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Topic starter
03/01/2011 2:51 pm
Hi, i am not sure what to do, my husband and i are both in debt and i have looked into a trust deed but i dont think i could meet to repayments to i am now looking at bankruptcy for me, and maybe for both of us.
Our house is valued around 78k and we owe 99k, 20k is an unsecured loan with nr and our car is on part hp ?ú5000 and ?ú1200 loan.
I was thinking the compnay would take the car from us and we need it work, i wouldnt be able to work without it, so have asked my father if you would take a car on hp for us in his name and we would pay him the monthly amount, is this ok? the monthly payment of the care is ?ú145
03/01/2011 4:02 pm
Hi girl10
there are a coiuple of things here. Firstly you should confirm that no equity exists as the NR loan would be a debt and therefore there mortgage and home value would be the same.
There is a clause in HP agreements, normally, which allow the HP company to repossess on bankruptcy, but this is rare. If your father obtained a car, this would be classed as a debt and you would be unable to pay him the monthly payments as this could not be seen as an allowable expense.
Also, entering into bankruptcy from what you descrice would be difficult. There is a new route where you can get a Certificate of Sequestration and this would need to be signed by an authorised paerson. However unless you could demonstrate insolvency, this would be unlikely.
Sorry if the bove provided more questions than answers.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
04/01/2011 9:10 pm
Do you have other unsecured debts too girl10, or is the problem simply that you cannot afford your car payments and the NR payment?
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