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Bankruptcy - Car on HP - Urgent

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My friend has recently went bankrupt due to the breakdown of her marriage. She took out a car on finance 2 years ago with RCI Finance and has never missed or been late with any of the monthly payments. Her debt adviser told her before the bankruptcy that since the car was HP the payments/car would not be included as part of it but that she had to advise the finance company.


She has done this and the company have served a notice of termination on the agreement based on a clause which states "we may terminate the agreement if you become bankrupt". They are demanding that she hand the car back on 17th July and will still be liable for the full amount. She has paid over a third. Where does she stand with this in terms of it being protected? If she doesn't hand the car over they have stated that they will start court proceedings for reposession. Has anyone experienced a court order for repossession where there is no default on payment?? I don't really see the purpose of them taking the car to auction it when they could leave it be and still recieve the monthly payments?!


Any help would be much appreciated, especially regarding what her options (if any) are at this point...

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whilst someone with more specific knowledge awakens

i would have a look in the welcome forum.


they do lots of that & there are many good threads in there.


but certainly i do not bellieve she will have to pay 'the full amount' if it were to be taken back.


i dont know how it goes with 'HP' if this IS HP, but certain types of car finance have certain payment levels whereby some actions can/cannot be taken

you need to read the agreement carefully



please don't hit Quote...just type we know what we said earlier..


if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.



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If they are terminating the agreement on the BK caluse then the remaining balance can be added to the BK.


Has you friend spoke to the finance company and made it clear that she can still make the full payments for the HP whilst being BK? if so and they are still terminating has she advised then the balance with then be included in her BK? then unfortunattley there is not much your friend can do as they are within thier rights but she must let her trustee know as soon as possible to incude and balance within the BK -


ida x

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