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| T O P I C R E V I E W |
| Shylock |
Posted - 22 November 2008 : 18:57:06
My friend is going BR but has no computer so i am asking for her.
She has a car on HP and still owes £5000 on it, will she lose her car she needs it for work and taking her kids to nursery etc, would she be able to get another car if she lost it and if so where could she get money for one?
Kind Regards
Shylock
In The Beginning There Was Nothing, Then God Said "Let There Be Light", And There Was Still Nothing But Now Everyone Could See It.
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| 3 L A T E S T R E P L I E S (Newest First) |
| gally |
Posted - 23 November 2008 : 09:30:12
this was brought up at my OR meeting i took a car on finance for my wife on HP not P loan and the OR allowed for it as my wife uses it for work picking kids up etc just this week i received a letter from the hp company stating they were going to pick the car up early december however after a quick call to them i was told as long as the payments were kept up we could keep the car (slight negative but not a lot) they also pointed out that the halfs / thirds and termination rights were now void as i had gone BR ! this was black horse for reference |
| Needafriend |
Posted - 22 November 2008 : 19:03:29
Hi Shylock
How long has she had the agreement. I am just trying to work out how many full payments she has made.
Also what do you think the car is worth. Will there be a shortfall in the agreement if it was taken back.
The payments what are we talking as the OR may allow a certain amount per month, but again thats at the discretion of the OR and also if the HP co will allow her to keep it too.
Thanks
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| Reviva UK |
Posted - 22 November 2008 : 19:03:21
Hi
First she will need to check to see if the car is on HP or financed under a FIXED SUM LOAN AGREEMENT. A fixed sum agreement means that the car is not actually linked to the finance and could be sold.
If it is under finance then she could check to see if the car is worth more than the outstanding finance. If so she could sell it and release the equity and purchase a cheaper car.
If there is no equity then she may need to consider stopping the HP payments in order to save a few hundred for an alternate car. Depending upon how long she has had the car will depend on how quickly they will collect.
Sometimes they collect cars in 2 - 4 weeks, however if she has paid over 33% it will actually take them 2 - 4 months at least before collecting it.
If she is struggling to understand HP or Fixed sum ask her to call me with the document & I will advise.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
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