Payplan Interview Pack - Question about listing assests...

debtCollector_3

Hiya

I'm just completing Payplan's interview questionnaire, it asks about personal assests...

MOTOR VEHICLES please give make and age.


Does this mean that you creditors could ask you to sell listed assests?

Panic running thru me just now...... if the answer is yes, would I be better not listing my car as an assest and change ownership to my sister?

DC

in_over_my_head_2

Hi,
I think it would depend on your situation. They asked me the same question and I was honest and told them - they have not asked me to sell it.
However, I doubt it would raise much, say £700, and it's worth much more than that to me as it means I can work longer hours being able to drive my daughter to babysitters and get me into work earlier etc.

debtCollector_3

Thanks

My car is valued about £4500....... can't sell car cos I took a loan out for car and to cover previous car finance, so the value of the loan is more than the value of the car..... and the loan is in my mother's name......

Don't know what to do about this!? Should I just ask Payplan advice?

rog2

Perhaps you should transfer ownership to your mother.

immoral_angeluk

You would only need to sell the car if it came down to bankruptcy... but even then if you can prove you need the car for work then they won't make you get rid of it. I think they just want a realistic idea of your situation.

in_over_my_head_2

I'd tell PayPlan, to be honest...

Have you told them about the loan in your mum's name? what do they say about that; surely entering into a DMP will affect her credit rating, or have you already told her?

Sorry if I'm being a bit too probing here, just curious!

System

Same here, I was just honest. I am in the process of selling the car because we need a bigger one for the baby and all the gear that goes with it. Im hoping to get a good price - buy an older,bigger car and save the rest. Don't ask, don't get.

debtCollector_3

in_over_my_head wrote:

I'd tell PayPlan, to be honest...

Have you told them about the loan in your mum's name? what do they say about that; surely entering into a DMP will affect her credit rating, or have you already told her?

Sorry if I'm being a bit too probing here, just curious!

No you're not being too probing ..... Yeah, I've already told Payplan about the car situation and they advised that is it viewed as being my mum's debt not mine, so it won't affect her if I go on a DMP........ she doesn't know about my finances........ although I was thinking about tell her about DMP, without giving her all the figures..... she has enough worries at the mo without worrying more about me.....

debtCollector_3

rog2 wrote:

Perhaps you should transfer ownership to your mother.

Mum doesn't have a licence so would that affect insurance?

madduck

The loan is in your mum's name, but do you give her the money for the repayments? That might be harder to explain in your income/expenditure figures!

rog2

debtCollector wrote:

Mum doesn't have a licence so would that affect insurance?

No reason that it should. You can remain as the registered user/keeper - even if the title of the car belongs to your mum.