Car Finance?
Options
Meggyakers
Posts: 1 Newbie
Hi Everyone, i am in a bit of a pickle and have loans upto about £17,000, i was thinking about declaring myself bankrupt but i was wondering if my car would get taken off me? It is on finance
Please help
Please help
0
Comments
-
If you default on the debt, they'll want their car back.0
-
Hi Meggyakers and welcome to the forum
If your car is on hire purchase (HP) then there is usually a clause that says the car must be returned if you are made bankrupt. A HP car is one where you do not own it until you have finished paying for it. It's best to start by checking the terms and conditions for anything referring to bankruptcy or insolvency.
It's also a good idea to complete a statement of affairs (SOA) to see what you can afford to offer towards your debts http://www.stoozing.com/calculator/soa.php. You can post in the Debt Free Wannabe forum for more advice on what your debt options may be, or contact one of the free debt advice agencies for advice.
Best wishes
Susie
@natdebtlineWe 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 Steps0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards