www.iva.co.uk

OK bit of a strange 1 but I noticed my car wasn't classed as an asset as it's needed for work but my mum has generously offered to buy me a new 1 as the other is about dead and only worth couple of hundred but she's looking at getting me a 3yr old audi as I've not had a great couple of yrs (father n grandmother both passing) but would CF class this as too big an asset or should I get it registered in my girlfriends name

Your mum could always put it in your name or you could explain to your IP company that she is buying it and gifting it to you.

Your car wouldn't have been classed as an asset as it was too old and not worth a lot. Hopefully either Lisa, Michael or Foggy will be along to advise further.

Cheers kallis you've been a great body of knowledge to me so far

Not saying that my word is gospel but it's worth a try. I notice that Michael is about so he may help.

You would need to inform your IP as potentially any gift is a windfall. Seek confirmation from them in writing that the car will be excluded and if you cannot get this get your mother to put it in your girlfriend's name or keep it in her own name.

Just don't fall out with her!

Probably best to put it in Mum's name just in case!

Oh there's no chance of us falling out we've just been through a 16 month legal battle with the wicked step mother after she took everything from my father's estate.

Even if it is your name on the V5 your mother can still retain legal ownership. The V5 records the registered KEEPER. That said, for the avoidance of doubt, it might be better to have it in your mother's name. However ..... there might be a hike in the insurance premium as they do ask if you are the registered keeper ( I always have been so no idea what the ramifications are if you are not).

I shall write something up then and get my solicitor to put his paw print on it saying she owns but I'm registered keeper

I doubt you will need to go as far as getting a lawyer to sign it. If your mum pays for it and keeps the proof she will be the owner.

If your mum has funds to buy you a new car does she perhaps have funds to gift you a F&F lump sum settlement to finish your IVA early?

She refuses to do that as the debt was mine and has told me off for it and it is my issue to deal with which I suppose is fair enough otherwise I'd never learn.

I have to say that I agree with her but she is still brilliant in getting you a car.