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wendy.h
Junior Member
173 Posts |
 Posted - 09 July 2008 : 09:35:30
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If I go bankrupt in my name only, we have a family car on finance in my husbands' name, but the log book is registered in my name, there is no equity in the car, we need the car to get to work, as we live in the sticks, no public transport etc. Is the car at risk? Worried that we will end up with no car plus debt.
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zoe
Junior Member
329 Posts |
Posted - 09 July 2008 : 09:42:22
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| How much is the car worth???? |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 09 July 2008 : 09:52:09
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If the car finance is in your husbands name and it is the family car, then I would consider this his car. As long as you maintain the repayments to the finance company and explain the log book situation to the OR it should be fine, as you can show that the finance is in your husbands name with the finance paperwork.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 July 2008 : 17:53:10
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Hi Wendy and welcome to the forum.
I agree with Suzanne. The key here is to ensure your OR understands the difference between registereed keeper and legal owner. The fact that the finance is in your husband's name should be enough and the car should be fine, irrespective of value (unless of course your husband is going BR also).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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BankruptC
Senior Member
1030 Posts |
Posted - 11 July 2008 : 07:43:06
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Hi Julian (sorry wendy for hijacking your thread but I have a smiilar question!)
Our car is also on HP in my name and both myself and my wife will go BR. I need the car for work, and can afford to continue the HP payments. Will I be able to continue this?
Thanks
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 08:16:56
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It will be down to the individual discretion of the OR and the finance company - I think I've also answered this on another post.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 11 July 2008 : 10:35:54
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Hi Ian,
It does depend on the value of the vehicle, and more importantly, whether there is any equity in it. The OR will look at it from the perpective of an IPO/IPA (if you had a cheaper car, would there be more disposable income to service an IPO/IPA?).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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BankruptC
Senior Member
1030 Posts |
Posted - 18 July 2008 : 16:00:00
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Hi Julian,
We have now found out for certain that the HP company would be happy for us to continue the agreement with them. The agreement has about £14 left to pay and the car (according to parkers) is worth just under £10K. We absolutely have to have a reliable car for my work as I travel around with my company and can see no other way of getting a car if we had to return this one. Do you think we have a good chance of keeping this one?
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BankruptC
Senior Member
1030 Posts |
Posted - 18 July 2008 : 16:04:49
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Sorry, also meant to ask, has anyone else been allowed to keep a car under similar circumstances?
Thanks again,
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Topic |
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If I go bankrupt is our car at risk?
