I have decied to declare myself bankrupt. I dont have any assets or a house but have a car on HP which I bought for 7,000 (i think the loan agreement is for 11,000 because of interest) with Black Horse 18 months ago which I have ot missed a payment on. I use this to get to work as I have to travel around the country and I also have a child who has special needs and I dont use public transport with him. Will the official receiver take the vehicle from me?? or will I e able to carry on paying the loan
Ok Presuming that the ca is in neagtive equity then the OR will declare that she does not wish to adopt the agreement. What this means is that the OR will not take the car.
But
This then means that the issue is refered back to the HP company. Some companys will repossess the car as they operate no bankrupt policys. Some HP companies are willing to allow the agreement to continue as long as they are being paid
Black Horse are usually quite prepared to continue a HP agreement with an individual who has been made bankrupt providing the payments are mainained up to date - and you have a very good arguement to put to the OR as reasons for you to continue with the vehicle (which you will have to provide to justify the continued payments)but you should have no problem
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Thank you. If they do let me carry on with the finance this would be 191.00 per month. How do I complete SOA forms?? can I include this payment on the assumption they will let me carry on. If I don't account for this amount of money and there is nothing left as DI because I have listed everything up to the maximum amount allowed. Hope I have not confused you, I am confused myself
I have decied to declare myself bankrupt.
Posted - 21 July 2009 : 20:39:52
