Bankruptcy & HP

[Kryt]

Evening, folks.

Looking seriously at bankruptcy due to the seriousness of the debts, and theres one small niggle I'm not sure about that Google can't cover.

7 creditors that I owe money to, however I have had a laptop previously on hire purchase through HFC Bank. I have kept HFC clear of any debt, don't owe them anything other than the original borrowed amount which I am still happily paying the monthly payment.

However, bankruptcy states that all items borrowed under credit would be returned to owner.
Only issue is, said laptop was damaged beyond repair and disposed of. HFC were not informed (I didn't see the need) and I just accepted that I'd need to continue paying. It wasn't insured either separately or part of home insurance I didn't have at the time.
What happens then? I don't have the laptop to return to HFC, and due to no real fault of my own I'd be committing a criminal offence.
Any clues on where I would stand?

[Boobaby]

Originally Posted by Kryt

Evening, folks.

Looking seriously at bankruptcy due to the seriousness of the debts, and theres one small niggle I'm not sure about that Google can't cover.

7 creditors that I owe money to, however I have had a laptop previously on hire purchase through HFC Bank. I have kept HFC clear of any debt, don't owe them anything other than the original borrowed amount which I am still happily paying the monthly payment.

However, bankruptcy states that all items borrowed under credit would be returned to owner.
Only issue is, said laptop was damaged beyond repair and disposed of. HFC were not informed (I didn't see the need) and I just accepted that I'd need to continue paying. It wasn't insured either separately or part of home insurance I didn't have at the time.
What happens then? I don't have the laptop to return to HFC, and due to no real fault of my own I'd be committing a criminal offence.
Any clues on where I would stand?

I am assuming that you have thought seriously about the implications of Bankruptcy. This is by no means the best option, believe me. The restrictions it puts on your life for years to come are of course explained to you when you meet with the Official Receiver but you have no idea until you are in the situation how they will affect you.
You have to relinquish anything that would be likely to raise an income from including premium bonds. You have to let them know if you have wins on the pools or the lottery and you cannot enter into any financial dealings with anyone over a certain amount it used to be £200 I don't know if that is still the case.

With regard to the lap top issue do you have much left to pay on it?

Think seriously my friend before you go down this route.

Boo

[Kryt]

Certainly have thought long and hard about it.

From what I can make out, i still probably owe around £400, and have been paying £21.57 a month.

Regarding the financial dealings : would this effect things like selling personal possessions on the likes of Ebay, car boots etc? - especially in the context of doing it to replace an item that you need for work?

[Boobaby]

Originally Posted by Kryt

Certainly have thought long and hard about it.

From what I can make out, i still probably owe around £400, and have been paying £21.57 a month.

Regarding the financial dealings : would this effect things like selling personal possessions on the likes of Ebay, car boots etc? - especially in the context of doing it to replace an item that you need for work?

Depends on what sort of amounts you are talking about with regard to ebay and booties etc. You still have to run a bank account for ebay etc.. I had a few accounts with LLoyds Bank and they, according to head office policy, closed all of my accounts even though I'd banked with them for more than 20 years and had always kept my accounts in good standing. I did manage to open another account after some trawling around but they wouldn't give me a cheque book and I only had a cash card.
You need to take advice regarding the lap top as I have no idea what the position would be with that. Ordinarily they would have taken the lap top back and sold it. Then the difference between the sale and the outstanding amount would have been added to the bankruptcy estate.

Boo