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Registering new car
minimunchkin
Posts: 9 Forumite
Hello, I have had a repossesion due to an ex boyfriend and have agreed a settlement figure (£14,000) with the mortgage companies debt agency and I am currently paying this off monthly (£300) to them. This is my only debt and I am in full time employment.
I am now living with my new partner (rented) and we have been sharing a car which he owns (worth £7,500) over the last year as we both worked in the same business park.
We have moved (work relocation) and now we work in different directions so we have spent our recent bonuses on a second hand car worth about £5,000.
We registered the current car in his name as it was before we agreed the settlement and didn't know what was going to happen, my question is should we registed the new car in my name or in his name again? There's not much chance of defaulting on the debt, and will probably repay the debt quicker than agreed. Will it help my credit score in any way? We would like to get a mortgage shortly after the debt is paid so we want to maximise our chances as much as possible. Is there anything further we can do to improve our chances with a mortgage? Should we move as many assets to my name or his name or share them equally?
Many thanks.
I am now living with my new partner (rented) and we have been sharing a car which he owns (worth £7,500) over the last year as we both worked in the same business park.
We have moved (work relocation) and now we work in different directions so we have spent our recent bonuses on a second hand car worth about £5,000.
We registered the current car in his name as it was before we agreed the settlement and didn't know what was going to happen, my question is should we registed the new car in my name or in his name again? There's not much chance of defaulting on the debt, and will probably repay the debt quicker than agreed. Will it help my credit score in any way? We would like to get a mortgage shortly after the debt is paid so we want to maximise our chances as much as possible. Is there anything further we can do to improve our chances with a mortgage? Should we move as many assets to my name or his name or share them equally?
Many thanks.
I am currently paying back my repossession shortfall about £13,000 to go!!:eek: but still smiling:j
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Comments
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The registration document is NOT proof of ownership so it is irrelevent (how DO you spell that word?? LOL), despite what most people think.Nothing to report as yet...give me a minute...!0
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While you have a debt - or any defaults against your name on your credit record, I recommend that you do not share any financila products or joint accounts. Rather than improving your credit, it will damage his.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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