Can I own a car whilst being an undischarged bankrupt?

NineSeven

Hello all... philnicandamy, dalip and merry_gentry, your input is especially appreciated.....

Would I be able to own a car after my bankruptcy but whilst being undischarged and the OR not take an interest or do you think there would be a possibility of it being taken from me?

Basically do you think I should wait until I am discharged to own another car?

Thanks!

nervousmother

Did you own a Car before BR and was it taken from you? Basically it would depend on how much the car was worth and where you got it from, As you are aware you are not supposed to get credit over £500 without letting the 'lender' know of your status, If someone gifted you a car the OR could take interest as it would be an asset.
I guess if the car was worth less than £500 or it was in someone elses name the OR would not be interested in it.
If you bought it yourself and it cost say 2k the OR would want to know where the money came from. He may take it from you unless you needed it for work.
Dont forget if its prooved you need a car you can claim for its upkeep through your ipo (thats if you have one)

NineSeven

My mum has offered to buy me a car within the next six months. Now, I wouldn't want her to do this if the car could be taken off me by the OR!

philnicandamy

as long as mum buys & keeps all receipts (while undischarged) then it shouldnt be a prob

NineSeven

Ok, but what if even though my mums buys the car, if the registration certificate was put in my name would this cause possible problems?

Basically, am I allowed to own anything of value whilst being undischarged withour risking it or do I wait until I am discharged? And from what I understand - when I am discharged, basically I can do what I want as if I was never bankrupt. Right?

k2nga

You can have the car in your name. Just because you are the registered keeper does not mean that you own the vehicle. Like said before just ensure your mum keeps all the receipts to show she paid for the vehicle with her money and you will be fine.

philnicandamy

being a registered keeper means nothing TBH...your mum can buy the car & your the registered keeper without any probs.....once discharged you can basically do what you want (unless your in an IPA/IPO)

dalip

Know nothing about cars i'm afraid but seems phils knows the ropes on this one:A

Seems we still have a few teething problems with the forum as this post is only showing 2 replies:eek:

missymugwump

The vehicle registration document V5C shows details of the vehicle and its current registered keeper. The registered keeper is the person who keeps the vehicle on a public road and is not necessarily the owner and this document is not proof of ownership.

However your mother must create a clear paper trail for this purchase to protect herself

philnicandamy

dalip wrote: »

Know nothing about cars i'm afraid but seems phils knows the ropes on this one:A

Seems we still have a few teething problems with the forum as this post is only showing 2 replies:eek:

Hmm everytime I click on a post i'm getting the "sorry we are performing maintainance! :mad::mad::mad:

Bluebelle72

Now this strikes a chord with our predicament. My OH will be making himself BR soon, but is extremely reluctant to lose his car, now he had an accident in November 2007 his car was a write off, his mom gave him the money to buy another car (to the tune of £1600) as it was going to be a while before he got his payout, the payout was eventually £3,100 but his mom refused the money we offered to pay her back for the car so we used the money to decorate the new house we moved into and carpeted throughout.
Sooooo would my OH be able to keep his car on the basis that his mum bought it for him? Thing is, the car was off ebay, my ebay, and the lady we got it from finished the listing early as we offered her the cash when we went to see it so there would be no documentation. Where does he stand? xx