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andy b
Junior Member
267 Posts |
 Posted - 12 December 2008 : 22:15:42
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hello there,
it's likely my shop will fail as christmas hasn't been as good as it needed to be and the car i have on finance will have to go back as i won't be able to afford the repayments, my question is whilst there is still a bit of funds in my business overdraft will i be able to purchase a car(upto £1000) or will it get taken away from me as bought with banks money?
regards,
andy
ps do i inform the dealership where i bought the financed car or the financiers themselves? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 12 December 2008 : 22:27:50
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Hi Andy
Not to sure on the using money to buy another car but i would contact the finance co directly and let them deal with the car.
We called our finance co and explained that we could not afford it anymore and asked them to take it, they did 4 weeks later, it got included in our SoA and written off.
I hope that one of the other experts can advise on the money for the car, i would say it would be ok but best to check.
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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John
New Member
United Kingdom
73 Posts |
Posted - 13 December 2008 : 12:00:33
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Hi
it's not the best of ideas to use credit if you have made the decision to declare yourself bankrupt.
But we all understand the need for transport.
If you use the overdraft facility this will probably be ok as long as you don't declare BR immediately afterwards. I would advise a minimum 2 months between the two. Also, if the shop does fail you will need to be in employment when you declare BR or the replacement car could be claimed by the OR.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 13 December 2008 : 17:02:29
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Hi
there is no reason why you shouldn't use some of your takings / profit over Christmas to sort out an alternative vehicle but as John has pointed out it is really difficult to justify a car when one os not working.
I would really recomend you review the profitability of the shop over Christmas, and if necessary either close it or get help from one of the site experts to close the shop.
There is absolutely no reason why you should declare Br the day after you close the business. What happens if you get a great job and can resume the debt repayments?
Best piece of advise is not to rush and review ALL the options. Whitout knowing more these may include:
1. Christmas goes well
2. Christmas goes dramatically badly
3. If business closes how to handle creditors / car / landlord / trade creditors etc etc etc .
We have helped a number of small retail shops over the last year and if you don't rush you can really get an outstanding result. There are occasions that by holding on a little longer new posibilities open up.
We have even helped someone plan the sale of their business while at the same time prepare for Br. The sale went through 10 days before the court date and the client didn't neet to file for Br.
Get some free telephone advice from an expert and get a plan - perhaps 2 or 3 so whatever happens you are in control and keep your dignity.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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car money
