www.iva.co.uk

this is following on from my earlier topic in which people have warned me that Northern Rock are not accepting any IVA Proposals at the moment, I am really scared now, the reason why I do not want to petition for Bankruptcy is that my boyfriends car is in my name, it is not on HP, He got a loan to pay for it which he is still paying for (The loan is for 5 Years, He has only had the car a year), the reason why the car is in my name is that the insurance is a lot cheaper that way, If I petition for Bankruptcy will they take the car off him

Good morning Daisy,


How much do you think is his car worth?



Many thanks

Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

As long as the other person isnt going BR and can prove that they paid/are paying for it and they say that it is still theirs (ie it isnt a gift to you), then there shouldnt be a problem keeping it. He will probably have to provide a bank statement showing loan funds deposited and used for the car purchase and put it in writing the car belongs to him...

The Car is worth around six thousand pounds,How long can you get bank statements for, because his bank statement will show the money going in and being paid to the car showroom but it was last July, do you think that he will be able to get a statement that far back and do you think that this will be good enough evidence that he paid for it, He will also have his Loan Paperwork

You can generally get copies of previous bank statements for up to six years. And I agree with the other posters that so long as your boyfriend can prove that he paid for the car it should not be vulnerable in your potential bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Get him to call the bank and ask for the statement for the relevant month - they should be able to still supply it but they may charge a fee to do so. With that evidence of that and the loan agreement in his name, that should be good enough. Just make sure its made clear the car is his if the OR asks for details. You can contact the insolvency service prior to BR and ask for their advice as well to ensure this will be the case. See www.insolvency.gov.uk for information on how to contact them.
I have certainly read on other forums that as long as there is evidence the other party paid, then it doesnt matter who is on the car registration documents - as long as the other person is claiming its theirs. The only catch I can see, is if at the same time the car was purchased, you started paying a monthly sum to your partner - the OR might question that! And if it isnt yours, you probably wont be allowed any allowances for it in your I&E (ie petrol, servicing etc).

Agree with the other posters on this. Get your boyfriend to ask for copy statements (there may be a charge for this) so that you can evidence that he is the person paying the for the car.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp