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Scotmg
Starting Member
4 Posts |
 Posted - 16 January 2009 : 12:15:22
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Hi,
I have another issue that has just came to my attention.
I bought my first car in 2005, the vehicle was regsitered in my name, however, my dad took out a bank loan in his name only as I was a student at the time and could not have got a loan.
I paid my dad the monthly payments on this until about the begining or 2007 as I moved away from home and no longer needed the car. At which point, my dad / sister began using the car and my dad is still making the payments now on this.
Problem being, partially out of laziness, we didnt get round to changing the name on the vehicle reg docs and so I am worried that if we go bankrupt the OR will try to take a car which my dad / sister are dependant on, and paying a bank loan for.
My dad is i the process of getting the vehicle changed over into my sisters name, but now I am worried that the OR will think we are acting suspiciously when we really aren't!
I am pretty confident we could back up the fact that the loan was taken out by my dad and I made payments on it until a cetrain point and then stopped and her has been making the payments since, would the OR take this into consideration or do you think he would loose the car?
(P.s. I am in scotland, not sure if that makes a difference) |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 January 2009 : 13:34:09
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Hi
as you are in Scotland I'm not sure if it makes a difference either as I can only quote UK procedure.
In the UK, on the face of it, the OR could not question ownership of the car as the loan is clearly in your father's name, continues to be so and can be evidenced by his signature on the agreement and the payments being made via his bank account.
The issue then is how you explain regular payments being made from your account to your father's account.
What were the monthly transfers in payment of?
Were the transfers made via the bank?
If so were they for the exact same sum as the monthly HP agreement?
It depends on what details and bank records are available.
If the payments were made direct from your account to the HP company you have a problem.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 16 January 2009 13:35:17 |
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pix1
Average Member
689 Posts |
Posted - 16 January 2009 : 13:55:04
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I am backing up what John says.
I think it is the same in Scotland as in England.
The key thing is they cannot take the car. It is on a loan which is in your father's name.
If you have mentioned the car already on a statement of affairs and you have already gone bankrupt then the examiner (or wohever it is in Scotland) may think it is in your name. You would need to write to the case officer and explain that it is (or was?) only registered in your name and not actually owned by you.
This might be queried at first but can be cleared up by explaining it to the examiner.
The issue you may have is in making it clear that a certain part of your outgoings over a cetain period was paying money to your father towards the car loan in his name. There is nothing wrong in this but they might look at whether this had an effect on you paying any other debts in your bankruptcy.
Chances are this will come out ok for you. |
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pix1
Average Member
689 Posts |
Posted - 16 January 2009 : 14:00:58
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I just had alook at your previous post which says at one point;
"1. we need our car (which is pretty new & worth about £15k) for work, will be given the option to keep this?"
If you have not gone bankrupt yet and the car is not owned by you but is only registered in your name you would not be duty bound to list it as an asset. To avoid any confusion, however, it would be good to make sure the car is transferred in registration to your father (or sister?) before going bankrupt.
You might still have some explaining to do about sums of money going out of your bank account to your father to pay towards the loan he had on the car.
It is best to be upfront about it so as to avoid any doubt about whether it is yours or not. |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 January 2009 : 15:00:08
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Hi
be in no doubt that whatever sum you paid towards the loan, if it can be evidenced by the OR that funds were transferred for this purpose, will be claimed as part of your estate having taken depreciation into account. If you are unable to pay this then the car could be at risk.
Hence the questions on my previous post.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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