New car and being undischarged

sammy65

Hi,

Just have a simple question - If you're 3 months into your bankruptcy (Being an undischarged bankrupt), and you manage to get a new car, will you have to tell the OR? My wife wants to buy a new car, but since she has no licence, she wants the car registered in my name to avoid problems in terms of obtaining car tax, insurance etc for it. Will that cause any problems with the OR?

Thanks.

maxmycardagain

if shes got no licence why does she want a car?....

for HP you will need fully comp insurance, probably in her name...

oneandonlyboy

Hi,

It depends on the value of the car and how you plan to pay for it.
Are you both bankrupt?

PixiePie

Don't understand why there would be problems with tax/insurance etc if the car is in her name? It never has been for my brother who drives my father's old car and is still in his name...

If you have use of a car at the time of BR you need to tell OR, so I guess it's the same deal throughout your BR and whilst undischarged tell him/her - if it isn't a problem they will just say don't worry, if it has implications they can tell you.

skylight

Tax is not a problem, but some (a lot) of insurance policies insist that the vehicle is registered to the policy holder or spouse of policy holder. Some are AOK if they know about the vehicle being registered to someone else. If not, then there could be issues when you come to make a claim.


Once you are BR, the OR is not really interested in what you purchase or some assets. He will be concerned though if you have managed to get a car on finance without telling the company you are BR, the value of the car and how else you managed to get the money to buy it.

Your wife having no licence will not affect her ability to purchase a car in her name, or register/tax/insure it. It will affect her ability to drive it - so it begs the original question posted, if she has no licence, why does she want a car? So do you mean that your wife is buying you a car and you need to know what the OR will do about it?? Not a lot - the registered keeper is not necessarily the legal owner, but she must keep all reciepts that must be made to her name.

oneandonlyboy

Are they paying an IPA?
If not then the OR might wonder how they have spare cash and if it's enough to buy a car might ask to look at there I&E again.

Why not leave it until discharge??

maxmycardagain

Broken_hearted wrote: »

She doesn't he is buying a car in her name for himself. Now they have plenty of spare money without the creditors to pay. But you already new that.

how did i know?

maxmycardagain

skylight wrote: »

Tax is not a problem, but some (a lot) of insurance policies insist that the vehicle is registered to the policy holder or spouse of policy holder. Some are AOK if they know about the vehicle being registered to someone else. If not, then there could be issues when you come to make a claim.


Once you are BR, the OR is not really interested in what you purchase or some assets. He will be concerned though if you have managed to get a car on finance without telling the company you are BR, the value of the car and how else you managed to get the money to buy it.

Your wife having no licence will not affect her ability to purchase a car in her name, or register/tax/insure it. It will affect her ability to drive it - so it begs the original question posted, if she has no licence, why does she want a car? So do you mean that your wife is buying you a car and you need to know what the OR will do about it?? Not a lot - the registered keeper is not necessarily the legal owner, but she must keep all reciepts that must be made to her name.

Im glad it wasnt just me then.....:D

maxmycardagain

she may buy the car, and the OP can be the registered keeper/insurer and inform the OR that he has the use of it.

sammy65

Thanks for your replies.

So I gather that I should tell the OR? One person rightly stated that the reason why she wants it under my name is because she is not bankrupt, but it's the insurance thing where most car insurance companies would require me to be the registered owner of the car if I'm driving it.

Bankruptcy happened before I got married to her, so she has plenty of cash herself, and hence why she wants to buy a car, but put it under my name since she can't drive.

maxmycardagain

owners neednt be the registered (on V5) keeper, so you can register it while she retains ownership