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bankrupcy and a hire purchase agreement


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As it's in joint names there is joint liability which means that the lender can pursue either party for payment (the loan isn't split 50/50). So if you were to made bankrupt your partner would then be liable for payment.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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It might be worth checking the agreement as some HP agreements have a clause which states that if you were to go bankrupt the item has to returned to the lender. As the agreement is in joint names you could check with the OR/Trustee to allow your partner to take over sole liability for the car and the payments.

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thanks for the responses

if the worst comes to the worst i was hoping we could keep the car and my partner could carry on the payments

 

i'm pretty sure that would be possible.

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