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Will I be able to keep my car on hire purchase - Bankruptcy UK

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Will I be able to keep my car on hire purchase

We have known of cases where this has been allowed, but in most cases the vehicle is lost. The main reason for this is that the Official Receiver will view your car payment as an avenue to place you into an Income Payments Agreement (IPA), whereby you contribute a monthly figure towards compensating your creditors. Your chances of keeping the car would increase markedly if your employment was directly affected by you losing the vehicle e.g. if you needed the car / van for your work, as the OR cannot be seen to make any decision that affects your ability to make a living.

 

Bankruptcy UK

Bankruptcy UK