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frankie7028
Starting Member
2 Posts |
 Posted - 03 June 2009 : 22:35:16
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I am currently considering declaring myself bankrupt.
I have recently entered in to an IVA which I have now come to realise may not have been the best option for me. Would I need to let this IVA fail?
Also, I finished paying for a car in December last year which my dad took out the finance on for me although the car is registered in my name as the owner. My dad was making the payments to the HP company and I was then making the payments back to him. Would the OR be interested in this as i am concerned that my dad would be pursued to repay this amount?
The car, although registered to me, is used by my partner daily for work and due to the distance he travels he would be unable to work if the car was taken off me. The value of the vehcile is approximately £1000 - what are the chances of this vehcile being taken off me?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 June 2009 : 22:58:52
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Yes, you would have to miss three payments to let your IVA fail.
Can I ask why you think this wasn't the right solution for you?
Not sure about the payments on the car, hopefully one of the experts can assist with that.
As it is necessary for work and is not worth a great deal, I don't think that the OR would want you to sell it.
The glimmer gets brighter all the time
Jan
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frankie7028
Starting Member
2 Posts |
Posted - 04 June 2009 : 20:29:22
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| Is there anyone who can answer my question about the car payments to my dad? |
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Jane.l
Average Member
511 Posts |
Posted - 05 June 2009 : 09:33:42
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If your dad took the finance out in his name, I am afraid the debt is his and he is legally responsible for it and if he can carry on paying it fine.
The registered keeper of a car is not necesarily the owner. Do you use the car? If you needed it for work you would probably be allowed the running costs for it, if you pay these.
From what you have said, I would say that your dad is the legal owner of this car, but then again, you paid him for it so not sure on that one |
Edited by - Jane.l on 05 June 2009 09:35:30 |
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currently considering declaring myself bankrupt
