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Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA 1974

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  • Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA 1974

    Good evening all, hope someone out there can respond with a crumb of hope!!
    I went bankrupt in August of this year. Once I saw the Receiver I was told that I had enough income to offer an Income Payments Agreement and my case was passed to KMPG to administer. I was informed by them that they had no interest in taking the car as an asset as it was subject to a hire purchase agreement with a balloon purchase at the end so I continued to make my payments as usual.
    Yesterday I received the Notice of Termination and in the accompanying letter the suggestion that if I wished to discuss the matter further then I should contact RCI Financial Solution Department.
    Tags: None

  • #2
    Re: Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA

    You will probably find that your HP agreement has a clause which says that in the event of bankruptcy the creditor can terminate the agreement.

    I would have a word with the finance company, if you have no arrears they may consent to someone guarantoring the payments and let you keep the car . That is if there are no arrears currently.

    Comment


    • #3
      Re: Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA

      Thanks very much for that, I shall ring them tomorrow and let you know the result.

      Comment


      • #4
        Re: Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA

        Just phoned RCI . They won't negotiate payment through a third party and will collect the car on the 8th December. The car will then be auctioned and the remainder of the monies owed will be put in the bankruptcy.

        Comment


        • #5
          Re: Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA

          Originally posted by losing marbles View Post
          Just phoned RCI . They won't negotiate payment through a third party and will collect the car on the 8th December. The car will then be auctioned and the remainder of the monies owed will be put in the bankruptcy.

          That is helpful of them. How much have you paid off the agreement ?

          Comment


          • #6
            Re: Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA

            Originally posted by andy58 View Post
            That is helpful of them. How much have you paid off the agreement ?
            I have paid twelve months of a 3 year contact

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            • #7
              Re: Enforcement and Termination Notice under section 76 (1) and section 98(1) of CCA

              I have paid off 12 months of a three year contract

              Comment

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