hi, I have lending re the above. I want to hold onto tnis equipment if possible post br. the kit has finance oustanding of around 18k. monthly payments £403. how would or deal with this in a br. would they just pass it straight to the creditor for diposal or could I arrange to negotiate new terms within the br I.e reduced payments etc. or could all this be discussed prior the br with my creditor. in my mind there is potential for them to get more if we could negotiate rather than them taking it and selling on. darren
You will be rather in the hands of the finance company, Darren, who may decide to terminate the agreement and collect their goods. It might be better to sound them out now, before you apply for bankruptcy. How much do you think the assets are worth?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
In theory because of the deal I struck on the part of the equipment around the same as the Finance outstanding. However due to the climate at the moment the sale price would probably be quite low if just sold off. Also as the equipment is quite niche it would only realise a good price if sold to people within the industry. Darren
secured lending against van and equipment
Posted - 25 June 2008 : 21:44:45
