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| T O P I C R E V I E W |
| leen.ow |
Posted - 04 February 2010 : 17:25:55
I am on the brink of declaring BR, probably in about 2 months time.
I currently have a car on HP which I have been advised by it's creditor will not be allowed to continue when I go BR, so I have stopped paying for it now and they come and reposess it and any shortfall will be included in the BR.
However, I do still need a car, as I work unsociable hours where no public transport is available (except taxis) and often drive during work time to meet clients. I am aware the OR (if he agrees to my needs) will allow a car worth 2k. My dad has offered to lend me 2k to buy a car (or he will "buy" the car for me) but is that wise to do before BR? I'd just hate to borrow 2k, and then for whatever reason the OR decides to take it off me, and I end up owing my dad 2k and not having anything!
Or, should I wait until after BR, and then borrow the 2k and get a car? The problem I see with this is that when I have my OR interview, I won't own a car at that moment in time, so I would not be able to claim things like insurance, tax and fuel in my I&E, so would I be able to buy the car post-BR and amend my I&E to include the assosciated motoring costs when it comes to working out my IPA?
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| 2 L A T E S T R E P L I E S (Newest First) |
| leen.ow |
Posted - 04 February 2010 : 17:46:27
That's great. Thank you. I will discuss it with my father and see how he would prefer to proceed.
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| gettingoutofdebt |
Posted - 04 February 2010 : 17:38:37
It sounds like you definitely need a car for work so there shouldn't be any problem with the OR allowing it.
Rather than your father lending you £2k the better option would be for him purchase the car but you could be listed on the V5 document. As far as the OR would be concerned your father would be the owner and you would just have access to drive the car. There is a section on the BR forms that asks if you have access to a car and you could put the details in that section but leave the section asking if you own a car blank. That way you could add the petrol/MoT/servicing/insurance costs in your original I&E.
If you decide to do this make sure your father has the receipt for the purchase in case the OR asks for proof that he is the owner. If your father paid by cheque or CC there would also be proof that the payment came from his bank account/CC to further backup the fact that he bought the car.
If you don't want to take a chance that the OR won't allow you to have a car then your father can buy the car post BR and you can contact the OR and advise them that you need to update the I&E as you now have car costs.
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