Hi, Just wanted to know i have a scooter on finance 7 payments left to pay, can someone else clear the finance for me.I would still be the keeper but not the owner? Planning on going br in 2 weeks time. Would my bike still be classed as a asset?
Hi if a 3rd party paid the balance 7 payments they could only be deemed as part owner proportionate to their percentage payment to the overall debt. The scooter would therefore belong to you in the main and would remain an asset.
Thanks suzanne & john for your answers . Just to clarify the position ;- the scooter would be worth approx £700 second hand in ints present condition , with 6 or 7 payments left of £60 per month .My wife is concerned the OR would not allow her the scooter . I am a HGV driver away most of the week , she works part time for a supermarket 5-10pm on a thurs & fri . we have 3 kids 17 9 & 4 who are left under the charge of the 17 year old . As she works 1 and 1/2 miles away from home is it reasonable the OR would allow it to be classed as exempt as she would say that she needs to get home quick in the case of emergency and also would not feel all that safe walking home at that time of night in winter . Any more thoughts would be appreciated . Also when the HP company are advised of BR would they automatically want the bike returning to them ??
Hi I would say that it is reasonable to expect the OR to allow your wife to keep the scooter under the circumstances.
However, the HP company are technically able to repossess the vehicle in BR and sell it for the outstanding amount on the loan AND if they do not realise this sum claim the shortfall.
You could ask the 3rd party you mentioned to settle the outstanding amount in full prior to BR but if the OR should not allow you to keep it this would have been money down the drain.
Would my bike be classed as a asset?
Posted - 18 September 2008 : 13:20:00
