Advice: Car & DMP

sgx.saint

Hello All.

Hope you have all had a wonderful DFW day!

I need some advice, well information really.

For those who have'nt seen my threads before. I am currently on a self-managed DMP and have been for over a year.

I have no CCJ's, however I have several defaults. This, goes without saying really, simply because I was and am unable to meet the default contractual repayments.

However, I now absolutely love managing my finances and love managing my own DMP. 90% of my creditors and the DCA's which have took over from my creditors have been great. Of course, there have been a couple that I needed on several occassions to re-iterate my 'rights' too.

All in all, so far so good. No pending court action, no CCJ. Hopefully I can keep it this way until all the debt is either repayed, or until I am meeting my original contractual repayment amounts.

This site has been a great help to me, especially learning about Quidco, Matched Betting and other generally useful MSE things. I used to be a financial adviser too, so it's ironic that now I feel more in control of things than I ever did. Anyway, thats another story for another day and I fear I have waffled on, again!

Anyway, now you know my background ..... my mother wants to buy me a car soon. I sold my previous car to help with paying off some debt. Now, I don't need a car for work or anything as I am University student and the Uni is on my doorstep. However, the main goal of my mother getting me a car is to help with caring after a seriously ill relative. Again, another long story, but basically I would be needed to help with taking her to hospital, lifts, shopping etc.

Now, my concern is that if I get a car, that due to my financial situation, my creditors might try and force through my bankruptcy or something. I know I am being a little too paranoid, but you have to think of these things.

My mum said she would pay for the car and pay the insurance, I would just have to take care of petrol and the yearly tax and MOT. So the effect on my DMP is negligable.

But really, as I say, my main concern would be the creditors somehow getting their hands on the car. Which I wouldn't want.

The only way I see them doing that would be by forcing my bankrupt, which is highly unlikely or them attaining a CCJ, again very unlikely, and then me defaulting on the CCJ and baliffs coming to take the car as payment.

Do you think I am being too paranoid? Any other opinions?

Thanks

natters_2

If your mum is buying the car - why don't you just have it registered in her name - and make sure she keeps the reciept

sgx.saint

If your mum is buying the car - why don't you just have it registered in her name - and make sure she keeps the reciept

Ah, the one stumbling block, which I forgot to mention.

She wouldn't want the car in her name anyway, and secondly my mum is not aware of my financial situation. She suffers from a terrible illness too, and if she thought I was having any problems it would worry her silly.

So that rules that out. I already thought of that

Thanks though.

natters_2

ok well if I remember correctly the registered keeper is not always the owner - just make sure she has a reciept for it in her name

sgx.saint

ok well if I remember correctly the registered keeper is not always the owner - just make sure she has a reciept for it in her name

Ok, that's a good thing then, thanks for that.

Just to complicate things though, worst case scenario if say my mum gives me cash to buy it, then technically when I had the money over to say the garage/owner then I have paid using my money.

Lets assume this happens .... Am I just being paranoid regarding loosing it?

silvercar

the real money saving way would be for the ill relative to buy a car using some scheme (can't remember what it is called) where she gets a monthly benefit/ allowance to enable her to purchase a car for her carers to be able to get to her and take her out. Don't know what its called, may be mobility scheme, but all car dealers will know how it works.

That way it is her car and you are one of the registered drivers. You can then present it to your Mum as money saving.

sgx.saint

the real money saving way would be for the ill relative to buy a car using some scheme (can't remember what it is called) where she gets a monthly benefit/ allowance to enable her to purchase a car for her carers to be able to get to her and take her out. Don't know what its called, may be mobility scheme, but all car dealers will know how it works.

That way it is her car and you are one of the registered drivers. You can then present it to your Mum as money saving.

Nice idea, I never thought of that.

Although impractical in our case and it just wouldn't happen for personal reasons.

Anyway, I appreciate the information you have all put forward.

I shall see what happens....

sgx.saint

ok well if I remember correctly the registered keeper is not always the owner - just make sure she has a reciept for it in her name

Actually, can someone just confirm what 'natters' said is infact true?

madduck

I would agree with 'natters' re just making sure that the receipt is in your mothers name. You're probably worrying about this too much anyway to be honest. Many of us on DMP's have cars and we don't have major issues from our creditors re having them and we aren't being forced down the bankruptcy route so that they can get the value of the car from us. However, this is based on me having a small, cheap french car - if you mother was buying you a brand new expensive Italian sports car - might be a different matter!!!

However, if it would make you feel more settled, the receipt would be the best route.

sgx.saint

Thanks Madduck, appreciated!