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joella68
Junior Member
United Kingdom
280 Posts |
 Posted - 17 November 2008 : 16:52:34
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hi all, i have a honda crv on a 54 plate and its on hp we have only had it for 6 month and NOT paid a third off yet, will the HP company take it back ? we are going BR but not quite sure when yet, i have a disabled child and absolutely need transport, i do not have any money to replace the car............any idea's ???
jo |
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RHB
Senior Member
1159 Posts |
Posted - 17 November 2008 : 17:00:48
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| Is it a motability car? How much are you paying a month on it? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 November 2008 : 17:06:17
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Hi
I suspect that the car is not on the Motability Scheme because it is a 54 plate and therefore too old, however you may want to explore the possibility of a motability car and I understand that one needs to be on the higher disability allowance.
Can you check to see if the car is actually on HP as it is becoming more common that cars are on a Fixed Sum Loan Agreement which means it is actually not financed.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 17 November 2008 : 17:12:59
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hi
no the car is not mobility and my child is only on the lowest rate mobility, the agreemet says " hire purchase agreement " and we pay £140 per month for it, is it correct to say that if thr OR took it they would give us money back to buy another at a lower value, and if its hp, we would just have to lose it back to the hp company ?
jo |
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RHB
Senior Member
1159 Posts |
Posted - 17 November 2008 : 17:20:20
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If you don't travel many miles there are some cheap runners around nowadays if you know anyone who knows about cars.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 November 2008 : 17:43:55
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Hi
The Official Receiver is really interested in equity from the car rather than the car itself.
If you currently owe more than the car is worth then the official receiver is unlikely to be interested in it. However it will probably say somewhere in the agreement that the HP company have the right to cancel the agreement in the event you enter insolvency.
You may want to have a discussion with the HP company to see if they are willing to transfer the HP into someone elses name. Assuming there is no equity and you could demonstrate this then the OR would not have a problem.
The OR would only give you money back if the car had over £2000 of equity . they would keep balance and give you money for a car if you need one
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 November 2008 : 17:58:31
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Hi there,
Just to say our car is on HP and our HP company have been happy for us to keep it. It may be worth ringing them anonymously as we did to see what they say.
There may be hope! :-)
C. x |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 17 November 2008 : 17:59:15
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hi
yes the car is worth we think aroud £5000 ish, but the hp agreement does say there is the bancruptcy clause, and as we have only had it 6 months it looks like they will take it back..........such a shame cause if the OR took it a least we would get some money back for a replacement, sadly this way we will end up with nothing...........is that right ???
jo |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 November 2008 : 18:03:57
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You would only get money back from the OR if there was any equity in the car.
If you owe more than the cars value you would not get anything back from the OR
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 17 November 2008 : 18:06:16
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| oh fine.....thanks i understand now, can i still keep paying for the car even if we went BR ? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 November 2008 : 19:20:43
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provided that you are able to make the payments, even if the OR gives you an Income Payment Agreement, and if the HP company don't mind.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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Topic |
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car on HP
