Will my friend's motorbike which I am using be looked upon as an asset ?

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Russ.s

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Post by Russ.s » Fri Jul 24, 2015 2:10 pm
Hi ,,
I'm in an iva and have been for 3 years
My question is this
A friend has an old motorbike that he is letting me use for work as my shift have changed but for me to get insurance I have to have the bike in my name ,,
Value of bike is about £600
So will this be looked upon as an asset even though it is not my bike ,,, thanks
 
 

lifenoteasy

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Post by lifenoteasy » Fri Jul 24, 2015 2:13 pm
Simple answer - no.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Fri Jul 24, 2015 2:22 pm
The DVLA keep a record of the Registered Keeper -- who is not always the owner. The bike still belongs to your friend and has nothing to do with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Sat Jul 25, 2015 7:39 pm
Agree with Foggy - it is his and great for him to let you use it.

On another note - could he just add you as an additional rider on the insurance?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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