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[05omegav6]

Firstly,

Torching the car is not/was never an option, so whilst the suggestion was hopefully tongue in cheek, rest assured it will not be happening. So thanks for that Dave...

Secondly, for STEMO...

VTd is Voluntarily Terminated... Basically the finance company receive the car as full payment for 50% of the total agreement value and subsequently bill me for the other 50% less any payments made thus far...

Thirdly,

Thank you for all the advice and offers to discuss matters in person. It has all been reassuring and informative.

[The Sheriff]

Hmmmm......don't know what the state of your credit report is like at the moment, but wouldn't a VT(not a term I've heard of), totally knacker it?

[05omegav6]

Currently low 500s, so not really... And if it takes five years to clear the balance then there's not alot in it in the scheme of things

[The Sheriff]

Just watching another injustice on Watchdog. Individuals who have to go through bankruptcy are affected for years, but companies can go bust one day and start trading under a different name the next, and the company debts are written off.

[05omegav6]

Presumably with a different board

[The Sheriff]

Presumably with a different board

Board? We're talking cowboy garages, double glazing firms......just about anyone.

[05omegav6]

As I understand it, once bankrupt, you can't trade as a new firm without informing everyone with whom you trade that you are bankrupt until such time as the bankruptcy order is released.

Failure to do this, or to fail to comply with any of the bankruptcy conditions/restrictions will result in prosecution.

[The Sheriff]

As I understand it, once bankrupt, you can't trade as a new firm without informing everyone with whom you trade that you are bankrupt until such time as the bankruptcy order is released.

Failure to do this, or to fail to comply with any of the bankruptcy conditions/restrictions will result in prosecution.

Well....have a look at watchdog now, there's a firm that does 'recon' engines, ripped off a load of people and are back with a new name.

[05omegav6]

No telly at work, but that doesn't surprise me

[steve6367]

As I understand it, once bankrupt, you can't trade as a new firm without informing everyone with whom you trade that you are bankrupt until such time as the bankruptcy order is released.

Failure to do this, or to fail to comply with any of the bankruptcy conditions/restrictions will result in prosecution.

Well....have a look at watchdog now, there's a firm that does 'recon' engines, ripped off a load of people and are back with a new name.

They will need different Directors, but easy to get the wife / friends etc to fill that role and carry on, if your so inclined!

[EMD]

As I understand it, once bankrupt, you can't trade as a new firm without informing everyone with whom you trade that you are bankrupt until such time as the bankruptcy order is released.

Failure to do this, or to fail to comply with any of the bankruptcy conditions/restrictions will result in prosecution.

Well....have a look at watchdog now, there's a firm that does 'recon' engines, ripped off a load of people and are back with a new name.

£1800 for a knackered recon Astra engine 

[Nick W]

As I understand it, once bankrupt, you can't trade as a new firm without informing everyone with whom you trade that you are bankrupt until such time as the bankruptcy order is released.

Failure to do this, or to fail to comply with any of the bankruptcy conditions/restrictions will result in prosecution.

Well....have a look at watchdog now, there's a firm that does 'recon' engines, ripped off a load of people and are back with a new name.

£1800 for a knackered recon Astra engine 

That special reconditioning paint is hard to find and expensive.

[tunnie]

Give the Merc back to the finance company, take the hit. Sooner that went back the better, you just have falling value of the car, making things worse.

Get 0% APR card(s), to pay off the outstanding amount left.

Always thought these car finance solutions were bad, too many restrictions and high APR rates.

[chrisgixer]

Give the Merc back to the finance company, take the hit. Sooner that went back the better, you just have falling value of the car, making things worse.

Get 0% APR card(s), to pay off the outstanding amount left.

Always thought these car finance solutions were bad, too many restrictions and high APR rates.

I wonder of the concern is that the credit rating won't allow a successful card application?

[the alarming man]

Presumably with a different board

Board? We're talking cowboy garages, double glazing firms......just about anyone.

Security companies as well