Hi,
I have recently been declared bankrupt and all of my debtors have been informed. There is one debtor, however, for a short term loan that I got a few months ago that was originally $2000, but with late fees etc, this has now gone up to over $3600.
When I got this pay day loan, one of the questions asked was whether I had a vehicle, to which I put my car details in. There was no question as to whether I owned this car, or if it was under car finance. They are now stating that this short term loan is secured against my car and they can repossess and sell it. I have only had the car a year, and it is still under finance, and the term of this finance is for another 4 years.
My question is - can they take my car even though I do not own it and sell it?
The lady I spoke to seemed quite pissed off when I told her I had filed for and received bankruptcy, and she stated she will be taking legal action to take my car.
I am really worried, as I need my car for work, and I confirmed with the AFSA that I could keep my car as the equity in it is very low.
Help!
I have recently been declared bankrupt and all of my debtors have been informed. There is one debtor, however, for a short term loan that I got a few months ago that was originally $2000, but with late fees etc, this has now gone up to over $3600.
When I got this pay day loan, one of the questions asked was whether I had a vehicle, to which I put my car details in. There was no question as to whether I owned this car, or if it was under car finance. They are now stating that this short term loan is secured against my car and they can repossess and sell it. I have only had the car a year, and it is still under finance, and the term of this finance is for another 4 years.
My question is - can they take my car even though I do not own it and sell it?
The lady I spoke to seemed quite pissed off when I told her I had filed for and received bankruptcy, and she stated she will be taking legal action to take my car.
I am really worried, as I need my car for work, and I confirmed with the AFSA that I could keep my car as the equity in it is very low.
Help!