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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 38261
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Voluntary repossession of a vehicle, qld law.I currently

Customer Question

Voluntary repossession of a vehicle, qld law.

I currently can't repay my personal loan. My loan is more than the current value of the car. I'm currently bankrupt.

My loan is secured by the car, also some property.

When i first went for the loan, it was rejected, so the lender lied and said i had personal property so the loan would pass. The lender was a friends father at the time.

So if i voluntary reposes my vehicle what happens with the property i don't have secured by the loan????

Also "superannuation on compassionate grounds" being bankrupt and wanting to restart my life how would i go about this?
Submitted: 4 years ago.
Category: Australia Law
Customer: replied 4 years ago.

No, i dont own property, sorry.

 

I may have misinformed you with property, i meant property as in personal belongings.

I.e counches, bed,t.v .. ect....

 

Customer: replied 4 years ago.

The car, but that wasnt enough to get the loan passed.

So, personal belongings. Furniture, ect. I can't remember exactly. i don't have the paper work.

Customer: replied 4 years ago.

I would like to know the easiest way out.

If i declare bankrupt for the car how does that work please explain?

When i sign the Chapter 7 i was told i couldnt include a personal loan?

 

I thought with voluntary repossession if i filed for bankruptcy 910days after i signed my personal loan i would only have to repay the market value of the car. So the difference after it was auctioned?

 

What is your understand with voluntary repossession? compared to filing bankruptcy for the car?

 

What is the easiest way out cost wise?

Customer: replied 4 years ago.

So even though im bankrupt i can file for bankruptcy for the amount owing?

 

I wouldnt be able to sell my car myself as it would have a cavet on it because the loan is secured by the car........ So who would buy a car with money owing on it?????

 

So if i hand the car back to them, because im already bankrupt and the loan was signed more than 910days ago, what do i owe them?

 

The remainder of the loan? (bankruptcy) or the market value of the loan? (voluntary repossession)

 

Do i have both methods clear? or am i misunderstanding?

 

& if i hand the car back to them, what right do they have to reposes property "furniture"?(which i dont have ) for the remainder of money owing?

 

Customer: replied 4 years ago.

Thank you for ur help.

 

I have one more question... Do we have the 910 rule in Australian law?

 

If the car is over 30 months(910 days) old the courts will order you to pay the lender the current value of your vehicle, regardless of whether or not your loan balance is higher. You'll negotiate a new repayment plan with your credit to ensure your payments for that amount are manageable.

 

 

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