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| janettg |
Posted - 28 January 2009 : 19:49:03
When declaring bakrupt can they take your car if it is not yours until the loan is finished. Also my car is necessary to get to work, and son attends weekly hospital appointments which has been for the last 3 years and still ongoing and his appointments would be impossible to attend without my car. Finally, to rent a property, how as they do credit checks. Can't find private landlords. Do any letting agencies rent with a guarantor?. |
| 7 L A T E S T R E P L I E S (Newest First) |
| debtrider |
Posted - 29 January 2009 : 22:44:52
Hi Janettg
If your car as been bought with a loan as you say, then this should be included in the bankruptcy. If you need the car for work and your son's hosptial appointments then the OR should let you keep it, as long as it's within OR's limit which is around £2000. If your car is valued any more than this, then you will have to get a third party to pay the difference.
I agree with skippy and it is a bit worrying when OR's are making decision when you a are bankrupt. There seems to be no clear rules in some areas.
debtrider |
| Skippy |
Posted - 29 January 2009 : 21:03:00
Isn't it scary how different OR's say different things? I know they have to be a bit flexible as each case is different, but surely the basics should be the same?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
18 IPA payments to go! |
| John |
Posted - 29 January 2009 : 20:57:45
Hi Skippy
yes you're right and Stu's examiner has got it wrong here.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Skippy |
Posted - 29 January 2009 : 20:44:30
I've not heard that one before. I've heard of people having their car repossessed by the HP company, but surely the loan is secured on the car and therefore not included in BR.
Using the logic of Stu's OR then mortgage payments are also unacceptable!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
18 IPA payments to go! |
| sjbyron |
Posted - 28 January 2009 : 21:04:55
Hi John
Ive just declared bankrupt this week, and my official receiver said that I was correct to terminate the car as they are now a creditor of my bankruptcy estate and if I would of kept the car, under HP and carried on paying it, then I would be breaching the law, as I would be showing one creditor preference over another.
Stu J Byron |
| John |
Posted - 28 January 2009 : 19:59:43
Hi
yes some agents will let using a tenants guarantor.
The OR would take the car from you unless there is equity in excess of £2000 in it and he also decides you need it.
Unfortunately the HP company will very likely come and collect it once they have been informed by the OR of your bankruptcy. There will be a clause in your agreement to this effect. They don't have to, so if you can persuade them to allow you to continue the payments you'll keep it providing the OR then deems that your monthly payments towards the car are both necessary (the only way to keep your job etc) and not excessive.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| sjbyron |
Posted - 28 January 2009 : 19:52:10
Hi
With the car, is it on Higher Purchase or a secured loan or unsecured loan.
If its HP or unsecured loan then it will have to become part of the bankruptcy estate, and you will have to ask for provisions to buy a cheap car, or hold back on going BR and save the money you are paying to the car for a cheap run around.
I have heard that some letting agencies are allowing UBRs to rent with a higher deposit and guarantor, have a chat with CAB and with letting agents, but personally I would postpone the bankruptcy until you have those two milestones cleared.
Hope that helps
Stu J Byron |
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