Author Topic: keeping a Hire Purchase car that is needed for work when I go bankrupt?  (Read 1383 times)


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Lets start with some background. Currently I earn 35k plus on call off 3k and travel expenses which is a take home off around £2250 a month. 6 years ago I purchased a flat for £110 and put 11k of debt into it so I have a total debt of 111k (i paid off £10k) . As a side note I have no kids or wife, just a G/F who does not live with me. 

Since then the freehold and management company have been delisted by companies house (guessing they are bankrupt too), druggies and drug dealers have moved in to the other flats and now 3 night club styles bars have opened up in my area and there is loud music every wednesday, friday and saturday until 3am.

My mortgage company is refusing to let me rent out the property or sell it as it will put me into negative equity. If I throw in the keys then I would be in debt to the tune of around £80k after the mortgage company auctioned off the flat, one down stairs went for £20k last month.

So my only option appears to be bankruptcy. However the citizens advise suggested a 5 year IVA, which I think is crap as a bankruptcy order is only 3 years. Don't care about not being about to ever get credit again as I never use credit card, contract phone and such like.

Now my question is has anyone ever been declared bankrupt? What sort of money do they take off you? What I would like to do is move into rented accommodation at £900 a month and keep my car (BMW 1 currently on hire purchase £400 a month) as its needed for work I live 40 miles away and do 8000 business miles . Do you think the official receiver would be happy with £500 a month to pay off the debt?

Any advise welcomed