Buying a car

[stumped]

I have a IVA and live with parents. They want to buy a new car. They do not know about my IVA and I'm scared they want to buy on finance and all my details come up on the credit check and they find out if it is declined.

I think i've persuaded them to pay cash I hope!!! They have the money to do so.

If they were to register the vehicle in my name would I then be in trouble with creditors wanting me to sell the car, even though really it would belong to my dad? They want the car registered in my name I'm the only one with a full license and therefore I would be the main driver.

Does anyone know what checks are made when buying a new car in this regard if my dad pays by cheque from his account could creditors still have a claim on it being registered in my name?

[kallis3]

Hi Stumped and welcome to the forum.

That's a good question! I'm afraid that I don't have the answer to it, but I am sure one of the other experts on here will be able to give you advice.

[Adam Davies]

Hi
The registered keeper is not always the owner and therefore your creditors have no claim to your families new car.
Just make sure that your parents keep a paper trail to prove ownership,just in case the worst happens and you are made bankrupt at some point
Regards

[Endsmeet]

Hi Stumped,
In answer to your first question, it is you not your house that will be 'blacklisted' so to speak so your parents will be ok to take finance.
I know this as I am in a IVA situation and my parents do not know but they have numerous finance agreements such as Sky, phone and other things that require credit checks.

As for the second question concerning ownership, I think that it is ok to have a 'present' bought for you.
Many people on here have been taken on holiday etc paid for by their parents so a car shouldn't be any different.

I was in a H.P. agreement for my car when my IVA was accepted at the creditors meeting but Black horse got in touch a few months later saying that if I didn't pay the finance off in full they would repossess the car, my parents agreed to pay them off and the car was mine.
So in reality, my parents paid for the car and its in my name.

I'm sure that an expert will be along to confirm all this but I'm sure that the creditors accept that a car is essential these days and will be ok with it, as long as its not a Merc.

Also, why not ring your I.P. and ask their advice, that is what they are there for...to advice and guide you thru your IVA?