| T O P I C R E V I E W |
| hammy0107 |
Posted - 06 June 2008 : 16:33:34
A few months ago i transferred a car from my name to my wifes name. Basically when we bought the car it was easier to go in my name as i collected it / paid for it etc. For insurance purposes it was easier to leave it in my name and have my wife as an additional driver (new driver). Anyway at the last insurance renewal we decided it best to insure my wife direct so she could start earning no claims but it was easier to get her insured if she was the owner of the vehicle. In technical terms she has always been the owner but my name was on the V8, now she is still the owner but her name is now on the V8. Parkers guide values the car at £700 to £1040, probably closer to £700 in it's current condition. Do i put this on the SOA as an asset sold or disposed of or not mention it. By not mentioning it i am not strictly being untruthful, as i have said my wife has always been the real owner. We really don't want to lose my wifes car as it her only real independance, however we don't want to get into trouble with this either. My car is valued at £1400 so in total both cars together come in below the £2500 threshold.
Advice / Thoughts / Opinions please. |
| 10 L A T E S T R E P L I E S (Newest First) |
| hammy0107 |
Posted - 09 June 2008 : 15:16:39
Thanks Vicki |
| m and v |
Posted - 09 June 2008 : 13:39:55
Hi hammy
I had a car registered in my name last year - my husbands car that was in my name just for insurance purposes.
I put it on the SOA - as a car that my husband owned and I just insured it because it was cheaper to use my no claims - yes a female driver with full no claims bonus!
My OR asked a few questions about it to clarify the circumstances but other than that I have not heard anymore about it.
Vicki x |
| hammy0107 |
Posted - 09 June 2008 : 13:33:08
Julian,
Thank you for your speedy response as ever. |
| JulianDonnelly |
Posted - 09 June 2008 : 13:25:38
Hi Hammy,
Oops ... obviously have that Monday feeling :)
You could argue that your wife is a part-time carer which would be justifiable. Again, the OR's office are quite reasonable and given the value of the car, I doubt they'll give you too much grief!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| hammy0107 |
Posted - 09 June 2008 : 13:22:31
Julian,
I think you are correct, although i would of said PLANET lol).
Would there be any other reasons i could justify my wife having a car? She does use it to travel to my moms house (22 miles) to clean once a week as my mom has a disability which stops her doing her own cleaning. My wife does this out of the goodness of her own heart and does not gain financially. As this is a voluntary act would this be considered a justifiable reason? |
| JulianDonnelly |
Posted - 09 June 2008 : 13:13:58
Hi Hammy,
I believe common sense is the rarest commodity on the plant. The OR's are generally reasonable, so I'm sure you can negotiate an amount that is fair and reasonable for everyone.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| hammy0107 |
Posted - 09 June 2008 : 13:07:35
Julian,
How can i justify my wife having a car? My son is not yet at nursery so she doesn't need a car for that, she doesn't work so again no obvious need.
Also you say the OR would want market value? Surely common sense tells them that should they pay an auction house to collect it and take commission from a sale then on a car valued less than £1k they would be better off accepting a sensible offer from the owner.
Would common sense not prevail? |
| JulianDonnelly |
Posted - 09 June 2008 : 12:14:12
Hi Hammy,
That's down to the OR. I think youy have a reasonable chance of making an argument to keep it. In the event of the OR taking it, he will ask for "market value" which they'll probably get from Glass' Guide or equivalent.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| hammy0107 |
Posted - 09 June 2008 : 12:12:25
Julian,
If the OR decided my wife was not entitled to the car could she still buy it off the OR. If so and Parkers value it between £700 and £1100 what realistic figure do you think she would need to offer to get it back??? |
| JulianDonnelly |
Posted - 07 June 2008 : 16:15:49
Hi Hammy,
The OR will check with the DVLA for vehicles registered to you over the last two years, so I would definitely mention it so you're seen to be cooperating fully. Again, argue that it is needed and given the values we're talking about here, I believe you shouldn't have a problem.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
