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Furniture on finance
Truckered
Posts: 3 Newbie
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.
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.
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Comments
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Email them & ask?
So you know what you are trying to replace on freecycle etc, if you have to?0 -
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/Know what you don't0 -
Is it just in your name or joint?0
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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
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Thank you for your responses0
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What company did you have this from? Finance is very rarely secured against bookcases and suchlike0
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