I Had a hp loan out for a car, whilst i was working, but i have just had to declare my self bancrupt.
Can i sell the car now i have been declared?
The finance company have not been in contact at all
2006-10-19 08:50:11 · 6 answers · asked by spizzylot_3 1 in Business & Finance ➔ Credit
NO
the HP car is not yours to sell ,
( unless you have completed ALL the payments due .)
it belongs to the finance company.
if you do not honour, the payments ,
they can claw it back from you ..
Do not sell it ,you will be in big trouble with the law
ON top of your Bankruptcy difficulties
This is not going, to be a good year for you.
i do hope next year will be better
>^,,^<
2006-10-19 09:24:27 · answer #1 · answered by sweet-cookie 6 · 1⤊ 0⤋
No, you do not own the car until it is fully paid for. It remains the HP companys car until then. Sell it and you have problems, besides any extra cash you get should be handed to your creditors.
2006-10-19 15:54:35 · answer #2 · answered by tucksie 6 · 0⤊ 0⤋
I've heard more than once that if you have paid more than 75% of the amount of your agreement then the car is yours to sell,though you will be pursued for the remaining 25% and not the car,my advice is to SEEK PROFESSIONAL ADVICE and good luck
2006-10-21 14:12:32 · answer #3 · answered by England Mark 2 · 0⤊ 0⤋
The car belogs to the finance company.
The car will not be registered to you with the DVLA so anyone buying it from you would not technically own it.
2006-10-19 16:01:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
anyone with any sense will get an HPI check and suss you-unlucky.....
2006-10-19 16:02:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
its not yours to sell
2006-10-19 15:58:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋