My mum many years ago financed a car for me (she took the loan) but I was the registered keeper and have been for over 8 years. However, due to personal reasons my mum had to leave the family home and never actually told the finance company where she had gone and cancelled the payments. The car was never repossessed and I never heard anything from the finance company (was a loan). Go forward to present day and now I am experiencing severe financial difficulties and will likely have to go bankrupt. Either way, can anyone have a legal interest in this car as technically it's not been paid for by me. I ran a HPI check and indeed it flagged as outstanding finance but the creditor has no legal interest in the vehicle. Car is now probably worth around £1500 though listed at market value of £2200. It is not worth that as I never had it serviced and has quite a few dents and scratches (none my fault!) - will the official receiver deem this as an asset of mine?
If you mother bought the car then she will be considered the owner of the car even if your name is on the documents so any debt relating to the car will be hers and not yours.
will the official receiver deem this as an asset ?
Posted - 11 August 2010 : 09:36:45
