| T O P I C R E V I E W |
| adelebw |
Posted - 24 July 2009 : 12:27:15
hello,
On the SOA forms can anyone answer the following questions
life policies - i have a policy that I pay 5.50 a month into with Tesco so if die its pays out some money. If I dont die before a certain age it ceases - there is no surrender value do I include this
also - we have a car (husband uses for work) on HP - is this classed as an asset?? worth about 3,000 we dont own it outright. We have a scooter (i use for work) bought with a personal Loan over 5 years, got 15 months left to pay that, probably worth 1200 will they take it away?? |
| 6 L A T E S T R E P L I E S (Newest First) |
| Daniel Griffiths |
Posted - 24 July 2009 : 15:39:59
I know you need a car but you should decide if you want to continue pay £9000 for a car worth £3000, bankruptcy can help you dump this expensive assett but of course you still need to replace it with one of lesser value. |
| debtinfo |
Posted - 24 July 2009 : 14:45:31
okay
car - the OR should decare no interest and then it will be betwee you and the HP company, some like to carry on collecting the payment, some will repossess the vehicle.
Bike - the loan is included in the bankruprcy so the payments will stop.If this is the vehicle you use for work then it MAY be exempted for that purpose |
| adelebw |
Posted - 24 July 2009 : 14:19:13
CAR - ON HP WORTH 3,000 OWE 9,000
BIKE PERSONAL LOAN UNSECURED WORTH 1,200 OWES 16 MONTHS PAYMENTS |
| debtinfo |
Posted - 24 July 2009 : 13:49:35
If they are both on finance (HP) it will come down to how much they are worth versus how much is owed |
| adelebw |
Posted - 24 July 2009 : 13:18:52
Hi,
I have the finance on both vehicles but we use one each and only one of us is going bankrupt at the moment. My husband travels for his job and I have a medical condition and have been getting a taxi to and from work but its far to expensive, plus we have a chil with sepcioal needs and going on public transport is a no no |
| debtinfo |
Posted - 24 July 2009 : 12:43:09
Life policy - yes this is an asset and should be in the SOA
Car - This should be put in the SOA as well as the finance under secured creditors.
Scooter - The OR wont let you have two vehicles yourself but will allow one each. Do you own both. is your husband going bankrupt as well |
