Cars & Bankruptcy - help!!!

Lixxy_2

Hi,
I'm at the early stages of going bankrupt but before I send off my forms I'm after a little advice regarding cars.
I live 40 miles from my university and have to have a car to be able to travel there for my full-time studies. I have a car, which was recently purchased for me by my Aunts, as my previous car died just before Christmas. The car cost £1000. It wasn't a gift, as they retain ownership of the car (i.e. I couldn't sell it 'cos I'd have to give them the money, unless I'd paid them back), but it is registered in my name.
I'm worried that this will be seen as MY asset when I go bankrupt; has anyone been in a similar situation? I'm worried, as I don't think my family would ever speak to me again if the car they've just paid so gets seized!!
I've spoken to National Debtline, and they seem to think it should be ok due to the distance I have to travel, and the fact that there is a paper trail for where the money to purchase it came from. I also spoke to the Insolveny helpline, but they said it would be seen as my asset but again it MIGHT be ok.
The car cost £1000, but the true value is nearer £2000. Has anyone else been through this? What happened? Does anyone know of a legal document that can be created stating the owners of the vehicle being different to the registered keeper (me)?
Any help / advice would be greatly appreciated. I live in Brighton, so if anyone has any particular experience of going bankrupt in Brighton your thoughts would be appreciated.
Thanks.

tigerfeet2006

I'm with NDL on this. The car is NOT your assett as it belongs to your aunt. You are just the registered keeper. The worst the OR could do is disallow the expenses for the car on your SOA and you would have to find that every month out of your surplus.

tigerfeet2006

There is some information in this link from the Bankruptcy Help sticky

Cars and bankruptcy.

• What will happen to my car? (MSE)
• OR's Case Help manual - Motor Vehicles (March 2007)

mypiggybankisempty

The way I see it is quite simple the V5C which is basically the logbook issued by the DVLA in tiny writing under section 5 - REGISTERED KEEPER (printed in green) on the log book document states as it does on every V5C document 'The Registered Keeper is responsible for ensuring the vehicle is properly registered and licensed C.4c - THE REGISTERED KEEPER IS NOT NECESSARILY THE LEGAL OWNER. and that should cover you regarding producing any legal document regarding ownership.

If I was you I would not try to be too convincing with the OR they may see it as something to hide basically be honest say it was a favourite aunt who wanted to help you out. there is nothing wrong with that.

Waspeze

Someone mention Brighton?

I'm with the other posters on this, as there's a paper trail and you need it you should be fine!

Any Brighton specific questions ask away.. I went bankrupt down here march last year.

Merry_Gentry

Another Brightonian. :hello: Any questions, just ask