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 concerned after reading some infomation about my car

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T O P I C    R E V I E W
kelly-v Posted - 03 September 2009 : 09:41:08
i am a little concerned after reading some infomation about my car.
it has a low value of £2000 so i thought it would be safe, however i do not work as i am a full time mother to a 2 year old and live on a farm so public transport is not easily accessable, could they take my car from me??
15   L A T E S T    R E P L I E S    (Newest First)
Reviva UK Posted - 15 September 2009 : 19:50:58
you put the car as being wholly yours as it does not have any finance attached to it. Your parents are not a recognised finance company.

you then put your parents down as creditors.

As previously stated if you have continued to pay your parents and have not paid other creditors then there is a real posibility that the OR will ask them for your payments back.

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
veale_kelly24 Posted - 15 September 2009 : 09:47:34
sorry i should have been more clear, what do i put for my personal car with the loan that was taken out by my parents to buy the car, which we are paying off??

Reviva UK Posted - 14 September 2009 : 21:33:41
If you are going to run the business until the day you go to court then you need to put each of the financed vehicle details on the form where it asks you to list vehicles and then finance for the vehicle.

If you are looking to conclude the business it would make more sense to sort this out first, hand the cars back and include any shortfall in the unsecured creditors list.

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
veale_kelly24 Posted - 13 September 2009 : 20:49:09
when i am filling in the forms and you list vehicles what do i put about finance outstanding and the name of the finance company, who is it listed??
Reviva UK Posted - 04 September 2009 : 23:06:51
Ok so why will he lose his job?

There is no reason to believe that he cannot continue as self employed afterwards.

I have a number of taxi drivers ( currently 6 clients / businesses ) who have been able to retain cars on HP during bankruptcy because it is slightly different for them. Additionally the cars are usually in negative equity because of mileage and the finance companies don't want them back.

The real issues with running a taxi business in bankruptcy are:-

trading name & bank account
value of assets ( radios etc )
cashflow for running repairs etc

Might be worth speaking to an expert to discuss the possibility of continuing in the business.

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
veale_kelly24 Posted - 04 September 2009 : 23:01:59
he owns his own taxi business, this is where the large part of our debt comes from.
Reviva UK Posted - 04 September 2009 : 22:53:20
Hi

from what you have said it seems clear that your parents do not own the car. If they gave the money to you then you own it. If the money was put into ajoint account and purchased from there then your husband could own it.

what sort of job does hubby do that he would loose his job?

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
veale_kelly24 Posted - 04 September 2009 : 21:24:43
when we go bancrupt my husband will loose his income so he will be getting a job and will therefore need the car to get to work. because this is the case do i put down that we own the car or that my parents own it?
Reviva UK Posted - 04 September 2009 : 11:10:44
Hi Daniel

From the previous posts it seems that the parents have taken out a loan, given the money to kelly and she has then subsequently purchased a car.

additionally kelly has stated that she doesn;t work but is a full time mum.

Therefore I suggest that the OR would view the car as bellonging to Kelly, it would be at risk from the OR and Kelly's parents would be seen as creditors.

Kelly - Depending upon when you stopped paying other creditors but continued to pay your Dad for the car loan will potentially mean that the OR will view repaying dad as a preferred creditor and they may ask them for the repayments back.

I would really suggest you speak to the forum helpline or a site expert to go over the full picture carefully.

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
Daniel Griffiths Posted - 04 September 2009 : 10:46:22
If the loan is in your parents name then there is no issue here at all whether you use the vehicle or not is your parents business not the ORs. You simply put down you use a vehicle in section 3.9 and put the parents down as owners. If you can demonstrate you need a vehicle for work an allowance will be given for the running of the vehicle, if you dont work and still use the vehicle then no allowance will be given for IPA purposes
veale_kelly24 Posted - 04 September 2009 : 09:30:07
could i not say that they purchased the car and we use it then?
Reviva UK Posted - 04 September 2009 : 09:12:02
hi

if your parents borrowed the money and gave it to you then they would unfortunately be treated the same as another creditor - in that you owe them £2000 and repay this debt at £100 per month.

The car is then legally yours and you would need to put a VERY STRONG case to be able to retain the car in order to keep it.

Usually the Official Receiver looks at the need for a car to attend work, or I have seen people keep the car whils looking for work but they have needed to demonstrate job applications, interviews etc etc .

I haven't yet seen anyone keep a car because they need it for parenting duties.



Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions
veale_kelly24 Posted - 04 September 2009 : 08:48:04
my parents borrowed the money and gave it to us, could we say that they bought the car and we use it??

the repayments are £100 per month
veale_kelly24 Posted - 04 September 2009 : 08:45:17
why? i am not going to be putting it in income and expenditure figures, i will pay them out of my disposable income
Reviva UK Posted - 04 September 2009 : 08:45:04
did your parents borrow money, give the money to you and you purchase the car or did they borrow money and they purchased the car and let you use it?

If they gave you the money to buy the car then they are creditors as they let you borrow money and the car is yours.

Depending on how much the monthly repayment is ( I assume less than £100 ) could be another probelm

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

Real People ..... Real Debt Solutions

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