need to keep this specific vehicle (as opposed to any other - such as, say, a cheap 2nd hand car), you need to ensure that the OR is aware of the reasons so that they make any decisions with these in mind.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • Pepper25
    Pepper25 Posts: 16 Forumite
    First Anniversary
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    Thank you for your reply Dennis, Yes the OR has all the full info on the vehicle and yes I want to keep it for work. I am half way through the finance team and have never missed a payment so hopefully I will be allowed to keep it. Time will tell.

    Pepper.
  • System
    System Posts: 178,094 Community Admin
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    Anything worth more than £1000 is at risk of being taken off you.
  • Potbellypig
    Potbellypig Posts: 775 Forumite
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    Tarambor wrote: »
    Anything worth more than £1000 is at risk of being taken off you.

    Any car on finance should be taken, imo. Too many people happy to have their slate wiped clean but want to keep the luxury of a car.
  • Richey_
    Richey_ Posts: 334 Forumite
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    Potbellypig wrote: »
    Any car on finance should be taken, imo. Too many people happy to have their slate wiped clean but want to keep the luxury of a car.

    Rude, unhelpful and unnecessary
  • Potbellypig
    Potbellypig Posts: 775 Forumite
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    Richey_ wrote: »
    Rude, unhelpful and unnecessary

    It's just an opinion. Don't get upset by it.

    I went bankrupt. I lost everything, and quite rightly so. I needed my car for work, but like many I had to rely on public transport, getting lifts and a push bike. Hiding behind 'I need it for work' is the default stance these days and it works on many occasions. Do I blame people for using that excuse? No, of course not. It's dog eat dog. But in my opinion, you should lose it regardless of anything.
  • Pepper25
    Pepper25 Posts: 16 Forumite
    First Anniversary
    edited 6 December 2017 at 7:52AM
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    "Need it for work" is a fact not hiding behind anything.

    I didn't come on this board to be judged.... Just for some HELPFUL advice in this difficult time but thank you for your HELPFUL opinion.
  • Potbellypig
    Potbellypig Posts: 775 Forumite
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    Pepper25 wrote: »
    "Need it for work" is a fact not hiding behind anything.

    I didn't come on this board to be judged.... Just for some HELPFUL advice in this difficult time but thank you for your HELPFUL opinion.

    The internet is full of opinions. Some of which you won't agree with. For the record, I'm not just judging you as an individual, I'm saying that everyone in your position should have their vehicle taken away if it's on finance. You are one of many.

    Why should anyone in your position get to wipe all their debts but get to keep the one that they want? ''Need it for work''? Sorry, but you either try and find another way to work or you find a different job.

    Fortunately for you, I don't make the rules. I'm just a poster on an internet forum. Therefore, in any to your question - your Official Reciever will make a call based on your circumstances. Good luck.
  • Pepper25
    Pepper25 Posts: 16 Forumite
    First Anniversary
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    We all have our different journeys Potbellypig in how and why bankruptcy is forced upon us. In my case the LAST thing I wanted was to go bankrupt. I tried every way Not to but got completely stuffed by and Architect and 2 of my clients that the architect was controlling.

    Im sure I'm not the first and I wont be the last but all in all I have people that rely on me for work including my family so yes we can all be tarred with the same brush as others do play the system and wipe there debt clean but not for this guy. I will pay my debts off over time bankrupt or not....
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