Is my car safe?

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Paul.24

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Post by Paul.24 » Fri Jul 10, 2020 8:36 pm
Hi. I’m in the process of setting up an Iva but am concerned that I will lose my car , as it’s been listed as an asset and valued . It’s under £1500 but one of the creditors was a car loan , but not for that car , is it safe or should I change owners on the log book to another family member , or will that be in breach of the agreement?

Foggy

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Post by Foggy » Sat Jul 11, 2020 8:53 am
It is a listed asset and therefore cannot be transferrd to another person. It is unlikley that the creditors will want the vehicle the value at auction would probably be a couple of hundred quid, if that, so not worth bothering about.

Incidentally -- the name on the log book is not the owner, but the keeper.
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luluj

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Post by luluj » Sun Jul 12, 2020 5:11 am
If the car value is only £1500 creditor's won't be interested. If the car value was say over £7000 they possibly would ask that its sold and a cheaper vehicle purchased.

They may asked about the car finance you took out though so be prepared to explain that part.
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Luc Miles

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Post by Luc Miles » Mon Jul 13, 2020 7:45 pm
if there was nothing written in the agreement about this, then it is actually legal
but you should talk about this with your lawyer

plasticdaft

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Post by plasticdaft » Thu Jul 16, 2020 11:07 pm
Pretty sure your car will be safe.


Paul
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