Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By swanseajack
#8387 Hi

As i have mentioned on this forum before, i went bankrupt on the 12th of May. Everything went really well with the OR and he was really helpful.

The only problems i am having from creditors since then is GE Capital. They are the company who i have my car on HP with. I have informed them of by bankruptcy and that i can no longer keep up repayments on my car.

They have written to me telling me that they will take the car off me. But that i am liable for a £70.50 uplifting fee. Not only that but if there is a shortfall between what they get for my car at auction and what i still owe on the finance, then i will also be liable to pay them this shortfall.

I was hoping that everything would have been sorted once i went bankrupt but it seems that i may have to find aroung a £1000 from somewhere.

Anyway my question is whether i am in fact liable for these amounts or whther GE Capital are trying to pull a fast one.

Many thanks for any advice you may be able to give.
By liverpoolcherries
#8388 I thought they could not pursue you for debts included in the bankruptcy order.

liverpoolcherries
By swanseajack
#8389 Thats what i thought to, and i am still really hoping that is the case. Just a little confused at the moment and dont really know if i am right. Just after a little clarification i suppose. And surprise surprise GE Capital are no help at all.
By liverpoolcherries
#8390 Were they listed as a creditor on your petition? If they were the OR must have taken the debt into account surely?

liverpoolcherries
By bob1965
#8391 Hi... I wouldn't worry to much...

When I went BR last May I had a contract hire van. Informed the finance company and they similarly tried to charge me for collecting the vehicle and for the eventual shortfall in value (which turned out to be about £3500).

Spoke to my OR who advised I forward any bills / corrispondance to him and as each and every bill came through I simply forwarded them straight away. After the final bill (for £3500) arrived in August I heard no more.

Basically what I'm trying to say is the debt is all wrapped up in the bankruptcy (including any costs arising)... so again, don't worry to much...
By swanseajack
#8392 Yeah it was listed on my bankruptcy forms. I am just a bit concerned that the uplifting fee and any difference in sale price and what i owe on finance. I think i will give the OR a ring in the morning and get his advice.
By liverpoolcherries
#8393 It would be helpful to know if the outstanding amount owing is included in the bankruptcy even if you give the car back and they try to charge you for it to be removed, so if you are going to ask, Jack, please let us know what they say so that we can be prepared before the BR, this is about the only thing stopping me at present.

liverpoolcherries
By Mel_Odious
#8394 Hi Jack,
not much help here I'm afraid but would certainly ask the OR how you stand with this.

Mel
Sorry Jack,
our postings passed each other in cyberspace.
Agree though that is your best option. I like the idea of passing any demands to the OR and leave it to him to sort as with Bob.

Mel
Last edited by Mel_Odious on Mon Jun 20, 2005 3:02 pm, edited 2 times in total.
By swanseajack
#8395 Yeah it was listed on my bankruptcy forms. I am just a bit concerned that the uplifting fee and any difference in sale price and what i owe on finance. I think i will give the OR a ring in the morning and get his advice.
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By steveo
#8402 is there mention of an up lift fee on your original contract with the HP supplier? if so the the up lift fee would be included within your BR as it is a cost due to part of the contract which you agreed before you went BR.

Again with any short fall. it is not your problem, send the letters on to the OR.

could you not drop the car and keys back your self?
ByDavidc
#8405
steveo wrote:is there mention of an up lift fee on your original contract with the HP supplier? if so the the up lift fee would be included within your BR as it is a cost due to part of the contract which you agreed before you went BR.

Again with any short fall. it is not your problem, send the letters on to the OR.

could you not drop the car and keys back your self?


It is an old banger anway he wants shot of it. I would take it round tommorow if it worries you or at your convienience if not.
David
ByVanilla_sky
#8424 Hang on.....so if you owe say 1k on a car loan on a car thats worth 750 they take that amount into your B?

I am so confussed here but thats because I am blonde I expect

Jx
User avatar
By JaneClack
#8433 It's not his car though is it V-S - it is rented until he makes the last payment and as the rental/HP company is entitled to all the money it is unsecured and has gone into the petition. He didn't have a car worth anything as it wasn't his.

Drive it round to the garage where you bought it, after hours, and drop the keys in their letterbox with a letter saying you are trying to save the loan company money as they do not seem to be able to collect a car ( the debt secured on which has gone into a bankruptcy petition) so you have dropped it off for them. Watch them collect it then and send a copy of the letter plus subsequent correspondence to the OR.
By swanseajack
#8463 Thanks sarah. The only problem is that i bought it off MATALAN. And it was delivered to my workplace so i dont actually have a garage to return it to.

I am no longer using the car and as David says it is a wreck. So think i will just leave it on the driveway until they come and get it.

I have phoned the OR and they have said that all correspondance i receive i can forward onto them to deal with. Yet again they have been very helpful. And i cant praise them enough.