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Creditors and Assets

Hi there,

Me and my husband sold our house around a year ago because we were both in a bit of financial trouble. As there was no equity we both decided that we should definitely avoid our property being repossessed and just put the house on the market and rent a nice house....which we are managing to cope with at the moment

Me and my husband both drive to work as I work early in the mornings and my husband finishes late at night. (very late).

Do you think as we have no other assets, the creditors will try and take a car or possibly both cars from us? Im very worried that this situation will happen as this will reduce our income which in turn will make it harder for us to get by.

What else can they do and is there anything I can do about it?

Katie

Hello Katie,

This all depends on what the cars would be valued at. If they are worth quite a bit of money then these could be repossessed in order to pay off debts, on occasion if they are just of little value and you can present a case as to why you need them then they would be left in your hands. For more information please call DAT.
Hope this helps