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    • Flora McDora
    • By Flora McDora 6th Nov 17, 2:54 PM
    • 5Posts
    • 1Thanks
    Flora McDora
    Sofa worries !!
    • #1
    • 6th Nov 17, 2:54 PM
    Sofa worries !! 6th Nov 17 at 2:54 PM
    About 8 mths ago I bought a sofa from a Next and arranged to pay for it over 2yrs. I have made every payment on time but now find that i might have to declare myself bankrupt due to my business collapsing. Will I be allowed to keep the sofa (it cost around 2K ) or will the finance company demand it back? Will they want to inspect it (if not i have two dogs and can always say they have chewed it abit!!)
    Please help - rather worried
Page 1
    • Potbellypig
    • By Potbellypig 6th Nov 17, 8:46 PM
    • 179 Posts
    • 80 Thanks
    • #2
    • 6th Nov 17, 8:46 PM
    • #2
    • 6th Nov 17, 8:46 PM
    You'll be okay, I'm sure.

    I've never heard of a sofa company wanting a sofa back from a bankrutee. If for some reason they did, or even could, the dogs might require a bit more fun...
    • cancatsdance
    • By cancatsdance 9th Nov 17, 8:56 PM
    • 48 Posts
    • 15 Thanks
    • #3
    • 9th Nov 17, 8:56 PM
    • #3
    • 9th Nov 17, 8:56 PM
    They will just chase the money you owe if you stop paying and once you go BR then they will stop. the IS wont make you sell it either.
    • debt doctor
    • By debt doctor 9th Nov 17, 10:10 PM
    • 4,240 Posts
    • 5,913 Thanks
    debt doctor
    • #4
    • 9th Nov 17, 10:10 PM
    • #4
    • 9th Nov 17, 10:10 PM
    Have a look at the credit agreement.
    If it says Hire Purchase or Conditional sale then the sofa belongs to the finance co - still doesn't mean they will want it though.

    If it says Fixed Sum Loan agreement or Personal Loan then the sofa has always been yours and will remain so.

    These things are usually the latter.

    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • KellyMM
    • By KellyMM 12th Nov 17, 10:06 AM
    • 18 Posts
    • 2 Thanks
    • #5
    • 12th Nov 17, 10:06 AM
    • #5
    • 12th Nov 17, 10:06 AM
    Yes, is the sofa hired from Next or did they just lend you the money as credit? If the latter the sofa is yours, the debt will go into your BR like everything else and the OR won't be interested in your furniture. If the former, perhaps they will want it back. They may have a scheme whereby they can auction it off for a few pennies. Unlikely but who knows.

    Incidentally, how much do you think you could get for it if you sold it second hand? If you 'downgraded' to a cheaper sofa you could put the money towards bankruptcy fee or living costs without the OR minding. Obviously you can only do this is the sofa is not hired.
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