| T O P I C R E V I E W |
| gav |
Posted - 12 March 2008 : 23:26:02
my partner and i are going to make ourselves bankrupt but im a guarntee for a family member what happens with his car?
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| 10 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 18 March 2008 : 15:46:45
Hi Gav,
This is something you will need to take up with the OR. As it is not your vehicle you are not and have not been making payments therefore it will not affect your income & expenditure the car is also registered to the family member so is not yours.
Technically the loan is a secured one therefore is outside of the Bankruptcy as this deals with unsecured debts only, I think the OR will not have a problem with this, but he will inform the Loan company and it will be down to them to decide if they are happy for the arrangement to continue.
Who is the finance with?
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| gav |
Posted - 18 March 2008 : 14:18:37
im not sure i dont pay anything its my brother that pays comes out of his bank (used to come out of mine, till we swapped it to come from his). will he lose the car? |
| Helpful Advice |
Posted - 18 March 2008 : 12:36:35
This does not sound like a guarantor position it sound like you have taken out the finance,
how much are the payments?
What is the value of the vehicle?
What is outstanding on finance?
With this info I can advise further.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| gav |
Posted - 17 March 2008 : 19:29:50
no i think its my name on papers just his on the log book |
| Helpful Advice |
Posted - 17 March 2008 : 16:12:53
Hi Gav,
Are you listed as the financee or as guarantor?
Is your family member listed on the finance agreement it anyway?
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| gav |
Posted - 17 March 2008 : 16:06:57
its my name on the fiance papers but its a family members on the log book so what happens there?
cheers for the help guys!! by the way |
| Helpful Advice |
Posted - 17 March 2008 : 14:50:46
As Paul says we need more information as to what is in whos name in order that we can advice.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| Reviva UK |
Posted - 16 March 2008 : 16:01:47
Hi Gav
who's name is the finance in - is it yours of your frinds?
I realise the car is registered in your name but unsure if you mean on the log book or finance forms.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| gav |
Posted - 16 March 2008 : 14:50:35
the car is registered in my name its only amember of my family that is paying for it everymonth out of his own bank which he has done for the last year. He has in the mean time phoned to enquire and they will not change names over. He cant really lose the car as its not his fault and he needs it for work. He also has recently became a dad and needs it for his lifestyle, as he lives several miles away from the rest of the family. |
| Reviva UK |
Posted - 13 March 2008 : 00:08:27
Hi Gav and welcome to the forum.
is the finance in your name / joint names or are you a guarantor if the first person fails to meet the financial repayments?
To be 100% sure I would suggest you either phone the finance company and ask them - not telling them your details - just a general question. Or alternatively if you want to email the details to me I will be happy to ask without revealing your name etc.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
