| T O P I C R E V I E W |
| turborat |
Posted - 07 November 2008 : 08:42:15
I am hoping to hand the keys back to the mortgage company today with a covering letter explaining our situation & plans.
As the mortgage is in joint names do myself & my wife need to sign the letter or can I just sign it for both of us? Both names are mentioned on the letter but I wanted to get it off today but I forgot to get my wife to sign it... doh!!! ??? |
| 15 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 09 November 2008 : 16:16:56
Hi
then the OR can't touch it but he would notify the finance company who will no doubt have a clause in the agreement that if you declare BR they can repossess it. They will then sell at auction and the shortfall between the £23K owed and the sum realised at auction can be wrapped up in you BR and written off but you should ensure you enter this unknown amount of shortfall in the unsecured part of section 4 of your SoA.
Alternatively you can, as per my previous post, transfer the vehicle to your wife as long as the finance company will allow the finance on it to be transferred to her too.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mitsu8 |
Posted - 09 November 2008 : 14:48:36
hi it says hp agreement 1974 |
| Reviva UK |
Posted - 08 November 2008 : 21:48:42
Hi
You may also want to review the agreement to DOUBLE CHECK it is actually HP
for a loan of that size there is certainly the possibility it is a FIXED SUM LOAN AGREEMENT, which means it is a personal loan and the car is not on finance.
About a third of the people I help fall into this category.
please advise. You have a few more choices if it on not HP
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| John |
Posted - 07 November 2008 : 13:14:49
Hi
I see.
My thoughts were that the car is in negative equity.
Therefore to transfer the car AND the finance into your wife's name is perfectly legal prior to your BR. The question is will the finance company allow the account to be taken on by her.
It may be worth approaching them as you will lose it anyway as things stand.
If they will then you get to keep the car in the household as it were. As she is working her income pays the finance and thus her contribution figure to the household is reduced by £500 also reducing the likelihood of an IPA for you.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mitsu8 |
Posted - 07 November 2008 : 13:01:54
it looks like possibly just me going bankrupt but wife is looking for new job as she works for my company which is ltd.the co looks like its going to go within 2 mths as no work.i will go back to doing what i used to do working for someone else |
| John |
Posted - 07 November 2008 : 12:57:13
Hi mitsu8
is it just you declaring BR or your spouse as well?
And if spouse is not, are they working?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mitsu8 |
Posted - 07 November 2008 : 12:44:17
thanks for reply.i was thinking i wouldnt be allowed to keep it even if i could afford it as 500 a month payment would be looked on as too high. |
| Needafriend |
Posted - 07 November 2008 : 12:08:08
Hi Mitsu
Is there a clause in your agreement about BR as they may well once they know you have gone BR take it any how.
I let my car go back, i contact the company and they collected it before we went BR as we could not afford the repayments, i also included this in my SoA and the amount left oweing was included in the debts written off.
If you cant afford to keep it and there is a clause then i would contact them, and stop maing the payments to them and allow them to reposess, but make sure that you have proof that the car has gone back and pref a bill from the finance company to show the OR so that they know the amount outstanding.
Jo
Your Forum Moderator
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| mitsu8 |
Posted - 07 November 2008 : 11:13:19
hi its on hp still got 4 and half yrs to go unfortunately in construction and no work |
| Needafriend |
Posted - 07 November 2008 : 11:07:15
Hi Mitsu8
Is your car on HP or a loan?
Sorry to ask but if it HP then its more than likely secured lending.
Please advise if you dont mind.
Thanks
Jo
Your Forum Moderator
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| mitsu8 |
Posted - 07 November 2008 : 11:03:39
hi just wondering if the car that i have goes back before going bankrupt or is that sorted out after.my car is worth about 20000 but owe about 23000 so does that come into the bankruptcy |
| got there |
Posted - 07 November 2008 : 11:01:50
Hi
I spoke to my mortgage company recently and they said to just ring them advising the date I would be moving out and after locking the doors, post the keys back through the door.
HTH
x |
| Needafriend |
Posted - 07 November 2008 : 10:51:05
Hi Turborat
Just thought make sure that you inform old utilities and council tax that the property is no longer occupied as you dont want to end up with large bills :-)
Jo
Your Forum Moderator
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| turborat |
Posted - 07 November 2008 : 10:12:32
Ok will do.. |
| Needafriend |
Posted - 07 November 2008 : 09:42:55
No Sorry i miswrote that, what i meant was send one copy to them signed by both of you but send it recorded or registered so that you have a receipt that they received the letter.
Keep a copy for your own records of the letter you sent along with the proof of postage again as your proof.
Jo
Your Forum Moderator
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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