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

Moderators: TalbotWoods, JaneClack

By DONNA11111969
#2958 My friend is thinking of making himself bankrupt.

He has a car & loan with Yes Car Credit, he pays the weekly payments nearly always on time. Will he automatically lose his car if he goes ahead?

Many thanks
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By JaneClack
#2963 As a general rule the car will be repossessed. The OR sometimes does not have a problem if it is not a large amount (if it is needed for work the OR will generally allow a car to be kept up to the value of about £2.5K) but the HP company will not usually allow this - and it will be one of the terms in the contract. Some people have been able to keep cars on HP but they are few and far between and Yes Car Credit is not one of the companies I have heard who allow this.