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cassiedog
Starting Member
United Kingdom
1 Posts |
 Posted - 03 March 2011 : 15:14:04
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| Hi, I am contacting you because I am after some information! My partner and I have been left with some sizeable liabilities from our now liquidated company, which is why I have looking into bankruptcy for a while now. My one question is, when we both became self employed after loosing the limited company we needed to get soem vehicles sorted so we could work (we both need vehicles to earn money) so my mum very kindly got a bank loan in her name to enable us to get the vehicles, total £10k. If we were both to go bankrupt would the courts allow us to continue paying this debt off to keep the vehicles and prevent my mum being stuck with the debt? Hope that makes sense! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 03 March 2011 : 17:45:25
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It makes sense cassie dog but you may not want to read the reply
You cannot treat any creditor with preference to another.
The cars if registered in your name and a value of more than £2K could / would be seized by the OR. No you cannot change the name on the V5 the day before court.
Mums loan to you could be included in your bankruptcy but mums loan from the bank could not.
I think as you are at the early stages of researching your bankruptcy it might be good advice to speak to one of the experts have a coffee with them and discuss all options.
It may be that Bankruptcy is not the best option. The experts on this forum can give full appraisals of all options available.
Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 03 March 2011 : 18:32:45
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As far as I know the person who paid for the cars, not the person whose name they are registered in, is classed as the owner. If this is the case (hopefully one of the experts will confirm) then the cars would be classed as your mothers.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 March 2011 : 18:56:58
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From what I can remember - the registered keeper is not necessarily the legal owner.
We have a motability car which is registered in hubbys name - it's not ours though.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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debtinfo
forum expert
2826 Posts |
Posted - 03 March 2011 : 19:37:01
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Basically the OR will assume that the car is owned by the registered keeper unless the bankrupt proves otherwise, for instance a receipt for the car.
Be aware that if she gave you the money, and you bought the car then this is your car, If the mother bought the car and just lets you use it then it is her car |
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cassiedog11
Starting Member
United Kingdom
1 Posts |
Posted - 03 March 2011 : 20:33:04
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| Thanks for the replies. The vehicle are both in my name and my mum got the loan from a bank to enable us to buy the vehicles as we were unable to get the finance. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 March 2011 : 20:42:58
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Did she actually pay for the cars or did she give you the money as debtinfo says.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Topic |
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If we go bankrupt can we repay family loan ?
