Ownership

Oblivious

If some takes out finance agreement for a possession, but their partner pays the monthly instalments..who actually owns the possession? Person with the agreement? or the person being able to prove they have made the payments? TRICKY ONE isn't it?.:cool:.I ask as this often happens with couples who split..:eek:In this particular situation the possession is a car, and the reason the finance was not in their name, was because they couldn't take out credit due to bankruptcy... I was not sure where to post to this question...but I am interested to know the answer...

Apples2

Women get the tangible goods, Men get the debt.

standupguy

Oblivious wrote: »

If some takes out finance agreement for a possession, but their partner pays the monthly instalments..who actually owns the possession? Person with the agreement? or the person being able to prove they have made the payments? TRICKY ONE isn't it?.:cool:.I ask as this often happens with couples who split..:eek:In this particular situation the possession is a car, and the reason the finance was not in their name, was because they couldn't take out credit due to bankruptcy... I was not sure where to post to this question...but I am interested to know the answer...

If it is a loan agreement the person who took out the agreement is the owner regardless of who makes the payments providing their name is also on the original invoice as the purchaser.

If it is a hp agreement then the Finance company is the owner until all of the payments have been made at which point title (ownership) is passed to the person named on the agreement.

Fronting an agreement in this way - for someone who cannot obtain credit in their own name - is a type of fraud and both parties risk cifas warnings being put against their names with the credit reference agencies if the lender finds out