is the finance in your name / joint names or are you a guarantor if the first person fails to meet the financial repayments?
To be 100% sure I would suggest you either phone the finance company and ask them - not telling them your details - just a general question. Or alternatively if you want to email the details to me I will be happy to ask without revealing your name etc.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
the car is registered in my name its only amember of my family that is paying for it everymonth out of his own bank which he has done for the last year. He has in the mean time phoned to enquire and they will not change names over. He cant really lose the car as its not his fault and he needs it for work. He also has recently became a dad and needs it for his lifestyle, as he lives several miles away from the rest of the family.
This does not sound like a guarantor position it sound like you have taken out the finance, how much are the payments? What is the value of the vehicle? What is outstanding on finance?
im not sure i dont pay anything its my brother that pays comes out of his bank (used to come out of mine, till we swapped it to come from his). will he lose the car?
This is something you will need to take up with the OR. As it is not your vehicle you are not and have not been making payments therefore it will not affect your income & expenditure the car is also registered to the family member so is not yours. Technically the loan is a secured one therefore is outside of the Bankruptcy as this deals with unsecured debts only, I think the OR will not have a problem with this, but he will inform the Loan company and it will be down to them to decide if they are happy for the arrangement to continue.
going to make ourselves bankrupt
Posted - 12 March 2008 : 23:26:02
