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T O P I C R E V I E W
Tomoose
Posted - 19 March 2012 : 14:54:31 Hi
I am considering bankruptcy, but I have one query I can't find an answer to.
Its in my contract of employment that I must provide a car for work.
My employer offers employee loans to buy a car at very low APR. The loan payment is taken from wages.
My car is worth approximately £8000, and I owe my employer about £8500. Its a 2006 Ford Galaxy TDCI.
Could the OR ask for the car to be sold? What if the sale figure didn't cover the loan amount? Regardless I would need to buy a replacement for work.
Its very much a concern as I could potentially lose my job!
Any advice would be greatly appreciated.
4 L A T E S T R E P L I E S (Newest First)
Tomoose
Posted - 20 March 2012 : 11:03:26 Hi, thanks for your help.
There are no specific requirements, but my contract states I must have a car available at work for work purposes.
I feel so helpless. If the OR says my employer is to stop taking deductions for this loan, then surely I could be sacked?
It is within the loan agreement that the car may not be disposed of or sold without my employers prior consent.
As the car is in negative equity there would be no money to buy a replacement - I have no other assets whatsoever. :o(
Such a tough one, and I don't feel able to petition for my bankruptcy without some certainty about this issue.
debtinfo
Posted - 19 March 2012 : 21:47:29 Then the loan will be a debt in the bankruptcy so they must stop making deductions.
The car would therefore be an asset in the bankruptcy. The OR may sell the car and provide a cheaper one instead, is there any strict rule on what characteristics the car must have for your employment
Tomoose
Posted - 19 March 2012 : 21:36:03
quote:Originally posted by debtinfo
is this actually a loan or some sort of HP or Lease deal
Definitely a loan, not hp.
debtinfo
Posted - 19 March 2012 : 18:26:45 is this actually a loan or some sort of HP or Lease deal
