Hi i have debts over 40k and only bring home 500 net a month but my main concern is that my mum is buying a new car in which i paid the 1150 deposit an a credit card which previously had a zero balance but my mum is repaying that card in full within 6 weeks to bring it back to a zero balance and have given my car for part exchange to repay money i owe her so can the reciever take that new car away from her even as she will be registered owner and keeper
The OR is interested if you have preferred one creditor ( your mum) over another creditor ( your other credit cards ).
With regard to using the c card - provided your mum pays the card off ( KEEP THE receipts and get her to pay by cheque to you have a paper trail to explain that ) it should be OK. But if you have decided to go Br then you musr not increase your debt.
also would be good to know what area of the country you are in as the OR acts is slightly different ways - some are more harsh than others.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Hi i am in west sussex the car books in at £3500 in glasses guide but the dealer is giving us £4000 part exchange for car as we are loyal customers many thanks for your knowledge.
quote:Originally posted by Reviva UK
Hi
what value was the car you gave in part exchange?
The OR is interested if you have preferred one creditor ( your mum) over another creditor ( your other credit cards ).
With regard to using the c card - provided your mum pays the card off ( KEEP THE receipts and get her to pay by cheque to you have a paper trail to explain that ) it should be OK. But if you have decided to go Br then you musr not increase your debt.
also would be good to know what area of the country you are in as the OR acts is slightly different ways - some are more harsh than others.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Think you may have a problem if you put your car ( valued at 3500) down as a part exchange for a car you mum is purchasing.
The official receiver would view that as you treating your mum in a preferential way and thus would disadvantage other creditors so you need to take great care in proceeding that way.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
can the reciever take new car away
Posted - 09 March 2008 : 10:01:02
