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brian.bb
Starting Member
1 Posts |
 Posted - 05 March 2010 : 18:14:16
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| hi, ive a car worth about £7000. i got it by part exchange, small deposit and the rest is a loan/hp. will i have to give it up if i go bankrupt? many thanks. |
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debtinfo
forum expert
2826 Posts |
Posted - 05 March 2010 : 19:05:35
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| is it loan or hp, how much is the finance |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 05 March 2010 : 21:34:54
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Hi and welcome to the forum.
Debtinfo is right to ask about whether it is a loan or HP.
I lost my car to the OR. However, it was sold by tender, the balance paid to the OR for my creditors and the OR allowed me £2K to buy a car to get me from A - B - can work out OK
Post back and I am sure someone will assist with suggestions, Richard
"There are no problems - only solutions" |
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barmeybrian
Starting Member
3 Posts |
Posted - 06 March 2010 : 14:03:38
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[quote]Originally posted by debtinfo
is it loan or hp, how much is the finance
[hi its a hp agreement, the loan is for £3400, the trade in on my car was £4900 so total payable/financed amount is £4100. I didnt give any cash, it was a part exchange; my mistake...] |
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debtinfo
forum expert
2826 Posts |
Posted - 06 March 2010 : 14:28:24
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| Then it will be an asset in the bankruptcy, if a vehicle is necesssary then the OR may take and sell the car and give you back up to £2,000 to buy a cheaper one |
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hi, ive a car worth about £7000.
