Sequestration - What happens to goods which I have on hire purchase?
HP Items remain the property of the company which supplied them to you until you have fully paid for them. The company may wish to recover the goods from you once you have been made bankrupt. Dependent upon the type of hire purchase agreement and the level of equity in the asset, your trustee may be able to take possession of the goods and sell them.
Complete our short enquiry form to see how we can assist you and we will call you back. Alternatively you can contact us.
To be sequestrated you must owe at least £1,500 and either:
one or more of your creditors must have taken you to court to enforce or demand you repay a debt or you must have been on a debt payment programme under DAS that has been revoked and one of the creditors in the DPP have been to court and obtained a decree on one of the debts.
Anyone can be sequestrated if you owe over £1500 and are struggling to make repayments when they fall due.
Creditors are legally no longer allowed to harass you for payment and no further action can be taken.
The debt will be wiped off completely.
Pensions and benefits will not be affected.
Could be Discharged from sequestration within 12 months
Clear Insolvency is trading name of Hamilton and Clarke Ltd.
Registered in the UK. Company no. 6465374. Consumer Credit License (UK) 612841
Clear Insolvency, 27 Old Gloucester Street, London, WC1N 3AX
