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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

[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.

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

Most should offer it, unless rating it super poor. Call in mates/family if need be.

[chrisgixer]

Failed applications don't help either which is .... Unhelpful. To say the least.

[05omegav6]

Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts?

Car is about 7.9% btw

[chrisgixer]

Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts?

Car is about 7.9% btw

Have you applied..?

[The Sheriff]

Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts?

Car is about 7.9% btw

No one is, Al. People are trying to be helpful, but just don't understand the situation properly.

Only you can decide how to move forward. My only advice would be to do it sooner rather than later, or it will hang around your neck for years.

[chrisgixer]

Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts?

Car is about 7.9% btw

Have you applied..?

Obviously feel free to pm further.... 

[tunnie]

Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts?

Car is about 7.9% btw

I also suggested family/friends, willing to help. If you have poor rating. When I wanted to buy an expensive item, I considered 0% cards. Was offered well over £10k. But just saved and bought cash in the end.

However, I see you reply to most suggestions with a dismissive attitude. Suggesting you know best 

You drip feed information, using snippets to shut down suggestions.

Fine. Only trying to help. 

[steve6367]

I guess it's tricky on a public forum as to give good advise we would need to know how much money is needed, what repayments are affordable and details of current credit history - probably not great information to post in public 

Do you know any IFA's you trust? I could recommend in Dorset but probally not much help.

[chrisgixer]

Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts?

Car is about 7.9% btw

I also suggested family/friends, willing to help. If you have poor rating. When I wanted to buy an expensive item, I considered 0% cards. Was offered well over £10k. But just saved and bought cash in the end.

However, I see you reply to most suggestions with a dismissive attitude. Suggesting you know best 

You drip feed information, using snippets to shut down suggestions.

Fine. Only trying to help. 

I would of agreed, until you posted this. There by proving me wrong. I'd suggest sticking to the help aspect of your post.

[05omegav6]

Yes I have applied... Becomes a moot point after the third or fourth attempt...

Short posts are a side effect of opportunist posting rather than being evasive...

Refinancing existing finance only works if it can be done at a sensible interest rate, and then only if  credit is available.

As for friends and family, not everyone has a stable, wealthy middle class network to fall back on, notwithstanding the responsibility of My debt being squarly at My door.

[Migv6 le Frog Fan]

Presumably with a different board

Nope. They don't even need to do that. I have a feeling that there may be a change of M.D. or Chairman required,and a change of company name (but that change can be so small as to be unnoticeable) but all that means is that everyone at the boardroom table moves their job title plague one place to the right, or left, and a new sign hung over the front door, with nothing changing in reality.
Its quite common these days for companies (even those with hundreds of employees) to do this. It allows them to pay their employees no redundancy pay, nor even pay them wages owed. Also any money owed to suppliers etc. will get written off. This often has a knock on effect and ruins other (perfectly solvent & honest )companies, costing more jobs.
Don't know how people can do that and sleep at night, or look at themselves in the mirror, but maybe that's why Im not rich.

[Taxi_Driver]

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.

Actually, I never suggested that.........

http://www.dailymail.co.uk/news/article-2817131/Mercedes-Benz-safety-row-250-000-fire-risk-saloon-cars-recall-not-Britain.html

[05omegav6]

That's not good

Not uncommon approach though... Volvo USA will bend over backwards for warranty issues that Volvo UK/Europe won't even acknowledge

[Marks DTM Calib]

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 

Can buy a re-manufactured one from Vx for that money....and it even comes with oil and a filter.

A fool and their money....